Universal Protocol said it will wind down operations after determining that adoption had not reached the level needed to support the protocol over the long term. The token-wrapping project will keep running for a 60-day transition period and is scheduled to formally shut down on Nov. 17. During that window, uAssets will remain backed 1:1 by their underlying assets, and the existing infrastructure will continue to operate as usual. Users can sell uAssets through the Universal app or redeem the underlying assets directly through the mint and redeem interface. The team also said large redemptions can be coordinated through its official email channel. After Nov. 17, any remaining uAssets will be redeemed through smart contracts. On Base, six uAssets — uSOL, uXRP, uDOGE, uADA, uBTC and uLTC — will convert into their corresponding bridged assets, while all other uAssets will be redeemed into USDC. Foresight News had previously reported that Universal raised $9 million in February 2025 in a round led by a16z.
Universal Protocol said it will shut down after adoption failed to reach the level required for the protocol to remain sustainable over the long term. The team said the protocol will continue operating normally for 60 days and will formally cease operations on Nov. 17.
During the 60-day transition period, uAssets will remain backed 1:1 by their underlying assets, and the existing infrastructure will continue to function as usual. Users can sell uAssets through the Universal app or redeem the underlying assets directly through the mint and redeem interface. For large redemptions, the team said users can coordinate through the official email address.
Redemption plan after Nov. 17
After Nov. 17, any remaining uAssets will be redeemed through smart contracts. Universal said six uAssets on Base — uSOL, uXRP, uDOGE, uADA, uBTC and uLTC — will each be converted into their corresponding bridged assets. All other uAssets will be redeemed into USDC.
Previous funding
Foresight News previously reported that Universal completed a $9 million funding round in February 2025, led by a16z.
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