#usdn

WAVES Gets Dragged Down By USDN, Despite Pumping Investor Distribution

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There is enormous negative sentiment surrounding USDN. And with USDN continuously falling off its track, it’s also pulling WAVES down.

WAVES is the native token of the Waves blockchain. According to CoinMarketCap, the token is up by 0.23% or trading at $1.57 as of this writing.

There is very little improvement with its current figures.

Token up by 0.23% or trading at $1.57

USDN extremely volatile

Crypto down by 45% in the past couple of weeks

Waves blockchain confirmed the plunge of the Neutrino USD (USDN) stablecoin but insisted that the USDN, while built on top of the ecosystem, is completely detached from WAVES. 

Nevertheless, as the value of USDN declined, it seems to be pulling WAVES further down as well.

Stablecoins are digital currencies whose value is anchored to that of a stable value asset, such as a fiat currency or a commodity price.

The excessive volatility of Bitcoin (BTC) and other major cryptocurrencies has made crypto investments less appropriate for everyday transactions; stablecoins try to address this problem by providing a more “stable” alternative.

Image: Altcoin Buzz

WAVES Down By 99% Off Its April 2022 ATH

Blockchain founder Sasha Ivanov has urged different crypto exchanges on Wednesday to cut off the futures markets that are connected to the crypto as she insists that it’s doing more harm than good.

The crypto exchanges included Kraken, Bybit, Binance, and OKX.

Ivanov on a Twitter post said:

“They are a breeding ground for FUD and making money off short positions, profitable because of it. I kindly ask all centralized exchanges to disable Waves future markets.”

Evidently, the blockchain native currency has nosedived by more than 45% as seen in the past couple of weeks.

In fact, its numbers now are completely off-track as it’s down by as much as 99% from its ATH as seen in April 2022.

Stablecoin Acting Erratic Lately

USDN has been extremely volatile. 

The token’s most recent de-peg came following South Korea’s digital asset exchange association issuing a warning.

Crypto total market cap at nearly $774 billion on the daily chart | Chart: TradingView.com

According to Wu Blockchain, the Korean Federation of Exchanges (KFE) has issued an “investment warning” for WAVES.

The reason for this is because of the erratic price movements of the USDN stablecoin, which is intended to keep its $1 peg at all times.

WAVES was flagged as an “investment warning” by the Korea Federation of Exchanges. The reason is that the USDN stablecoin has been fluctuating rapidly. Upbit will decide whether to terminate the transaction within two weeks. https://t.co/wiB5gSfm7f

— Wu Blockchain (@WuBlockchain) December 8, 2022

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USDN to become WINDX – a multi-collateralized soft-pegged asset

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On the Waves Tech weekly community AMA on Dec. 23, Waves CEO Sashi Ivanov revealed the USDN revival plan, involving turning USDN into a multi-collateralized asset, a soft-pegged asset — WINDX.

This move will transform USDN into a “soft-peg” stablecoin, meaning that it will fluctuate around the value of $1, potentially a little higher or lower.

Despite the changes to USDN, current trading pairs and pools will remain active, even though USDN will no longer be a hard-pegged stablecoin.

Redemptions, bad debt, WINDX

SURF issuers can redeem USDN into this new asset, with incentives in place for people to issue it after the initial “bootstrapping” stage. In addition, the new asset will exist in perpetuity and can be used as a reserve asset.

The plan also involves transitioning to a new stablecoin, Neutrino 2.0, once the bad debt on Vires has been liquidated. This new stablecoin will use a mixture of algorithmic and DAO-governed approaches to keep its peg stable. The aim is to make USDT and USDC holders whole by resolving bad debt on Vires.

Ivanov explained that the goal is to liquidate smaller accounts on Vires within the next few months and launch a new generation of decentralized WAVES gateways in January.

Ultimately, the aim is to turn USDN into a reserve asset that maintains a soft peg around the value of $1 while also resolving issues with Vires and launching a new stablecoin in the future.

Fighting the FUD

Questioned on the ongoing situation with Upbit, Ivanov said that delisting WAVES is unlikely to have much impact on Waves but “will hurt [Upbit] users.”

Despite the ongoing uncertainty surrounding Waves, Ivanov remained optimistic and said:

“We won’t let [FUD] break us.”

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Waves announces 4-step Master Plan to ‘save’ its DeFi ecosystem

Waves, a proof-of-stake blockchain platform for decentralized applications, has announced measures it says will help address the recent upheaval that rocked its DeFi ecosystem. Specifically, the “Master Plan”, as the four-step measures are called, is aimed at ensuring the ecosystem’s algorithmic stablecoin Neutrino USD (USDN) restores dollar parity, whose loss led to a massive liquidity crisis on…

According to the latest news from NGK, NGK's official Laser Project in November is already gradually issuing bonuses. The Laser Project is organized by USA International Covenant INC to reward evangelists in the global market. USA International Covenant INC will issue tens of millions of dollars as a reward to the users as long as the corresponding level is completed within the deadline. Global users of NGKIO can participate through NGK official website: www.ngk.io or NGKIO APP.

 The compliance level and award amount are as follows:

 V6 rewards 400,000 USDN;

V5 rewards 120000USDN;

V4 rewards 50000USDN;

V3 rewards 5000USDN.

 USA International Covenant INC is a diversified financial services company. Its business assets include global high value-added industries such as investment banking, digital asset exchanges, gaming and entertainment, and hotel management to provide global investors with a full range of financial investment and asset services, and strive to become a global leader in the digital economy era.

 So far, the NGK project has achieved very good results, which is inseparable from the vigorous promotion behind the USA International Covenant INC. First of all, the issuance method of the NGK project itself is the issuance of STO tokens through the approval of the SEC with the assets of USA International Covenant INC as collateral. This also completely separates NGK from the air currency and capital fund projects on the market. At the same time, NGK has also obtained a legal operating license for the MSB blockchain in the United States, and has a dual foundation, which gives users multiple protections.

 Currently, NGK will be launched on the world's leading exchanges to access BGV coins. BGV as the platform currency issued by the Baccarat decentralized financial platform and the new DeFi section of NGK, after its launch, the Baccarat platform has more operable funds. Users can make larger investments with small amounts of funds, and can flexibly respond to the rise and fall of currency prices, make full use of market opportunities to pursue doubling profits in the bull market, and make short profits in the bear market, thereby obtaining greater benefits.

The total issuance of BGV is 60,000, and the initial price is 0.5 US dollars. Users can obtain it through liquidity mining and airdrop rewards. The original intention of NGK to create the Baccarat project was simple, which is to simplify DeFi investment activities for a wider range of investors. The project is based on investor considerations and hopes to make investment easier. The technical team from Silicon Valley in the United States hopes to create a safe, easy-to-use and rapid decentralized financial platform based on blockchain technology, so that more users can invest in DeFi products in an easier way and obtain liquidity mining revenue.

At the blockchain level, NGK abandoned the drawbacks of traditional DeFi projects deployed in Ethereum and adopted its own NGK blockchain to run decentralized financial protocols. This has avoid the common problems of slow block production and high GAS fees for Ethereum projects in the past, which greatly facilitates consumers.