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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
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Sasha Ivanov, founder and CEO of the Waves blockchain platform, is planning to launch a new stablecoin amid the ongoing crisis of the Waves-backed stablecoin, Neutrino USD (USDN).Ivanov took to Twitter on Dec. 20 to announce the USDN situation resolution plan alongside a new stablecoin project.“I will launch a new
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Algorithmic stablecoins have had a rough year, starting with UST de-pegging to zero and the subsequent blow-up of Terra’s LUNA token which was used for the asset’s backing. Algorithmic stablecoins are not fully collateralized and rely on different mechanisms to maintain the peg, making them inherently fragile to market conditions. The
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With Ethereum's long-awaited transition to proof-of-stake (PoS) fast approaching, blockchain analytics firm Coin Metrics is out with a new report explaining the move, along with data that provides some insights about user behavior. Lucas Nuzzi, Coin Metrics head of research and development, joined "First Mover" to discuss the findings. Glen
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As the crypto community tries to navigate the bear market and recover from the onslaught brought about by stablecoin incidents like the Terra crash, another algorithmic stablecoin shows signs of struggle as it falls below its dollar peg. Algorithmic stablecoin Neutrino Dollar (USDN) has deviated from the dollar once again, marking
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Algorithmic stablecoin USDN, which is designed to mimic the value of the U.S. Dollar, has fallen to $0.91. Source
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Ivanov was asked how Waves was different from Terra, whose UST algorithmic stablecoin and luna token crashed in May, wiping out $60 billion in market value. Neutrino’s protocol has “similar mechanics” to Terra, “but (is) different,” he said, citing restrictions on how many redemptions users can get in one day. Source
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USDN's market capitalization had nearly doubled to $850 million in March. Original Source
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There has been fast growth in the stablecoin economy, with a recent total of $187 billion, which is quite near the $200 billion thresholds. Stablecoins like Terra’s UST and Neutrino Protocol’s USDN are gaining popularity even as Tether remains the most widely used. They experienced a nearly 30% and a 44% rise
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