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WAVES founder announces new stablecoin as USDN depegs to $0.57
Waves founder announces new stablecoin as USDN depegs
Waves Blockchain Founder Sasha Ivanov Promises USDN Revival Plan, New Stablecoin That He Claims is "Undepeggable"
Algorithmic stablecoin Neutrino USD, which was just in the Top 60 just last week and once had a $1B market cap, has depegged to $0.60
Waves-backed stablecoin USDN drops further after regulator warning and exchange delisting
Algorithmic Stablecoin USDN Falls From Dollar Peg to $0.91 as Liquidity Slumps
USDN loses peg again as Neutrino upgrade to "stabilize protocol" goes live
USDN (NeutrinoUSD) stablecoin is currently depegging from 1$ and is currently worth 0.9591$
USDN is highly under collateralized. and yet no one mentions it. is a slow rugpull happening?
WAVES/USDN founder, Sasha Ivanov, on how USDN is unlike UST whilst pinning the depegging of both USDN and UST on speculators.
Will USDN and Waves be next to collapse?
Sry for raising this topic again, but maybe I will help someone not to lose his bankroll
Series of Stablecoins Lose Pegging Following TerraUSD (UST)
Which stablecoin(s) do you use and why? Can we have a discussion about the volatility of all the stablecoins.
A (hopefully) simplified explanation of Impermanent Loss
WAVES could be under rug pull/ exit scam along with the imploding USDN stablecoin. The founder (A Russian - Sasha Ivanov) could be cashing out imminently
Drama erupts around the Waves blockchain project and trading firm Alameda
WAVES CEO Blames Hedge Fund for Stablecoin USDN Losing 20%, Community Divided
Waves' USDN Stablecoin Loses Peg, Drops 15% Amid Manipulation Scare
Neutrino USD (USDN) is losing its 1:1 peg to US Dollar ($0.83 and dropping). Anybody knows what's happening?
Stablecoins Now At $187 Billion, UST And USDN Volume On The Rise
Mentions
I am a previous waves user. I pulled all my funds off as waves Dex was able to block gateway tx. I don't know about you but that was very sketchy. Fast forward today their stable coin USDN is worth 35 cents and all gateways are locked up. The CEO keeps saying on Twitter things are "fine" but in reality it's terrible. People are getting bogged on there and have millions essentially useless. It's a total nightmare.
Ah, I remember in 2016-17 these coins... In my infinite wisdom i bought two of these so called killers... Waves and Qtum lol... Qtum never amounted to nothing, one of the devs went and created or advised or something realated to Vechain lol, and Waves practically killed themselves when they had a deal with Alameda and they used it to pump and then short the fuck of the token lol, tanking the price of Waves and killing the ecosystem "stable coin" USDN in the process. So yeah, real killers...
tldr; Waves CEO Sasha Ivanov is planning to launch a new stablecoin amid the ongoing crisis of the Waves-backed Neutrino USD (USDN). Ivanov took to Twitter on Dec. 20 to announce the USDN situation resolution plan. He stressed that nothing new will be launched until the USDC plan resolution is set in motion. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I mean, he's not wrong. The quickest and cheapest way to fix a depegged scam stablecoin is to just churn out another one. Maybe he can shore up the peg of USDN with the new magic stablecoin, lol.
Dont forget to give her deez NUDS (USDN)
USDN has depegged to around $0.58 and he has plans to make a new stablecoin? The audacity is unbelievable. He also has insane ego, claims new stablecoin will be undepeggable
After all the exploits and failures of other projects, criticizing ADA for taking their time is a *really* weird take. especially criticizing a long white paper? I'd like to know if UST or USDN even had a white paper.
There will most likely always be development of stablecoins that can't be blacklisted by a single entity, which applies to all fiat-backed stablecoins. Algorithmic stablecoins with no collateral (like UST) and/or with no safeguards/liquidations (like USDN) won't last long, but crypto-backed stablecoins do (like LUSD, sUSD, SigUSD, etc) have been doing quite well. Not saying they are immune to failure (every stablecoin can fail), but clearly single-asset overcollateralized crypto-backed stablecoins with safeguards/liquidations so far have been on the right track.
Yo His coins are shitty, gains weak, bags are heavy There's gas in his wallet already, swap USDN
Isn't that the coin with USDN as its native algorithmic stablecoin? Considering USDN has failed to repeg numerous times, I think it doesn't give WAVES a good image. Also I just remember WAVES being mentioned here some time ago because of some scandal as well 😅
It's because of depegging news of USDN maybe?
What is USDN? Man a lot of this stuff needs to be purged
USDN dying? Currently $0.92
There are still a few stablecoins backed by crypto. Tron (USDD) and Waves (USDN) are depegged at the moment, with collapsing collateral prices, and no visible revenue outside of later investors. Those would be the obvious next collapses, or someone previously unknown writing off FTX deposits. As for timeline- if we knew exactly we'd be rich, right?
Justin Sun’s stablecoin, USDJ, is looking a hell of lot stronger compared to the likes of USDD, USDN or even GUSD
Is USDN ok? Looks like it's pegged to the euro now
It does make sense to have stablecoins that are fully collateralized such as USDC, BUSD, and EEUR as opposed to algo stablecoins such as UST and USDN. Most fully backed stablecoins can always be redeemed to their issued currencies.
tldr; Neutrino $USDN lost its peg for the first time since June 16 as it was updated to implement upgrades to the protocol. Bitcoin’s supply which was last active over a year ago, reached its all-time high this month and currently stands at 65.7%. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
This is my biggest fear about algorithm stablecoins. This is the fourth time in 2022 that USDN has failed to maintain its dollar peg for the fourth time in 2022. I'm better off with stablecoins like EEUR, BUSD, and USDC, which are fully reserved and audited regularly.
Still was around 700 million yesterday. That is a lot of money. Fingers crossed. I stay away from USDN..
So Waves and USDN are struggling again. This is the 3rd time I think they've had issues this year. Still isn't properly collateralized. Fortunately it isn't as big as Luna or even as big as some of the recent hacks.
Am I crazy for not even knowing what USDN was until this post?
We not going anywhere USDN can stay or go where it wants by itself.
tldr; Algorithmic stablecoin USDN, which is designed to mimic the value of the U.S. Dollar, has fallen to $0.91. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
USDN just wicked to .85 lol! Currently holding .90. Still dropping.
Not sure where you can short USDN though. I’m just not aware of any exchanges that have it to short. Someone lmk if there are any. Otherwise shorting waves is probably the next best thing.
USDN depegging again lol. RIP WAVES (again).
No. USDN relies on throttling the amount of WAVES/USDN you can handle based on the amount of their governance token you hold, plus a lot of smoke and mirrors about not having a burn mechanism, instead opting for smart contract locks. Effectively the same thing tho as mint:burn. But in the end it's just a slightly more complicated shitcoin, with a three token hinge rather than 2. And it's abused by the devs just like UST was.
I'm surprised it hasn't collapsed yet. USDN's marketcap is already higher than that of WAVES, its version of Luna that's providing the backing.
Ironically USDN is once again failing for the same reason as UST; The team created massive inflated cap through leveraged degen strategies which their token WAVES (LUNA, anyone?) is unable to unwind when it needs to restore peg.
Has USDN ever been pegged ar all?
Check out waves platform and Vires finance. They offer insane stable APR. They have had a massive issues. Half a billion debt was taken out in USDN. And used to profit off of USDC. It locked up liquidity and made it impossible to withdraw. The devs and CEO Sasha so far have handled the situation amazingly and I am making so much fucking money right now. It’s 40% on stables and 130% on vires token governance and the rewards are paid out daily in USDC, USDT, USDN, EURN (dollar and Euro stables) BTC, ETH and waves. I was sceptical but it’s my own investment through this bear market that is just slightly down compare to being 99.9% down and the rewards have already put me into the profit zone in just a few months.
Very surprised USDN is still in the game
I’m still skeptical of tether, but it’s been weathering every storm. I think they’re here to stay, at least for a while longer. Edit: When it hit 0.97 I think we were all close to shitting our pants. I mean, USDN and USDD have dropped below $1 so it seems that it’s in better shape than most of its competitors.
FML right now there's one a way to burn TRX for USDD but going the other direction wont be implemented for several months. So I didn't think there would be much point to shorting until USDD mint and burn was fully implemented. Soooo I haven't made anything! 😂😭🙄🤷♂️ Been short waves though. It doesn't have a mint and burn mechanism but USDN is collateralized with WAVES. And right now USDN is very very very under collateralized. Waves can't hyper inflate to zero but USDN can still be burned for waves in a lending protocol so thought it would be a good short hedge for my portfolio.
USDN @ $0.92 USDD @ $0.96 Who will win the race to $0.00???
USDN the next UST 0.92 now Ponzi collapse $WAVES
Meanwhile USDN at 0.92$, randomly. Next ponzi to fall, WAVES.
USDD climbing back up to 0.97 now from 0.96 USDN still at 0.92
USDN = $0.93 USDD = $0.96 Shit is getting real DAI/USDT/USDC are still stable
USDN just went over a cliff on KuCoin
Lol sorry what I should have said is "no one with a brain gives a shit about USDN or USDD". I wasn't specific enough and that's my mistake. You keep beating the drum on those two bottom-barrel shitcoins and their combined $8B market cap that everyone has known would collapse for over a month now
Lol Tron is tied to USDD. Waves to USDN. Together they have $8 billion in market cap…and a shit load more attached to them them. USDD is collateralized with $2 billion+ worth of assets, including $300 million BTC. But sure, totally irrelevant I’m sure it’ll be fine
Yep, if they have added the $2B like they said they would and it's still dropping, chances are high it's going down further. Also look at USDN, it's down even more
No one gives a shit about USDN or USDD. They're completely irrelevant to the larger market
Hopefully high as I have been buying trx3s. What about USDN and waves? That's has depegged even more.
USDN off it’s peg, USDD off it’s peg, Tether slippin…buckle up bois
USDN curve pool almost completely depleted
I love how the market is so fucked nobody is even noticing USDN getting wiped off the peg taking $800 million with it. Wtf is USDN you ask? The fact you’re asking that and it almost hit $1 billion market cap is exactly why crypto is toast right now
Holy shit you’re right 😆 Crabbing was boring. Now we have Celsius issues and USDD and USDN depegging It’s exciting 😆
Fun fact: USDN has depegged as well and is traded now at $0.94 USDD: $0.96
Fun fact: USDN has depegged as well and is traded now at $0.94 USDD: $0.96
USDN now 0.94. Should have shorted :(
Waves isn't linked to USDD, it has a peg with USDN
Next in line is Neutrino protocol imo, USDN / Waves. USDN has already been slowly de-pegging for the past few days or so. It’s an algorithmic stable coin backed by Waves, and USDN offers staking yields at a “sustainable” 15% APY. Sound familiar at all?
If it's "only 92% collateralised" as stated in some sources I've seen since yesterday, that's actually quite a good number and no it won't fail. It looks like some are just trying to manipulate or cause bad PR against Tron/USDD as it looks very shady people talking about a stablecoin over 98 cents losing its peg and never mention USDN which is an algorithmic stablecoin and which has lost its peg for over a month now.
USDN is bit diferent, since its very illiquid and has constantly been "de-pegged" howevering at 95-98 cents, however i believe USDD will go lower than that.
0.98$ is nothing, USDN has been doin the same a lot recently. Notify me when it gets to 0.95$ that's when you can start to worry, and put in some sweet leveraged shorts in
Seems like USDD is fine. USDN got way more shook up.
Yeah if USDN goes, then I’ll wave waves goodbye 👋🏼
USDN is falling. Anyone knows how to short it? Waves has no impact from the USDN depegging, it seems.
USDD & USDN lost their peg.
USDN depegging too. No effect on Waves
Why no one talking about Waves USDN ? USDN is very clearly depegged.
Price of USDN even shot upto $1.2 as per CMC. https://coinmarketcap.com/currencies/neutrino-usd/
What kind of s\*\*\*t stable coin is USDN ? It seems to be inherently unstable. Still, waves prices don't spiral down like Luna because they suspend withdrawals.
It's not USDN, bur rather USDD ...so US deez duts
Has anyone noticed USDN being depegged? $0.9832 according to CMC now.
I think waves is going to die. It's getting shorted pretty hard. USDN trading at .98
It’s different because nobody has ever used USDN
tldr; Waves is up by 124% in a 24-hour period amid a revival of its decentralized finance (DeFi) ecosystem. Over the weekend, Waves released a plan to rebuild its ecosystem “better than ever” in response to the de-pegging of Neutrino USD (USDN), a Waves-backed algorithmic stablecoin designed to exchange one for one against the US dollar. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
USDN is the reason waves went down so much
It already happened, the reason it wasn't big is cos Waves and USDN isn't as big as luna. Nobody actually use USDN.
USDN is another algo stable coin backed by Waves crypto, looks to be the next fiasco if not Tron and it's stable coin
I know that there's a HUGE question mark surrounding USDT but there are obvious algocoins like USDD and USDN. They are still too small to cause an earthquake but one can make a fortune shorting their native tokens.
Why hasn't USDN collapsed yet? It depegged at the same time as UST during the panic, but unlike the UST, it has regained the peg to some extent and remains only 2.5% below target. And yet I don't see why it should not follow the same fate as UST, since as far as I understand: - It is backed by WAVES, which has a lower marketcap than USDN, so it is not essentially not backed. - They advertise the same kind of ponzi 15% interest rate on staking What's going on with this coin?
KNC All of Justin Sun's coins are red flag (TRX JST SUN USDD) Waves and USDN
I was gonna comment USN uses WAVES to maintain its peg and not NEAR, until a searched and WAVES protects the peg for USDN. The whole space is filled with this algorithm stables. Someone needs to flush the toilet.
USDN will fail as well. Lost its peg twice already to 0.75$
USDN about to follow UST path
USDN is crashing for days and it isn't causing hyperinflaton.
Look at the chart for USDN (90 days) and tell me that your seeing the same or not: USDN is slowly but steady losing its peg. It will crash within a week
Well, I'm far to have all the knowledge but it looks like a circular economy. When you buy the NBST to the protocol, you buy it with Waves. But you can't sell it for Waves (unless you're on an exchange), they buy it back with USDN. I guess they had an initial Waves reserve, and they keeping it going through that circular mechanic and maybe some others. The scheme looks like: Sell Waves for NBST -> stake NSBT for gNSBT for a long period -> Buy USDN -> Swap USDN for Waves at premium (if USDN is unpeg, and so the USDN are back in the dApp) -> Sell back your Waves on exchange for profit or buy more NBST/USDN -> Story repeat
In Step #2-3, what happens when there is only say $200m of Waves total but 800m USDN?
Well that's pretty much untrue. The USDN isn't tied directly by Waves, but NBST. It kinda work this way: 1. You buy NBST and stake it for a long period. The unstaking fees are very high if you unstake early ([https://app.neutrino.at/stake-nsbt](https://app.neutrino.at/stake-nsbt)). You are given gNSBT. 2. gNSBT allow you to swap a limited amount of USDN for Waves at a premium price if the USDN is below $1 (https://app.neutrino.at/swap). Eg: If 1 Waves = $10 and USDN = $0.95, you can buy Waves for $9.5 (approx) because you have gNSBT. 3. Then you sell your Waves for USDN and make 5% on the trade. You can do it on a daily basis, the amount depend of the NSBT you're staking. It's just an easy version to understand how it works. NBST stakers makes huge profits when USDN depeg. Unlike Luna, no Waves and no NBST are printed to keep the USDN price stable. If USDN fail, so yes, Waves will take a panic hit. But unlike LUNA, no WAVES will be printed to maintain the price. USDN is a separate dApp.
Because it is an enormous gamble. Have you seen UST? I wouldn’t want to go near that now. USDN is a different story (depegged twice to 0.75$) but because of UST I don’t dear to dip my toes into that
I just watched the chart for USDN. This coin hasn’t been able to hold a perfect $1 peg for over a month. It dropped TWICE to $0.75
WAVES and USDN are small unpopular shitcoins, doubt it will have any effect on the market.
DAI also at $1. Better to buy USDN and hold it for that 3% profit. https://www.coingecko.com/en/coins/dai/usd
In your first sentence, you said "obviously things can go wrong as we've seen". In your second sentence, you ask me why this is 100% risk. Go buy USDN now. 3% profit waiting for you. https://www.coingecko.com/en/coins/neutrino-usd/usd
Is anybody shorting WAVES or USDN?
It's at .95, that's basically stable for USDN lmao. But for real, the reason for WAVES price dive since April was an exploit that originally de-pegged USDN for a little, but it was able to recover. Only time will tell but I disagree that the next domino has "started to fall."
The fact that USDT is having more stability than UST and USDN while not being completely backed says a lot
Never saw USDN around but okay... Lets go sigmaUSD