In the Waves (WAVES) token, which has not fallen from the agenda of the crypto money world due to the free fall it has experienced in recent months, the developers announced their plans to save the depeg stablecoin USDN.
Waves Developers List Their Recommendations To Save USDN
The developers explained the details of the said plan as follows:
“Over the past few weeks, the USDN has deviated significantly from its parity with the USD. This was largely due to the growing lack of trust in the stablecoin and the fear, uncertainty and suspicion (FUD) fueled by miscommunications from centralized crypto exchanges. Today we are announcing Neutrino’s plan to prioritize USDN recapitalization and restore confidence for arbitrageurs to participate in maintaining the USDN stable.
USDN reserves are an important point of confidence; reserves promise users that they will always be able to use their USDN in exchange for WAVES held in support.
The Neutrino team recommends the following solutions to increase and stabilize USDN reserves:
- Added support for depositing Waves Ecosystem tokens as collateral into the Neutrino contract.
- Waves Ecosystem teams (WX, VIRES, SWOP, EGG, and WEST) will donate a total of $15 million in each project’s token directly to Neutrino support.
- Swaps will be re-enabled for Neutrino
- SURF and NSBT holders will be offered the opportunity to receive Neutrino swap fees from all Waves ecosystem tokens, including altcoins: WX, VIRES, SWOP, EGG and WEST.
- Unconditional vesting will be restarted based on daily withdrawal limits for users with USDN lock on Vires Finance.
- Each proposed item is designed to have a specific effect to help resolve the USDN divergence from the dollar.”
$USDN Resolution Plan is here!💪
Turn USDN into an index asset for the Waves Ecosystem by accepting $WX, $SWOP, $VIRES, $EGGand $WEST as collateral
Read the full proposal here: https://t.co/Um8L8MpM2x
— Waves 🌊 (1 ➝ 2) 🏄♂️ (@wavesprotocol) December 22, 2022
WAVES altcoin price reacted positively to the recovery plan:
*Not investment advice.
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