Will USDN, the stablecoin of WAVES Ecology, be like TerraUSD?

Data, WAVES stablecoin of ecology USDNIt shows that the . DAXA has issued a warning about Waves.

USDN Price Continues to Drop, Stablecoin of WAVES Ecology

FTXWhile the global digital asset market continues to decline after the collapse of , some stablecoins continue to decline. Data, TRON’s USDD‘ and Waves’ Neutrino USD (USDN) show that algorithmic stablecoins are depreciating drastically.

Algorithmic stablecoins have been a concern for the crypto industry all this year. TerraUSDof (TOP) The fact that it went down to literally zero caused a terrible collapse in Terra’s LUNA token.

According to the data, USDN has experienced a massive 5% drop in the last 24 hours. USDN price dropped to the $0.75 price level. At the time of this writing, it was trading at $0.818.

USDN market cap fell 5% to $556.8 million. However, 24-hour trading volume increased 207% to $1.3 million.

Waves has issued a statement on DAXA that led to an investigation into the Waves token. He noted that they recognize the common due diligence requirements from Upbit and Bithumb. Their team works closely with the team to assist in the investigation.

He noted that about 4.2% of WAVES’s total supply is held in the Neutrino Smart contract. This equates to only 9.8% of the daily trading volume on all exchanges.

Waves stated that USDN is a separate project built on the Waves Blockchain. It uses WAVES as collateral. It was said that this is the only way USDN can affect the price of WAVES.

*Not investment advice.