Waves Was Accused Of “Ponzi” When USDN Continuously Depeg

Waves Was Accused Of "Ponzi" When USDN Continuously Depeg

Approximately 14 days ago, the stablecoin neutrino USD (USDN) reached a high of $0.994 per unit, and USDN has been unable to increase above the $0.97 per unit region since then. The dollar-denominated asset is linked to the Waves blockchain platform. The Neutrino Protocol recently decided to include a SURF token in USDN’s reserve basket to “improve the mechanics of recapitalizing USDN reserves.”

USDN tapped a low of $0.94 per coin on September 7, 2022. CoinMarketCap statistics indicate neutrino USD dropped even lower 3 days before, slipping to $0.9198 per coin.

USDN price chart. Source: CoinMarketCap

Recently, the Neutrino Protocol added a token called SURF (Smart Utility Recapitalization Feature) to USDN’s basket of reserves. There are now four different tokens leveraged for USDN reserves as SURF joins the USDN stablecoin, NSBT, and WAVES.

Some crypto supporters claim that Waves developers are working on ways to make USDN “undepeggable,” and that SURF is a solution to that problem.

Waves has been called a Ponzi scheme by some, and USDN has been compared to Terra’s UST.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.