Waves Founder To Launch New Stablecoin
- Waves founder Sasha Ivanov tweeted that he will introduce a new stablecoin. A USDN scenario resolution strategy will also be put into action beforehand.
- Ivanov explains USDN depeg does not threaten the solvency of the ecosystem.
- He announces a plan towards aggressive decentralization, creating a new Waves Association DAO which will see $10 million of the governance tokens currently.
Sasha Ivanov, the founder of Waves, responded to the investment warning issued by centralized exchanges last week, which put restrictions on trading WAVES tokens, by explaining that the USDN depeg does not pose a threat to the Waves Ecosystem’s viability.
He then announced a plan for aggressive decentralization, including the creation of a new Waves Association DAO and the donation of $10 million in governance tokens currently held by the team.
Ivanov declared that he would introduce a new stablecoin. A USDN scenario resolution strategy will also be put into action beforehand. He commented on the supply of USDN:
“The amount of WAVES in the USDN contract is not significant enough to impact price – even in the worst-case scenario where all WAVES were drained. There is no inflation or new WAVES tokens created by Neutrino – at any point. And there is no way to drain the contract in a single day or entirely.”
The founder continues with his plan to re-adjust the ecosystem’s stablecoins:
“We are making solid strides towards repegging USDN. Neutrino will soon release an updated whitepaper, totally transforming the mechanics of USDN. It will introduce a Treasury, USDN issuing controls, and a Market Maker Bot to defend the peg. The treasury will be entirely controlled by the community, who will decide the monetary policy, including applying and spending on additional backing or distributing surplus to USDN. The model will be a unique combination while addressing the shortfalls of two of the most successful stablecoins, DAI and USDT.”
Recently, the drop in the price of the market after the crash has had a significant impact on ecosystems, including a typical name, Solana. However, Waves also suffered damage to the ecosystem and its stablecoin USDN, expressing this Ivanov stated:
“Furthermore, I would like to make it clear that Waves is a decentralized ecosystem of applications. It does not rely on a single project for its survival; it also does not require the participation of any centralized exchange to exist and function as it should. This is Waves Ecosystem is now hastened why its plans to provide all the services of centralized exchanges within its flagship decentralized exchange – WX.Network. WX will soon announce the integration of a fiat off-ramp into its application to accompany the already functioning on-ramp.”
For each project created in the ecosystem, the team will contribute $10 million of the governance tokens they now own to the Waves Association DAO. As a result, the community will have complete influence over the governance of every project that agrees to participate in this program.
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