Neutrino Community Votes To Transform USDN Into Multi-Collateral Asset With A Soft Peg

Key Points:

• The Neutrino community has approved the proposal to transform USDN into a multi-collateral asset with a soft peg.
• According to the snapshot, 99% of the voting power is in favor of the proposal.
• The stablecoin will now be backed not only with. WAVES, but also with other Waves ecosystem tokens. The Waves ecosystem teams will donate $15 million of every project’s token directly to the Neutrino backing. Later on, it will be possible to add other ecosystem tokens to the collateral via voting.

The plan to make USDN a multi-collateral asset with a soft peg has been endorsed by the Neutrino community.

Now, in addition to WAVES, USDN will also be backed by the following Waves ecosystem tokens: WX, VIRES, SWOP, EGG, and WEST. The Waves ecosystem teams will provide each project’s token straight to the Neutrino support for a total donation of $15 million. Voting will subsequently make it possible to include more ecosystem tokens as collateral.

According to the snapshot, 99% of the voting power is in favor of the proposal.

The USDN multi-collateral reserve consists of a collection of tokens having a combined value of 11,210,800 WAVES.

The user receives a set of all the collateral tokens in the same ratio as they are in the collateral after exchanging 100,000 USDN for multi-collateral.

The USDN->WAVES exchanges will now redeem the equivalent amount in all the tokens (and in the same proportion) that the collateral presently owns, as opposed to redeeming WAVES (or WAVES and SURF). Stakeholders in NSBT/SURF will get payouts in all of the collateral tokens in addition to WAVES or USDN.

Earlier, as Coincu reported, 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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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