The USDN price update as of now is $0.02080. In the previous 24 hours, its trading volume was $2,300, and its value has decreased by -0.27%. As of now, USDN's live market cap is $13,261,171, and it is ranked as the #3290 on the Coincu. USDN has a circulating supply of 637,612,840 and a maximum supply of 637,612,840.

What is the USD Neutrino Protocol?

The USD Neutrino Protocol is a multi-asset protocol that ensures algorithmic stability. It is governed by holders of Neutrino tokens (NSBT) and serves as an accessible DeFi toolkit built on Waves. The protocol allows for the creation of stable tokens pegged to specific real assets, such as national currencies or commodities.

The implementation of the USD Neutrino protocol involves interactive smart contracts written in the Ride programming language and deployed on the Waves blockchain. Most interactions with the protocol can be done through the Waves.Exchange interface. Navigating the Waves blockchain is made easy using Waves Explorer and services like Pywaves or w8io.

The USD Neutrino system consists of three main tokens: WAVES, USDN, and NSBT. WAVES serves as the core token of the Waves blockchain and is used for paying transaction fees. It also acts as collateral for USDN, which is the primary stablecoin of the USD Neutrino protocol. USDN is an algorithmic stablecoin pegged to the US dollar at a 1:1 ratio. On the other hand, NSBT functions as the refinancing and governance token of the USD Neutrino protocol, ensuring the stability of the USDN collateral reserve.

How Does the USD Neutrino Protocol Work?

USDN is issued based on an algorithm that uses WAVES tokens as collateral in a 1:1 ratio through smart contracts. To obtain USDN, users need to call the swapWavesToNeutrino function in the main Neutrino contract. This function performs a swap of WAVES to USDN at the current price specified in the smart contract.

For instance, to issue 1 USDN, a user must deposit 1 USD into the WAVES smart contract. The minimum amount required for converting WAVES to USDN is 1 WAVES. The timeout for this swap is 1 block, approximately 1 minute.

To perform the reverse swap from USDN to WAVES, users should call the swapNeutrinoToWaves function. After a certain number of blocks generated by the Waves blockchain (balanceLockInterval blocks), the tokens become available for withdrawal at the actual price using the withdrawal method. The minimum amount required for converting USDN to WAVES is 1 USDN. The timeout for this swap is 1,440 blocks, approximately 24 hours. It is important to note that the swap function cannot be opened while a previous swap is still in progress.

From each swap payment, a protocol fee is sent to the NSBT team to maintain the immutability of the network. This fee is distributed among NSBT holders and depositors.

Highlights of USD Neutrino

With the recent transfer, USD Neutrino is expected to enter the Ethereum ecosystem. Ethereum users can earn rewards simply by holding USDN in their Ethereum wallet. This integration also enables Ethereum developers to utilize USDN in decentralized financial applications.

USD Neutrino is pegged 1:1 to USD and acts as a payment token in various decentralized software. It is also tradable on different markets. When staking, the Waves symbol indicates that the token's value fluctuates between 8% and 15% annually.

Unlike fiat-backed stablecoins that require trust in the issuer, USDN is an algorithmic stablecoin issued through smart contracts. This means that its stability is maintained by the algorithm and the transparency of different stakeholders in the community.