Last updated at 2022/10/04
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Neutrino USD, $USDN

USD-pegged Stablecoin

KPIs & Market Data

Market Cap
$124M
Market Cap 7d %
-2.80%
Market Cap 30d %
-80.61%
Volume 24h
$2.0M
Volume 7d
$19M
Mechanism
Governance
Decentralized
Issuer
Neutrino Protocol
Jurisdiction
n.a.

USDN is a decentralized algorithmic & crypto-backed stablecoin in the Waves Ecosystem. It is pegged 1:1 to the USD through an algorithmic stability mechanism based on a targeted backing ratio of 1.5 (in Dollar terrms) with Waves native cryptocurrency WAVES. If the backing ratio falls below 1, the protocol issues NSBT (Neutrino Governance token) in a bonding mechanism at a value below 1 USDN which can be exchanged in a 1:1 ratio against USDN as soon as the peg is restored. The main purpose of USDN is to boost Wave's defi ecosystem which offered a high yield for USDN staker making it an interest-bearing stablecoin. The stablecoin has depegged already twice but was always able to repeg again. However, the risk of experiencing a death spiral as seen with UST is imminent.

Risks

  • Smart Contract Risk
  • Death Spiral under adversarial conditions (Bank run scenario)
  • Loss of all funds
  • Hyperinflation of price-floating coin

$USDN Newsticker

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