Waves announces 4-step Master Plan to ‘save’ its DeFi ecosystem

Waves announces 4-step Master Plan to ‘save’ its DeFi ecosystem
фото показано с : invezz.com

2022-5-27 20:59

Waves, a proof-of-stake blockchain platform for decentralized applications, has announced measures it says will help address the recent upheaval that rocked its DeFi ecosystem.

Specifically, the “Master Plan”, as the four-step measures are called, is aimed at ensuring the ecosystem’s algorithmic stablecoin Neutrino USD (USDN) restores dollar parity, whose loss led to a massive liquidity crisis on the DeFi protocol Vires Finance.

With the market in crisis, total deposits in the DeFi lender were advanced to large borrowers, even as regular users found it virtually impossible to access their assets. The need to find a solution to this and other aspects of the crisis has led the team to the measures announced on Friday.

Both problems are still existing today. $USDN is – almost – back to peg at $0.97 and Vires withdrawals are limited by the amount of liquidity that is repaid every day by borrowers.

We understand how hard this has been on the community, which is why this plan is so important.

— Waves 🌊 (1 ➝ 2) (@wavesprotocol) May 27, 2022 A 4-step “Master Plan”

Waves’ revival plan includes a buyback of CRV tokens using 45% of the profits from WAVES and locking these up. Sasha Ivanov has also decided to shoulder the $400 million debt, which means liquidation of whales’ collateral. Selling the USDN will then help return liquidity to the Vires protocol.

The third step involves efforts to ensure the selling of USDN does not lead to fresh de-pegging, with a controlled sale estimated to see Vires Finance re-establish smooth operations after two months. Waves also plans improve the Neutrino architecture by recapitalizing the algorithmic token via new tokens that will ultimately replace NSBT.

Waves Ivanov,  Waves founder said in a comment:

This new plan to restore functionality and explain the full situation to the community would not have been possible without the Vires and Neutrino team members. They have worked tirelessly on finding solutions for this crisis, and I firmly believe they have identified the steps to succeed. This has been a real stress test for the Waves DeFi ecosystem, and it is incredible to see the support from the Waves community in navigating this crisis successfully.” 

Not another Terra

While Waves’ plan is to ensure fully repeg for USDN, the Terraform Labs team is set to re-launch the LUNA blockchain without the algorithmic stablecoin TerraUSD (UST). 

The stablecoin’s de-peg from the dollar ended in a 100% crash, including for the LUNA coin. The Terra team, unable to “save” UST or LUNA, opted to fork the blockchain and start fresh.

Terra 2.0 is expected to go live on Saturday, 28 May 2022.

The post Waves announces 4-step Master Plan to ‘save’ its DeFi ecosystem appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

INS Ecosystem (INS) на Currencies.ru

$ 0.1979 (-0.01%)
Объем 24H $624.573k
Изменеия 24h: -4.56 %, 7d: -11.35 %
Cегодня L: $0.1979 - H: $0.2037
Капитализация $6.433m Rank 999999
Доступно / Всего 32.5m INS

ecosystem waves defi plan master announces save

ecosystem waves → Результатов: 60


Фото:

Waves’ Neutrino USD (USDN) stablecoin de-pegs to $0.94

Neutrino USD (USDN), an algorithm stablecoin just like the TerraUSD, has fallen below its US dollar peg to trade as low as $0.8 today. The stablecoin is part of Waves blockchain ecosystem. Following the de-pegging, Colin Wu, a crypto analyst, has reported that the Curve pool for the USDN stablecoin (the USDN-3 pool) is now […] The post Waves’ Neutrino USD (USDN) stablecoin de-pegs to $0.94 appeared first on Invezz.

2022-5-14 18:45


Waves sells Duck NFT “Perfection” for $1M; launches Duck Hunters to incentivize participation in Waves DeFi

CryptoNinjas » Waves sells Duck NFT “Perfection” for $1M; launches Duck Hunters to incentivize participation in Waves DeFi Waves, an ecosystem of next-generation technologies built on the Waves blockchain protocol, has concluded the highest sale of an NFT outside of Ethereum with its first Waves Duck called “Perfection” which sold for 1,000,000 $USDN on SIGN Art, a web gallery for blockchain-certified digital art.

2021-4-16 22:32


Waves и Fantom заключили партнерство для развития DeFi-экосистемы на основе протокола Gravity

Waves объявила о партнерстве с проектом Fantom для создания более широкой DeFi-экосистемы на основе протокола межсетевых коммуникаций Gravity. We’re entering a partnership with @FantomFDN with a commitment to build an open ecosystem between different chains, using the @ProtocolGravity cross-chain communication protocol.

2020-9-17 11:39


Waves integrates Band Protocol’s oracles to enable cross-chain use for Neutrino stablecoin

Sequoia Capital-backed, cross-chain data oracle, Band Protocol is enabling open-source blockchain platform Waves to jump into the $2B decentralized finance (DeFi) industry; by bringing true cross-chain integration of its data oracles to the Waves’ ecosystem, including usage for their recently launched algorithmic stablecoin Neutrino, which lately reached $15 million market cap.

2020-7-15 12:26


Число корпоративных блокчейн-проектов в РФ выросло на 45% за первое полугодие 2019

Российские компании стали чаще внедрять технологию распределенного реестра в свою работу — в первом полугодии 2019 число корпоративных блокчейн-проектов выросло почти вполовину. Об этом свидетельствуют данные отчета компаний MindSmith и Waves Enterprise о текущем статусе и развитии российской корпоративной блокчейн-экосистемы.

2019-10-31 10:26


JPMorgan adds Singapore-based OCBC bank to its crypto-payment network

JPMorgan made waves in the crypto-market a few months ago after it announced ‘JPM coin. ’ Before the release of its own stablecoin, JPM had introduced Interbank Information Network [IIN] on its blockchain service to create an ecosystem of banks and users, while also promoting emerging technologies like blockchain itself to ease cross-border payments.

2019-9-20 11:33


Tron’s [TRX] ecosystem blooms as DApps and recent developments make waves

Tron’s [TRX] popularity was off the charts on Tuesday after Tron Foundation CEO Justin Sun announced his winning bid to have lunch with the crypto-skeptic, Warren Buffett. Buffett, who once called Bitcoin “rat poison squared,” will meet with Sun and others from the cryptoverse, and the bet is on whether or not Sun will be […] The post Tron’s [TRX] ecosystem blooms as DApps and recent developments make waves appeared first on AMBCrypto.

2019-6-6 00:30


Sportcash One ICO

Our project is a Platform for the Sports Industry with safe transactions secured by a blockchain system. Our project will be built on the Waves Platform, will be named Sportcash One, and we will be using 2 tokens, an SCOne Utility Token to purchase real world and digital goods directly through the platform and a Diamond Token that will reward our users for promoting, using and sharing our token economy and social media platform.

2019-3-28 10:35


Фото:

Платформа Waves привлекла $120 млн на разработку приватного блокчейна Vostok

Команда Waves Platform объявила об успешном закрытии раунда финансирования, по итогам которого привлекла $120 млн на разработку корпоративного блокчейна Vostok. https://t. co/2SqTPaGOO2 #Vostok, a one billion dollar project in #Waves ecosystem, has closed the first funding round.

2018-12-19 14:40