• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Thursday, June 8, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

USDN loses peg again as Neutrino upgrade to “stabilize protocol” goes live

August 26, 2022
in Altcoins
Reading Time: 3 mins read
A A
USDN loses peg again as Neutrino upgrade to “stabilize protocol” goes live
ShareShareShareShareShare

Neutrino $USDN lost its peg for the first time since June 16 as it was updated to implement upgrades to the protocol. Confirmation of the upgrade was announced at 4 pm BST Thursday, several hours after the peg fell from $0.98 to $0.96.

At the time of press, the stablecoin has fallen even lower to $0.94, recording a 4% decline on the day. $USDN fell even lower back in April when it dropped to $0.78 before soaring back to $0.98 within days.

Update #8 was decided on through a governance vote which included four proposals. The winning proposals were announced via the official Neutrino Twitter account.

⚡️Update

We have implemented the changes from the latest voting.

✅USDN>WAVES Max Swap Amount depends on the current BR. WAVES>USDN Max Swap Amount remains unchanged
✅BR protection added
✅gNSBT rewards distribution between SURF and NSBT stakers has been improved

Enjoy😎 pic.twitter.com/O4e94VfG4U

— Neutrino Protocol 🌊 (1 ➝ 2)🏄🏻‍♂️ (@neutrino_proto) August 24, 2022

The vote passed updates to “implement new swap mechanics, so that Max Swap Amount of USDN>WAVES swaps will depend on the current BR value.” The update increased the maximum allowable value of $USDN that can be swapped into $WAVES depending on the backing ratio (BR.) The BR is the share of $WAVES  tokens in relation to the $USDN supply.

Another vote to “Increase protocol fee for USDN>WAVES swaps” was rejected by the community, with 62% voting “No.”

The community did pass a third proposal to “implement new BR protection mechanics, so that BR cannot go lower than 10%.” This update is likely part of the “urgent measures” required to “stabilize the protocol and ensure the security of its reserves.”

Adding protection to the backing ratio to ensure it cannot go outside a set range is part of the strategy to defend the peg. However, given the stablecoin has not recovered from its 4% drop, questions have to be raised about the update’s effectiveness.

A final proposal also passed with a massive majority of 95%, reworking the reward distribution for gNSBT staked tokens. Previously, $SURF token holders only received 2% of rewards; the proposal increases this based on specific market conditions.

The update has been live for less than 24 hours; therefore, time may be needed for the updates to affect the network. CryptoSlate chatted to Waves founder Sasha Ivanov last week and spoke directly about the strategies used to defend the peg.

In the interview, Ivanov stated that he believed the peg would remain relatively stable throughout the coming months before restoring its peg to $1. However, he did not rule out the occasional bout of volatility.

Watch the full interview here.

CryptoSlate is waiting for a comment from the Waves team. 

Posted In: Bear Market, Stablecoins

Get an Edge on the Crypto Market 👇

Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits


Credit: Source link

Related articles

Gary Gensler had close ties to Binance’s CZ, offered to serve as exchange advisor: lawyers

Gary Gensler had close ties to Binance’s CZ, offered to serve as exchange advisor: lawyers

June 8, 2023
Will Dogecoin Recover Soon?

Will Dogecoin Recover Soon?

June 7, 2023
ShareTweetSendPinShare
Previous Post

Japan To Reform Crypto Corporate Tax Laws

Next Post

Solana Sales Volume Surpasses $1 Billion

Related Posts

Gary Gensler had close ties to Binance’s CZ, offered to serve as exchange advisor: lawyers

Gary Gensler had close ties to Binance’s CZ, offered to serve as exchange advisor: lawyers

June 8, 2023

Lawyers in Binance’s securities case claim that SEC chair Gary Gensler once offered to serve as an advisor to their...

Will Dogecoin Recover Soon?

Will Dogecoin Recover Soon?

June 7, 2023

Dogecoin is a popular meme coin that has inspired many other animal-themed cryptocurrencies. Its success has paved the way for...

Shiba Inu (SHIB) Demand Surges: Can it Propel Prices?

Shiba Inu (SHIB) Demand Surges: Can it Propel Prices?

June 7, 2023

Shiba Inu (SHIB) is a meme that has attracted much attention lately. After losing significant market share to other meme...

Cardano company Input Output says ADA is not a security

Cardano company Input Output says ADA is not a security

June 7, 2023

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connected to AlphaWelcome!...

SEC filings reveal testimony of former Binance.US CEOs

SEC filings reveal testimony of former Binance.US CEOs

June 7, 2023

Ad The SEC’s complaint against Binance.US includes excerpts of testimony given to the regulator by two of the firm’s former...

Load More
Next Post
Solana Sales Volume Surpasses $1 Billion

Solana Sales Volume Surpasses $1 Billion

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Brave’s New Video Calls Feature Lets You Use NFTs to Control Access

Brave’s New Video Calls Feature Lets You Use NFTs to Control Access

May 25, 2023
Louis Vuitton €39k ‘Treasure Trunk’ NFT Collection

Louis Vuitton €39k ‘Treasure Trunk’ NFT Collection

June 6, 2023
HEX Drops 11% While PulseChain Gains Momentum

HEX Drops 11% While PulseChain Gains Momentum

May 17, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Bitcoin Price Struggling Hard at $26,000; Is This the Time to Be Worried?
  • Pepecoin Briefly Hits $1 Billion Market Cap Again Before Backpedaling
  • Cathie Wood says SEC scrutiny into Binance will reduce competition for Coinbase

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$26,409.00-1.26%
  • ethereumEthereum(ETH)$1,839.84-1.60%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.15%
  • binancecoinBNB(BNB)$261.34-5.74%
  • usd-coinUSD Coin(USDC)$1.00-0.06%
  • rippleXRP(XRP)$0.52-1.81%
  • staked-etherLido Staked Ether(STETH)$1,838.60-1.65%
  • cardanoCardano(ADA)$0.327432-4.23%
  • dogecoinDogecoin(DOGE)$0.067869-2.20%
  • solanaSolana(SOL)$18.68-6.61%
  • matic-networkPolygon(MATIC)$0.77-3.50%
  • tronTRON(TRX)$0.077405-0.15%
  • litecoinLitecoin(LTC)$87.93-2.52%
  • polkadotPolkadot(DOT)$5.00-3.22%
  • binance-usdBinance USD(BUSD)$1.00-0.09%
  • avalanche-2Avalanche(AVAX)$13.92-4.26%
  • shiba-inuShiba Inu(SHIB)$0.000008-1.23%
  • daiDai(DAI)$1.00-0.02%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,511.00-1.18%
  • uniswapUniswap(UNI)$4.61-2.88%
  • leo-tokenLEO Token(LEO)$3.530.56%
  • chainlinkChainlink(LINK)$6.01-2.66%
  • cosmosCosmos Hub(ATOM)$9.55-4.73%
  • okbOKB(OKB)$44.44-1.57%
  • moneroMonero(XMR)$145.55-0.48%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • ToncoinToncoin(TON)$1.65-0.10%
  • ethereum-classicEthereum Classic(ETC)$16.94-2.11%
  • stellarStellar(XLM)$0.087105-2.16%
  • bitcoin-cashBitcoin Cash(BCH)$111.30-1.58%
  • true-usdTrueUSD(TUSD)$1.00-0.10%
  • lido-daoLido DAO(LDO)$2.19-7.44%
  • internet-computerInternet Computer(ICP)$4.19-3.25%
  • filecoinFilecoin(FIL)$4.12-4.85%
  • quant-networkQuant(QNT)$112.27-3.30%
  • AptosAptos(APT)$7.73-4.48%
  • crypto-com-chainCronos(CRO)$0.059649-2.34%
  • hedera-hashgraphHedera(HBAR)$0.048347-2.24%
  • GGTKNGGTKN(GGTKN)$0.1121310.76%
  • ArbitrumArbitrum(ARB)$1.13-2.86%
  • vechainVeChain(VET)$0.017801-4.09%
  • nearNEAR Protocol(NEAR)$1.41-5.37%
  • apecoinApeCoin(APE)$2.90-1.76%
  • the-graphThe Graph(GRT)$0.113897-2.77%
  • paxos-standardPax Dollar(USDP)$1.00-0.04%
  • fraxFrax(FRAX)$1.000.19%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • eosEOS(EOS)$0.89-0.03%
  • rocket-poolRocket Pool(RPL)$47.65-2.15%