[Omniscient]

https://www.coingecko.com/en/coins/neutrino-usd

Looks like earlier today USDN depegged, but it's got most of it back (.97) as of this post.

https://www.coindesk.com/business/2022/0...ty-slumps/

If USDN does collapse then the whole Waves ecosystem dies imho.

"Everyone is busy preparing for the Ethereum Merge upgrade," he said, so "the liquidity drops naturally. No one is keen on supporting the peg of another algorithmic stablecoin. This model potentially leads to dire consequences and extreme fragility of the peg," Levin added.

Actually I am unstaking my own ETH on the platform so it's very likely the cause imho. Lots of unstaking being done this week to make it in time for the merge of ETH. Gonna be a bumpy September imho.

[SUI-3183372]

Very similar conditions on USDN's curve pool to what we saw right before UST's collapse (Which started on the curve pool). Very heavy imbalance there right now (But should be noted not as heavy of an imbalance as we saw in May).

Not an easy listen by any means, but Sasha touches on the peg today.

[ep1capple]

As we approach merge I expected large usdn players to be playing it on the safe side and want to withdraw their usdc/usdt/dai/waves collateral. I believe Alameda-FTX (one of the biggest usdn investor) has been swapping out of USDN every day 6 digits worth for the past few days. Seen some talks about that in official Neutrino Telegram.

As much as I believe in the vision of an algo stablecoin, it's important to note that the current ones are still heavily reliant on the backing of fiat-backed stablecoins to prop them up and good faith. We all want to escape the clutches of centralized money and with that come major hurdles. Worth noting USDN has been through a few depegging events and has lasted longer than UST so far.

Also, this is a great opportunity to make money if you believe in the Waves team. If you bought a little yesterday when USDN depegged to 89c you made money 24hrs later.

[shreder]

Hmm looks like it recovered very fast this time, team said they implemented a bunch of things to help. Not sure if that was why it recovered so quickly.

[ep1capple]

What did they implement to help? USDN is down to $0.93:

Only absolute chads will buy and arb it XD

---

update: it's a SMASHING success Spoiler (Click to View)

but seriously, the problem is that there's an excess of USDN that's been minted waiting to exit for all kinds of reasons. The upcoming ETH merge and current bear market is scaring the crap out of USDN whales and retail traders alike. More details can be found in the official Neutrino Telegram. https://t.me/neutrino_protocol_news

Stats for everything related Neutrino can be found here

https://neutrino.at/stats

[Omniscient]

The ETH merge imho is the cause of a lot of disruption. I think Waves and USDN will survive this. I think I have less than $500 worth of USDN now in my Waves wallet anyways.

[Omniscient]

Someone has to go back to September to maybe see what was happening that week.

USDN as a stablecoin is done. It's been depegged permanently is my guess.

https://www.coingecko.com/en/coins/neutrino-usd .45

Looks like USDN the week of Sept 18 had a dip event. And first week of August is when it started to destabilize. Regained in October close the $1 but Nov 8 was the drop of death.

[shreder]

They've abandoned USDN, they want to start a new shitcoin stablecoin USDN 2.0

---

Waves removes their own chain from withdrawals

[RsGoldKing]

Loving the bullrun cleansing out the rug pull shitcoins

[Omniscient]

Loving the bullrun cleansing out the rug pull shitcoins

That's one way to phrase it. But some good projects are being killed off too, like Waves imho. I like the platform and it's been around for years. Who knows if it will ever regain glory after this?

I think this is a symptom of chasing the next great thing while Bitcoin simply does what Bitcoin does. Waves has done a lot of experimenting and for a short-time it worked.

[RsGoldKing]

That's one way to phrase it. But some good projects are being killed off too, like Waves imho. I like the platform and it's been around for years. Who knows if it will ever regain glory after this?

I think this is a symptom of chasing the next great thing while Bitcoin simply does what Bitcoin does. Waves has done a lot of experimenting and for a short-time it worked.

All of these projects are b2b, nothing at consumer end. Web3 is garbo till AR/vR porn osnt popping

[SUI-3183372]

USDN is down to $0.32.

[xchngd]

USDN is down to $0.32.

I'm surprised there is any liquidity still left.

[SUI-3183372]

Oh, Waves are saying USDN is no longer a stablecoin, nor will there be an attempt to peg it to the dollar.
https://github.com/waves-exchange/neutri...epaper.pdf

Nice /s

[Omniscient]

Oh, Waves are saying USDN is no longer a stablecoin, nor will there be an attempt to peg it to the dollar.
https://github.com/waves-exchange/neutri...epaper.pdf

Nice /s

Someone needs a stablecoin backed by gold deposits.