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Waves Sunsets Algorithmic Stablecoin, Converts USDN Into Index Token

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Waves Sunsets Algorithmic Stablecoin, Converts USDN Into Index Token

Developers of the Waves-based algorithmic stablecoin neutrino (USDN) will convert the asset into a Waves Ecosystem Index Token (WIXT) in an effort to rescue the project, which lost its US dollar peg several times so far.

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In a blog post, the USDN developers said that the notorious stablecoin cannot withstand the «unprecedented market volatility.» The new asset will be collateralized by a basket of tokens from the Waves ecosystem and will no longer be pegged to $1.

WIXT will be based on supply and demand as well as the so-called «backing ratio,» which will calculate the difference between the total value of all the assets held in collateral against the value of the circulating supply.

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The developers claim the transition will be a «win for all USDN holders.» It is expected that USDN will be converted to WIXT by mid-Feb, with $15 million worth of tokens to be added as collateral by Apr.

As of press time, USDN is trading way below the $1 mark at $0.35. The stablecoin’s market cap is set below $240 million.

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Источник: ru.ihodl.com

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