Neutrino is an algorithmic, price-stable assetization protocol that serves as an accessible DeFi toolkit. It was built using the Waves blockchain, and has almost doubled its market capital in less than one month.
The stablecoin project of the protocol – USDN, was de-pegged. It had fallen to $0.83 and lost 15% in the past 24 hours. WAVES, which is the token that backs the stablecoin, saw a worse drop of more than 20%.
Sasha Ivanov (founder of Waves Protocol) accused Alameda Research, of manipulating the price and shorting. Sasha Ivanov also claimed that the address used to indicate borrowing and selling activity for the dollar-pegged token was linked to the SBF-backed cryptocurrency-trading firm.
BS Conspiracy Theory?
Ivanov claimed that Vires Finance had reached him to borrow one million WAVES tokens. He denied the request, citing company policy, and also believing that this could be used to shorten. Ivanov discovered that this address was associated with Alameda Research.
SBF quickly dismissed the whole fiasco and sent a tweet.
The conspiracy theory of obv bullshit
— SBF (@SBF_FTX), April 3, 2022
Many crypto-world experts have condemned Waves as a Ponzi scheme. Some speculated that the Waves project’s recent highs were achieved by borrowing USDC stablecoin in order to buy its native token, artificially increasing WAVES’s price.
Twitter user 0xHamZ claimed recently that its initial appreciation was due its recognition as “Russian Ethereum.”
The Russian invasion of Ukraine coincided with WAVES’s price spike earlier in the month. This was noticed by Peter Guo of Babel, a Hong Kong-based crypto investment company. He said that some people might be jumping into Waves to avoid economic sanctions or limited traditional payment channels.
Ivanov claimed that neither the Waves project nor he had any ties to Russia. The founder instead believes that the growth was organic.
Ivanov stated that Vires Finance had received a revised DAO protocol proposal. The proposal aims to temporarily lower the liquidation threshold for Waves borrowing and USDN borrowing to 0.1%, while also limiting the maximum borrow interest rate to 40% to prevent market manipulation.
The crypto Twitter wasn’t impressed. The USDN de-peg has raised concerns about UST because of their similarity in terms of utility, liquidity depth, and other aspects.
You might wonder if $USDN is the same as $UST because they have similar designs.
The answer is yes.
How do I know what to do?
It happened in may. pic.twitter.com/GcUCK0NZAv
Ks (@scott_lew_is April 4, 2022
Marla Brooks – Financial Analysis
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