Waves founder calls for aggressive decentralization

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Blockchain
Waves founder calls for aggressive decentralization

Speaking on the recent de-pegging of the Waves’ stablecoin USDN, founder Sasha Ivanov claims the event does not affect the WAVES ecosystem.

In a recent statement, Sasha Ivanov, the founder of the Waves blockchain, reiterated that the de-pegging of its stablecoin USDN does not affect the daily operations of the WAVES ecosystem, confirming that the project is fully functional.

Ivanov insisted that the amount of the WAVES token in the USDN contract was not significant enough to affect its price even when all the tokens were drained:

“There is no inflation or new WAVES tokens created by Neutrino – at any point. And there is no way to drain the contract in a single day or entirely.”

Sasha Ivanov, the founder of the Waves blockchain

Waves founder also revealed that his team will work on the USDN stablecoin soon and make some much-needed changes to its mechanics.

The blockchain entrepreneur talked up the governance ecosystem of Waves, stating that his company is devoted to aggressive decentralization. The Waves team will also donate $10 million of the governance tokens they currently hold to the Waves Association DAO. 

The value of Neutrino USD (USDN), the stablecoin of the Waves ecosystem, suffered a massive blow last week when the Korean financial regulator flagged WAVES with an investment warning to its customers.

Moreover, major local exchange Upbit decided to unlist WAVES. It claimed that the USDN stablecoin was not properly pegged to $1. The alleged volatility of the WAVES token used as collateral meant that investing might involve a big amount of risk. However, the officials noted that they would monitor the asset over the next two weeks to determine the next line of action.

The announcement sparked panic in the crypto space about the impending collapse of yet another algorithmic stablecoin. This ultimately led to USDN losing its peg by 15%, trading at $0.85. In addition to that, the price of the Waves token went down by more than 16% in a matter of days.

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Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.