Sasha Ivanov, the founder of the Waves blockchain platform, promises to launch a new stablecoin amid the ongoing crisis of the Waves-backed stablecoin, Neutrino USD (USDN). He also promised to set a resolution plan in motion for the USDN depegging.
In a tweet following his initial announcement, he stated that nothing new will be launched or announced until the USDN plan resolution is set in motion.
While Ivanov did not give a timeline for the introduction of the new stablecoin or any details, he promised that the new coin would be “undepeggable.”
The new stablecoin will be a hybrid between an algorithmic stablecoin and will be based on the decentralized autonomous organization model. It will be implemented using an approach which is native to Waves and cannot be implemented on other chains.
Ivanov believes that one of the biggest reasons for the USDN crash is that the current USDN model is not attuned to the current market conditions. He explained that incentive-based models do not account for black swan events, they work in 99.9% of market conditions but are not able to withstand very heavy market volatility.
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