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Home»Defi»WAVES Announces DeFi Revival Plan To Fix the Aftermath of USDN’s Depeg and the Liquidity Crisis at Vires Finance
Waves-WAVES-Protocol.jpg
Defi

WAVES Announces DeFi Revival Plan To Fix the Aftermath of USDN’s Depeg and the Liquidity Crisis at Vires Finance

adminBy adminMay 28, 2022No Comments3 Mins Read
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Quick take:

  • The Waves (WAVES) team has announced a DeFi resurrection plan aimed at perfecting users and restoring the full functionality of the protocol within the ecosystem.
  • The plan aims to correct the USDN’s depeg and the liquidity crisis that immediately followed Vires Finance.
  • The Waves plan consists of four steps in collaboration with the Waves community.

Waves-backed USDN Stablecoin also made its own depegging, leading to a liquidity crisis in Vires Finance, as cryptocurrencies focused on LUNA inflation, which caused UST depegging and a major crypto market recession. ..

As a result, the Waves (WAVES) team has announced a DeFi Revival Plan aimed at perfecting users and restoring the full functionality of the protocol within the ecosystem. The Master Plan implements new measures to attract new liquidity to USDN and improve the algorithm’s stablecoin architecture to resist future Black Swan events. In addition, Waves founder Sasha Ivariv has proposed to personally absorb $ 400 million worth of debt. By a late borrower.

A complete plan consists of four steps:

  • Boost demand for USDN by betting profits from neutrinos, buying and locking CRV tokens at 45% of Waves and voting to give incentives to the USDN 3 pool.
  • Waves founder Sasha Ivanov has liquidated whale account collateral to absorb $ 400 million in debt and return liquidity to Vires through the sale of USDN.
  • Slowly and steadily sell USDN for up to 2 months to bring Vires Finance back to full functionality.
  • We will improve the neutrino architecture by finally issuing new capital enhancement tokens to replace NSBT. ‘This new token is tasked with recapitalizing neutrinos with the new Waves token in the event of a shortage of collateral, as NSBT cannot do so in the current situation. Holders of recapitalization tokens can earn rewards from the 50% WAVES staking rewards on neutrino contracts.

Waves DeFi will be restored to fully functional thanks to the community

The above plan is working with the Waves community, as Sasha Ivanov explains in the following statement.

This new plan to restore functionality and explain the full situation to the community would not have been possible without Vires and Neutrino team members.

They have been tirelessly trying to find a solution to this crisis, and I firmly believe that they have identified the steps to success.

This is a true stress test of the Waves DeFi ecosystem and it’s incredible to see support from the Waves community to successfully survive this crisis.

Aftermath ANNOUNCES Crisis DeFi Depeg Finance fix Liquidity plan revival USDNs Vires waves
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