{"id":487920,"date":"2022-08-26T12:41:11","date_gmt":"2022-08-26T09:41:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/waves-backed-stablecoin-usdn-breaks-peg-again-amid-protocol-upgrade\/"},"modified":"2022-08-26T12:41:11","modified_gmt":"2022-08-26T09:41:11","slug":"waves-backed-stablecoin-usdn-breaks-peg-again-amid-protocol-upgrade","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/waves-backed-stablecoin-usdn-breaks-peg-again-amid-protocol-upgrade\/","title":{"rendered":"# Waves-backed stablecoin USDN breaks peg again amid protocol upgrade"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bf29986760\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bf29986760\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/waves-backed-stablecoin-usdn-breaks-peg-again-amid-protocol-upgrade\/#%E2%80%9D_Waves-backed_stablecoin_USDN_breaks_peg_again_amid_protocol_upgrade_%E2%80%9C\" >&#8221; Waves-backed stablecoin USDN breaks peg again amid protocol upgrade &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Waves-backed_stablecoin_USDN_breaks_peg_again_amid_protocol_upgrade_%E2%80%9C\"><\/span>&#8221; Waves-backed stablecoin USDN breaks peg again amid protocol upgrade &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvOTRjZWQwMTItZWJlMS00NDI5LWFmYzYtYWVjNjhjOTU3NDA4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>As the crypto community tries to navigate the bear market and recover from the onslaught brought about by stablecoin incidents like the Terra crash, another algorithmic stablecoin shows signs of struggle as it falls below its dollar peg.\u00a0<\/p>\n<p>Algorithmic stablecoin Neutrino Dollar (USDN) has deviated from the dollar once again, marking the fourth time that USDN struggled to maintain its dollar peg this year. The Waves-backed stablecoin is trading at $0.90 at the time of writing. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Correlation =\/ Causation here<\/p>\n<p>But every time <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/USDN?src=hash&amp;ref_src=twsrc%5Etfw\">#USDN<\/a> from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/WAVES?src=hash&amp;ref_src=twsrc%5Etfw\">#WAVES<\/a> has depegged <\/p>\n<p>There has been a crash in bitcoin. <\/p>\n<p>Just an odd coincidence. Lets see how this plays out. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ruJ0cKfezu\">pic.twitter.com\/ruJ0cKfezu<\/a><\/p>\n<p>\u2014 BareNakedCrypto , I will not message you (@BearNakedCrypto) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BearNakedCrypto\/status\/1563037796146618368?ref_src=twsrc%5Etfw\">August 26, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nIn April, USDN crashed to $0.78 as price manipulation accusations began to float. The stablecoin recovered within a few days after its first crash. However, in the following months, the digital asset once again showed signs of weakness. In May, it fell to $0.82 and dropped once more in June as it traded at around $0.93 per token.<\/p>\n<p>To address the stability issues, the team behind the stablecoin initiated a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/governance.neutrino.at\/\">vote<\/a> to implement changes within the protocol\u2019s parameters. After the vote, the team <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/neutrino_proto\/status\/1562461188457316356\">added<\/a> new mechanics to improve the economics behind the protocol. This includes changes in the maximum swap amount, backing ratio protection mechanics and improving rewards distribution. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Stablecoin issuers hold more US debt than Berkshire Hathaway: Report<\/em><\/strong><\/p>\n<p>Meanwhile, a recent exploit in the Acala Network pushed the price of its stablecoin Acala USD (aUSD) downward by 99%. More than 1 billion aUSD were minted out of nowhere, leaving its holders wondering how the decentralized finance\u00a0protocol would recover. At the time of writing, aUSD is still trading at $0.65 per token. <\/p>\n<p>Earlier this month, HUSD, a stablecoin backed by crypto exchange Huobi, also wobbled to $0.82 due to a liquidity problem. According to the exchange, the depeg was due to closing market maker accounts for regulatory compliance. This caused a short-term depeg that was fixed by the issuers promptly. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/waves-backed-stablecoin-usdn-breaks-peg-again-amid-protocol-upgrade\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Waves-backed stablecoin USDN breaks peg again amid protocol upgrade &#8220; As the crypto community tries to navigate the bear market and recover from the onslaught brought about by stablecoin incidents like the Terra crash, another algorithmic stablecoin shows signs of struggle as it falls below its dollar peg.\u00a0 Algorithmic stablecoin Neutrino Dollar (USDN) has&#8230;<\/p>\n","protected":false},"author":1,"featured_media":487921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvOTRjZWQwMTItZWJlMS00NDI5LWFmYzYtYWVjNjhjOTU3NDA4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74868,75493],"class_list":["post-487920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-defi","tag-stablecoin"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/487920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=487920"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/487920\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/487921"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=487920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=487920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=487920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}