{"id":532481,"date":"2022-12-30T01:00:00","date_gmt":"2022-12-29T22:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/vader-will-shut-down-stablecoin-usdv-cannot-find-a-breakthrough\/"},"modified":"2022-12-30T01:00:00","modified_gmt":"2022-12-29T22:00:00","slug":"vader-will-shut-down-stablecoin-usdv-cannot-find-a-breakthrough","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/vader-will-shut-down-stablecoin-usdv-cannot-find-a-breakthrough\/","title":{"rendered":"# Vader will shut down stablecoin USDV, cannot find a \u2018breakthrough\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a2bea315a646\" 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-6a2bea315a646\" 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\/vader-will-shut-down-stablecoin-usdv-cannot-find-a-breakthrough\/#%E2%80%9D_Vader_will_shut_down_stablecoin_USDV_cannot_find_a_%E2%80%98breakthrough_%E2%80%9C\" >&#8221; Vader will shut down stablecoin USDV, cannot find a \u2018breakthrough\u2019 &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Vader_will_shut_down_stablecoin_USDV_cannot_find_a_%E2%80%98breakthrough_%E2%80%9C\"><\/span>&#8221; Vader will shut down stablecoin USDV, cannot find a \u2018breakthrough\u2019 &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvYzI5MTI1ZjYtMDM0MS00MTI5LWE4ODEtMzUyOTRjYjc4MTk4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-02fa634a>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> that produces stablecoin Vader Protocol US Dollar (USDV) will be shut down, according to a Dec. 29 announcement from its developers.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We are sunsetting Vader Protocol: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/C3AKHo9URj\">https:\/\/t.co\/C3AKHo9URj<\/a><\/p>\n<p>Existing <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24VADER&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$VADER<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24USDV&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDV<\/a> holders, please visit the webapp to redeem the treasury: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/SnRlvpXnaQ\">https:\/\/t.co\/SnRlvpXnaQ<\/a><\/p>\n<p>For all technical issues related to the claim, please check in at the <vader> channel on Discord.<\/vader><\/p>\n<p>\u2014 Vader (@VaderProtocol) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/VaderProtocol\/status\/1608395168130174981?ref_src=twsrc%5Etfw\">December 29, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Vader protocol was an algorithmic stablecoin network similar to the failed Terra network. It was supposed to encourage arbitrages to keep USDV always equal to $1. When Terra assets depegged in May from the real-world assets they were supposed to represent, the Vader team paused the mint function of the app. It hoped to prevent users from exposing themselves to whatever problems might arise should its stablecoin also depeg.<\/p>\n<p>The Vader team said that it spent the next six months trying to find a way to reform the app to make it more safe. However, \u201cupon rigorous research and discussions, the team found no notable breakthrough in the algorithmic stablecoin design that is capital efficient.\u201d<\/p>\n<p>They have paused the burn function, making it impossible for users to deposit their remaining USDV into the app to retrieve its backing through the normal redemption process. Instead, the developers have created a redemption portal to distribute the app\u2019s remaining treasury. They plan to keep that redemption app available until June.<\/p>\n<p><em><strong>Related: <\/strong><strong>Realized losses from FTX collapse were smaller than Terra, other crises<\/strong><\/em><\/p>\n<p>In order to distribute the funds fairly, the developers have broken the Curve and Uniswap liquidity pools and snapshotted existing shares, allowing them to distribute the remaining funds to holders.<\/p>\n<p>Vader Protocol USD appears to have been delisted on all of the major coin price data fees, so it is unclear whether USDV holders will get back $1 worth of crypto per coin or some smaller amount.<\/p>\n<p>The US Dollar Terra collapse was one of the largest crypto crashes of 2022. It caused a contagion to spread through the crypto market, and was a contributor to the closing of Midas Investments. Its founder, Do Kwon, remains\u00a0accused of violating capital markets laws in South Korea but has not yet been located by authorities.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/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\/vader-will-shut-down-stablecoin-usdv-cannot-find-a-breakthrough\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Vader will shut down stablecoin USDV, cannot find a \u2018breakthrough\u2019 &#8220; The app that produces stablecoin Vader Protocol US Dollar (USDV) will be shut down, according to a Dec. 29 announcement from its developers. We are sunsetting Vader Protocol: https:\/\/t.co\/C3AKHo9URj Existing $VADER and $USDV holders, please visit the webapp to redeem the treasury: https:\/\/t.co\/SnRlvpXnaQ&#8230;<\/p>\n","protected":false},"author":1,"featured_media":532482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/c29125f6-0341-4129-a881-35294cb78198.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,74868,75493],"class_list":["post-532481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-defi","tag-stablecoin"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/532481","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=532481"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/532481\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/532482"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=532481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=532481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=532481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}