In the midst of the current issue involving the Waves-backed stablecoin known as Neutrino USD, Sasha Ivanov, the inventor of the Waves blockchain technology, has made a commitment to release a new stablecoin (USDN). In addition to this, he made a vow to put a resolution plan for the USDN depegging into action.
In the tweet that followed his first declaration, he emphasized that there will be no fresh launches or announcements made until the resolution to the USDN plan was put into action.
Ivanov made a guarantee that the new currency will be “undepeggable,” despite the fact that he did not provide a date for the release of the new stablecoin or any other specifications.
it will be undepeggable
— Sasha.waves (@sasha35625) December 20, 2022
The new stablecoin will be a combination of an algorithmic stablecoin and a stablecoin that is based on a paradigm of decentralized autonomous organization. It will be done through a method that is unique to Waves and cannot be implemented on any other chains at this time.
Ivanov is of the opinion that one of the primary causes for the fall of the USDN is that the existing USDN model is not calibrated to the circumstances of the market as they now exist. He highlighted that incentive-based models do not take into consideration black swan occurrences; these models are profitable under 99.9% of market situations, but they are not able to survive very high levels of market volatility.
Compiled by Coinbold