{"id":158438,"date":"2022-05-28T13:03:09","date_gmt":"2022-05-28T13:03:09","guid":{"rendered":"https:\/\/precoinnews.com\/?p=158438"},"modified":"2022-05-28T13:03:09","modified_gmt":"2022-05-28T13:03:09","slug":"waves-announces-defi-revival-plan-to-fix-the-aftermath-of-usdns-depeg-and-the-liquidity-crisis-at-vires-finance","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/altcoins\/waves-announces-defi-revival-plan-to-fix-the-aftermath-of-usdns-depeg-and-the-liquidity-crisis-at-vires-finance\/","title":{"rendered":"WAVES Announces DeFi Revival Plan To Fix the Aftermath of USDN&#039;s Depeg and the Liquidity Crisis at Vires Finance"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Waves-WAVES-Protocol-770x414.jpg\"><img alt='' src='https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/03\/B6BD294B-AE0A-4844-940F-8CB9AD66C2E9-50x50.jpeg\"><\/p>\n<p>Quick take:<\/p>\n<ul>\n<li>The team at Waves (WAVES) has announced a DeFi revival plan meant to make its users whole and restore the full functioning of protocols in its ecosystem.<\/li>\n<li>The plan aims to fix USDN&#8217;s depeg and the liquidity crisis (a bank run) that soon followed on Vires Finance.<\/li>\n<li>Waves&#8217; plan will consist of four steps in collaboration with the Waves community.<\/li>\n<\/ul>\n<p>As the crypto-verse focused on UST&#8217;s depegging and the LUNA inflation that caused a massive crypto market pullback, the Waves-backed stablecoin of USDN also underwent its own depegging that led to a liquidity crisis on Vires Finance.<\/p>\n<p>As a result, the team at Waves (WAVES) has announced a DeFi Revival plan meant to make its users whole and restore the full functioning of protocols within its ecosystem.\u00a0The master plan will implement new measures &#8216;to attract new liquidity to USDN and improve the architecture of the algorithmic stablecoin to resist future black swan events.&#8217;Additionally, Waves Founder, Sasha Ivariv, has proposed to personally absorb the $400 million worth of debt held by late borrowers.<\/p>\n<p>The full plan consists of the following four steps.<\/p>\n<ul>\n<li>Boosting demand for USDN by buying and locking CRV tokens with 45% of the Waves staking profits from Neutrino and voting to incentivize the USDN 3-pool.<\/li>\n<li>Waves founder, Sasha Ivanov, absorbing the stated $400 million debt and proceeding to liquidate the whale accounts&#8217; collateral to return liquidity to Vires through the selling of USDN.<\/li>\n<li>The slow and steady selling of USDN for up to two months to return Vires Finance to full working order.<\/li>\n<li>Improving the architecture of Neutrino by issuing a new recapitalization token to replace NSBT eventually. &#8216;This new token will be tasked with recapitalizing Neutrino with new Waves tokens when under-collateralized since NSBT fails to do so in current conditions. The recapitalization token holders can earn a reward from 50% WAVES staking rewards in the Neutrino contract.&#8217;<\/li>\n<\/ul>\n<h2>Waves DeFi Will Be Restored to Full Function Thanks to its Community<\/h2>\n<p>The plans outlined above have been in collaboration with the Waves Community as explained by Sasha Ivanov through the following statement:<\/p>\n<blockquote>\n<p>This new plan to restore functionality and explain the full situation to the community would not have been possible without the Vires and Neutrino team members.<\/p>\n<p>They have worked tirelessly on finding solutions for this crisis, and I firmly believe they have identified the steps to succeed.<\/p>\n<p>This has been a real stress test for the Waves DeFi ecosystem, and it is incredible to see the support from the Waves community in navigating this crisis successfully.<\/p>\n<\/blockquote>\n<p>Source: <a href=\"https:\/\/en.ethereumworldnews.com\/waves-announces-defi-revival-plan-to-fix-usdns-depeg-and-liquidity-crisis-at-vires-finance\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":158437,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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