The Neutrino Protocol, A well-priced multi-asset protocol that runs on the blockchain of the main platform Waves contains the neutrino dollar (USDN) on Ethereum.
He Dollar Neutrino, an algorithmic stablecoin supported by the Waves Native Token (WAVES), is now available to all Ethereum users. When the token was transferred to the Ethereum blockchain, Waves announced on August 18.
With the transfer, Neutrino USD will become accessible through Ethereum so Ethereum users can earn rewards by simply keeping USDN in their Ethereum wallets. Waves CEO and Founder told Cointelegraph, Alexander Ivanov. The new integration also enables Ethereum developers Use USDN in your decentralized financial applications.
Tied to the US dollar at a 1: 1 ratio, Neutrino USD is used as a means of payment in various decentralized applications and can also be traded on various markets. The token offers a return of 8% to 15% per year for its use, say representatives from Waves.
Unlike centralized fiat collateral stablecoins, which require holders to trust the issuer, USDN is an algorithmic stablecoin issued through a smart contract. Its stability is to be maintained through algorithms as well as various stakeholders in the community.
Ivanov told Cointelegraph that the process of transferring USDN to Ethereum Basically, it is about locking the original USDN tokens on Waves and spending the same amount on the Ethereum network.
The transfer process consists of two phases: a first centralized and a second decentralized.
After Waves.Exchange issued USDN tokens on Ethereum, The original USDN in Waves is automatically sent to the mission through the same door from Waves.Exchange. Rewards are received by Ethereum users in proportion to the size of their USDN stake.
The second phase involves Waves’ interoperability solution known as the Gravity Network. The start is expected in October 2020. When the gravity network starts, Waves can do the same integration process with other blockchains like Cosmos (ATOM), Solana, Ethereum Classic (ETC), and others.
Waves also plans to expand its ecosystem with token assets with a focus on so-called synthetic national currencies and the establishment of a decentralized foreign exchange exchange (DeFo) to enable practically immediate exchange.
Ivanov told Cointelegraph that Some actors in the Waves ecosystem are already developing assets tied to fiat money.
The latest developments in the neutrino network await the arrival of Ethereum 2.0, An important network update that is configured So that Ethereum users can finally earn rewards for holding their Ethereum (ETH).