LONDON--(BUSINESS WIRE)--Following the investment warning posted across centralized exchanges last week, which placed warnings on WAVES token trading*; Waves Founder Sasha Ivanov explains USDN depeg does not threaten the solvency of the Waves Ecosystem and in response, announces a plan towards aggressive decentralization, creating a new Waves Association DAO which will see $10million of the governance tokens currently held by Waves team be donated to the Waves Association DAO, and their usage governed by the community.
Waves founder Sasha Ivanov is today issuing a statement affirming that the Waves ecosystem is fully functional, decentralized and is not threatened by the depeg of the USDN stablecoin.
“The amount of WAVES in the USDN contract is not significant enough to impact price - even in the worst-case scenario where all WAVES were drained. There is no inflation or new WAVES tokens created by Neutrino - at any point. And there is no way to drain the contract in a single day or entirely.
“We are making solid strides towards repegging USDN. Neutrino will soon release an updated whitepaper, totally transforming the mechanics of USDN. It will introduce a Treasury, USDN issuance controls, and a Market Maker Bot to defend the peg. The treasury will be entirely governed by the community, who will decide the monetary policy, including issuance and treasury spending on additional backing or distributing surplus to USDN holders. The model will be a unique combination while addressing the shortfalls of two of the most successful stablecoins, DAI and USDT.
“Furthermore, I would like to make it clear that Waves is a decentralized ecosystem of applications. It does not rely on a single project for its survival; it also does not require the participation of any centralized exchange to exist and function as it should. This is why Waves Ecosystem is now accelerating its plans to provide all the services of centralized exchanges within its flagship decentralized exchange - WX.Network. WX will soon announce the integration of a fiat off-ramp into its application to accompany the already functioning on-ramp.”
The Waves commitment to aggressive decentralization will see the formation of a new Waves Association DAO tasked with one goal - progressively hand over every project in the ecosystem to full community control. The Waves team will donate $10million of the governance tokens they currently hold for every project built on Waves to the Waves Association DAO. The community of Waves Association will therefore have full control over the governance of each individual project that commits to this initiative.
Sasha Ivanov comments further:
“The time for true decentralization is now. Centralized exchanges were a necessary stepping stone to bootstrapping the blockchain space; however, the core value of decentralization - not your keys, not your coins - has never been more important than it is today. We look forward to continuing our contributions to Waves Platform alongside our community, now more than ever. Crypto is dead; let's make new Waves together at last.”
Notes to Editors
*The investment warning by ByBit has since been removed, and the Waves team is currently supporting Upbit’s investigation, with the view to removing the investment warning on Upbit and Bithumb in the coming days.
