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South Korea-based exchange Upbit has cautioned its users against investing in WAVES due to its high volatility resulting from the USDN depegging.
USDN is an algorithmic stablecoin backed 1:1 by WAVES. However, since USDN lost its peg below $0.8 on April 5th, it has failed to regain its peg, which has increased the price fluctuations of WAVES.
According to CryptoSlate data, USDN is currently trading below peg at $0.8 while WAVES has fallen about 12% in the last 24 hours.
As a result of WAVES increased price volatility, Upbit said on Dec. 8 that it looking to suspend the WAVES/KRW and WAVES/BTC pairs. However, it will monitor the asset over the next two weeks to determine its next line of action.
In the meantime, Upbit has cautioned against investing in WAVES as its volatility may result in unexpected losses for investors.
Efforts to save USDN
USDN stablecoin has been criticized and called a “Ponzi scheme” since April when it first depegged below $0.78.
In an attempt to restore USDN to peg, Waves founder Sasha Ivanov while speaking with CryptoSlate confirmed that he took on a $500 million bad debt to supply liquidity.
Waves community members also supported Vires.Finance when it attempted to raise funds to address USDN’s liquidity crisis. Vires.Finance was “reset” which saw many investors deposit on the lending protocol for 0% APY, so the proceeds can be channeled to save USDN.
Journalist at CryptoSlate
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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