Waves Ports High-Interest Yielding Stablecoin Neutrino USD to Ethereum Network

Paves Path for Decentralized Forex and Inter-Chain DeFi

SAN FRANCISCO--(BUSINESS WIRE)--Waves.tech, an ecosystem of next-generation technologies built on Waves.protocol, today announced it has ported its native stablecoin Neutrino USD ($USDN) into Ethereum to create DeFi interoperability between both networks. Neutrino.Protocol, recently released on the Waves network, allows users to create unique interest-bearing stablecoins. Neutrino USD, the first asset created on the protocol, is an asset pegged to the U.S. dollar and collateralized by Waves tokens, which yields a sustainable reward of 8-15% APR when staked.

Porting Neutrino to Ethereum fits well into phase 1 of the Waves.tech incentivized plan to create an expansive inter-chain DeFi ecosystem. Holders of both USDN on Waves and its ERC-20 counterpart on the Ethereum network will share in the staking economics of Waves.protocol and will be eligible for the same reward structure. The stablecoin will be available for liquidity pools and liquidity providers, allowing token holders to participate in yield farming opportunities to generate interest rates compounded by the token's inherent reward structure.

“A large portion of the crypto community has an unsatiated appetite for DeFi,” said Sten Laureyssens, Waves core development team strategic advisor. “They aren’t profiting from the existing DeFi ecosystem because they either can’t navigate the complex nature, or they don’t have resources to dedicate to price exploration and swaps. Through Neutrino, we can offer a quick path for both Waves and Ethereum community members to earn consistent rewards with minimal effort and risk, and/or maximize their returns through opportunistic DeFi activities.”

In the next phase of development, waves.tech will expand the ecosystem of tokenized assets with a particular focus on synthetic national currencies. Following the roll-out of several denominations, Waves will launch a decentralized foreign exchange (DeFo) built upon Waves.Exchange infrastructure to enable virtually instantaneous swaps.

“Currency exchange is a huge issue for many countries and international remittance fees can reach double-digits quite often,” said Sasha Ivanov, Waves founder. “By introducing national currencies and their exchange on Neutrino we solve two problems. First, we create an interest-bearing instrument that is tied to a local currency but yields interest denominated in USD, allowing traders to hedge currency risks. Second, we create a smooth exchange mechanism between different national currencies.”

Waves can port Neutrino into Ethereum by courtesy of Gravity, a data protocol that connects disparate blockchains with a truly agnostic and untokenized hub that acts as an oracle between systems.

For more information, please visit: https://waves.tech/

About Waves.tech:

Waves.tech is an all-encompassing ecosystem of innovative technologies advancing technological frontiers for the pioneering developers of tomorrow and adopting them for every-day practical implementation. Leveraging the three practical and powerful blockchain protocols, Waves.tech provides both developer-friendly infrastructure as an experimental ground for innovation and ready-to use tools and products demanded here and now.

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