Waves Neutrino Governance Token NSBT Activates Staking Rewards

Neutrino Prepares for Global Cryptocurrency Boom After Minting $120 Million Worth of USDN in First Year

SAN FRANCISCO--()--Last week Neutrino Protocol, an algorithmic price-stable multi-asset protocol and an accessible DeFi toolkit built on Waves, has enabled staking for its governance token NSBT. Holders of NSBT can use the token to influence decisions concerning the Neutrino protocol, product and feature roadmap, as well as changes to governance parameters. With the new staking feature, Neutrino completes a major milestone offering further stability and autonomous democracy within the stablecoin protocol.

NSBT has an elastic supply that helps Neutrino ensure the stability of its reserves through recapitalization. Those who stake NSBT are entitled to a portion of fees generated from 2% of all smart contract operations. In just its first week, NSBT holders staked more than 80% of the circulating supply. In total, network participants received about $400,000 worth of USDN and Waves as a result of staking.

“By activating NSBT staking and expanding its governance function, we are placing the final pieces for Neutrino protocol in motion,” said Sasha Ivanov, founder of Waves. “We now have a system that can mint stablecoins in virtually any denomination, and a democratic process for selecting new forex assets. We’ve reinforced stability of the protocol and have a self-sustaining ecosystem of value that we expect will only continue to grow.”

Although still in its infancy, the Neutrino governance token has already reached $1 million USD in daily trading volume. The token is available cross-platform on Waves.Exchange and via Uniswap as an ERC-20.

Waves Neutrino on Ethereum and Cross-chain Utility

Neutrino recently celebrated its first anniversary with more than a $120 million market cap and plans to aggressively expand token utility in 2021. The Waves Community minted more than half (roughly $70 million) of its USDN supply in just the past month, and the stablecoin is experiencing rapid adoption across a number of platforms.

Much of the success and growth of Neutrino can map to its recent availability on several popular layer-1 networks. Neutrino recently ported its functions into Ethereum, marking a major step in demonstrating cross-chain value for its token.

Neutrino is now employed across a number of Ethereum applications and liquidity pools. Consequently, Waves community members have sped up the production of Neutrino to accommodate market demand. Neutrino Protocol now holds more than $300 million worth Waves tokens as locked collateral to support the minting process.

“This is just the beginning,” added Ivanov. “Neutrino is demonstrating how cross-chain utility can enhance dual blockchain ecosystems simultaneously. We want to see Neutrino active on more Ethereum dApps. Furthermore, we plan to carry this value to Solana, IOST, Tron, Ontology and others. More Neutrino utility means more Waves locked in the contract and more value to the overall ecosystem.”

Waves connects to Ethereum and other blockchain networks through Gravity, a decentralized cross-chain and oracle network. Over the past few months, Waves has expanded its integrations to more than 20 disparate blockchain networks. Through these integrations, Waves is diversifying the availability of its native tokens like Neutrino.

“There are few cross-chain solutions currently working on expanding the utility of existing blockchains and decentralized applications,” said Aleksei Pupyshev, Cofounder of Neutrino and Gravity protocols. “Interchain solutions like the Polkadot Parachain and Cosmos Peg Zones are focused on creating new ecosystems of applications and new blockchains that are cross-compatible. Retroactive compatibility is more of an afterthought, and while both of the platforms have gateways for other network integrations, their primary goal is to establish a strong local network. All of these networks are incredibly valuable. But right now, Gravity is solving the immediate issue of disparate blockchains.”

Neutrino has drafted proposals for the Compound Finance and Aave communities -- two other Ethereum-based applications. If accepted, Compound and Aave will add Neutrino to their liquidity pools and the token will gain utility within the decentralized lending world.

About Neutrino:

The Neutrino protocol is an algorithmic price-stable multi-asset protocol governed by Neutrino Token (NSBT) holders and an accessible DeFi toolkit built on Waves and enabling the creation of stable coins tied to a specific real-world asset, such as a national currency or commodity. The first synthetic asset created with the Neutrino protocol is Neutrino USD (USDN). It was followed by more synth coins, including Neutrino EUR (EURN), pegged to Euro and Neutrino CNY (CNYN), pegged to the Chinese yuan.

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Contacts

Karla Vilhelem
Account Director
karla@multiplied.io

$Cashtags

Contacts

Karla Vilhelem
Account Director
karla@multiplied.io