Waves founder holds $500M debt to avoid a UST-like incident
The founder of Neutrino (USDN) stablecoin and Waves, a multi-purpose blockchain platform that supports various use cases including decentralized applications (DApps) and smart contracts, Sasha Ivanov confirmed that he holds $500 million in debt to avoid USN from depegging.
A huge debt
Waves founder has dealt with the current liquidity crunch in the market in an innovative way. As Ivanov confirmed in a number of Twitter posts, he has subsumed six overextended USDN loans into his own wallet adding that he has pledged to slowly liquidate the debt without causing the coin to depeg. The founder has more than $530 million in debt.Ivanov has been slowly liquidating his wallet’s supply of USDN and the Waves project has displayed confidence in the fact that the debt will be made whole. However, the lenders who aim to withdraw assets will face stiff competition and will have to encounter stiff competition for any available liquidity.
Ivanov took bad debt in Waves’ money market protocol, Vires Finance. However, this is yet another example of how decentralized finance applications become centralized and users are unable to withdraw their funds. This move was passed by Vires token holders on May 31 and as a result, Vires has limited withdrawals to $1,000 USD Coin (USDC) or Tether (USDT) per user per day.
Waves broke records
As reported by Cryptonary in a recent report, the total value locked (TVL) of Waves exploded and it went as high as 5.38 billion n April. However, according to the data by DeFi TVL aggregator Defillama, the TVL of Waves Chain, the TVL of the blockchain is around $1.5 billion at the time of writing while the price of the governance token is $6.58, nearly 90% low from its all-time high.100% Success Money Back Guarantee
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