I’m Aleksei Pupyshev, a co-founder and developer at Neutrino Protocol
I’d like to make a proposal for Aave to support USDN as a collateral asset and currency. We think being able to lend and borrow USDN on Aave would open up new and unique opportunities for those who is looking for stable interest bearing assets.
What is USDN
Neutrino USD (USDN) is an algorithmic multichain stablecoin pegged to the US dollar and backed by WAVES. Leveraging the staking model of the Waves protocol’s underlying consensus algorithm, USDN staking yields a sustainable reward of up to ~ 15% APY.
For the one year since launch we have:
*** $230,000,000+** is the total value locked on the Neutrino smart contract (TVL) in dollar terms
*** 15,000+** is the number of protocol users
*** $8,000,000+** is daily trade volume on various exchanges (WX, KuCoin, Uniswap, Curve, 1inch, Bittrex, MXC)
*** $100,000,000+** is total liquidity on Сurve.fi 3Pool
*** $100.000,000+ is total market capitalization
*** Top-11 stablecoin on the market
The main feature of USDN is a staking and generating rewards from locked underlying asset (WAVES).
Benefits for Aave
More users re coming from Neutrino and Waves communities
More profitable DeFi-strategies (including arbitrage and leverage trading) will be available as integrations and partnerships with Curve, 1Inch, Uniswap, YearnFinance
USDN is a stakable asset, so it’s wrapped aUSDN version will be even more interesting for users and we’re expecting more liquidity & volumes for aUSDN too.
‘Algorithmic stablecoins have not yet proven capable of withstanding market
shocks and maintaining a stable value in the currency of reference… They offer the greatest level of innovation among stablecoin types, with some initiatives claiming to be able to replace central banks, although no successful track record is available to date to support such claims’European Central Bank: In search for stability in crypto-assets: are stablecoins the solution? 08/2019
Although the Neutrino team never claimed to be able to replace a (central) bank, it has proven very well that an algorithmic stable coin mechanism can not only maintain a stable currency value, but can also create a stable foundation for DeFi as seen with the first decentralized FOREX. What Neutrino has achieved within this one year of existence is pretty remarkable, especially for a project that has not primarily outgrown the ETH ecosystem. Not even diving into the numbers here (APY, locked value, etc.) or the brilliant and dedicated team behind Neutrino.
However, it is not about blockchain-specific ecosystems, but rather about disrupting non-decentralized financial industries. And Aave has proven its disruptive nature as a leading DeFi protocol in 2020’s DeFi breakthrough with record growth numbers .
So, setting ecosystem tribalism aside while looking at actual track records in technology, growth and collaboration, I wouldn’t know any reason for Aave and Neutrino to not collaborate. It will surely be beneficial for both projects and most importantly for both of their users.
I would at least recommend everyone to look at the Neutrino products and mechanisms before entering the discussion. You will with no doubt support the proposal.
Yep! Great project and it’s gaining lot of traction everywhere, would love to have it on Aave as well.
Neutrino is being used more and more, great APY, a stablecoin pegged to a cryptocurrency rather than a unverifiable banking reserve sounds better and safer to me. Staking it is straightforward and just holding it in your eth wallet gives you automatic APY paid daily. I wouldn’t know what more to ask…
USDN would indeed be a great addition! It offers high yields, an innovative approach and lots of potential with respect to other stablecoins. Looks like a no-brainer!
What i actually like most about USDN and the Neutrino protcol in general is that its yields are generated based on its deep integration in the underlying blockchain. This way, the underlying bockchain (in this case Waves) both supports USDN / Neutrino and at the same time gets itself more robust. The Neutrino protocol is actually a Win-Win-situation. And if there is one thing we need in the space, then it is a reliable, strong and sustainable platform to build next level DeFi products on.
People are going to love this. One of the best projects out there. Btw, imagine borrowing usdn, which will give the borrower interest on the borrowed usdn, quite funny actually. Any thoughts about how this should work?
Thats Great , Arabic Community will Like this. as mentioned above, this will "open up new and unique opportunities for those who is looking for stable interest bearing assets.
USDN is one of the fastest-growing stablecoins on the market right now. Would definitely be a mutually beneficial partnership. Capitalize on waves growth, I would rather see aave working together with 4+ year old established blockchain ecosystem.
Hands on! This is a pure brilliance.
Decentralized, fast growing, with a big community and lots of active users Neutrino protocol is here and waiting for this happen
USDN provides 10-15% APY natively. In USDN. That means people are gain stablecoins just for holding it. So USDN AAVE users will get highest APY possible among other assets which may be loved by AAVE users.
WAVES under the hood and AAVE borrow mechanics provides absolutely unique possibilities to create something really special in this partnership.
More then 10k users (steadily growing) is the perfect fit for AAVE! Lets get support for USDN!
I might add that the core of USDN is an algorithmic stable coin protocol called Neutrino. With liquidity provided from AAVE Neutrino itself would have another security layer, while AAVE users can enjoy high, blockchain generated yield. Its a match!
It would be the partnership of the century. I would love to see USDN on AAVE. It would add a lot of value to the protocol of both, everyone wins … Including us users.
It would be great to include Neutrino in AAVE, a stablecoin different from all those that are protected in a stable ecosystem such as the Waves platform, everything that Bitcoin should be and more, not including it is a waste of time, it is very good, I assure you
