BR is at 40%, USDN is at 95c, USDN redemptions continue, WAVES price continues to decline, there is 540ml USDC/T debt overhand on Vires that requires USDN 500k be sold per day to service, and the market’s trust of algo-stablecoins has been crippled by UST/LUNA’s demise.
We are on the brink of the point-of-no-return, if we haven’t already passed it.
The entire Waves Ecosystem is dependent on the solvency of USDN and each of its components needs to pitch in to recapitalize:
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Turn on all Neutrino Nodes (not only Node 1) to credit their income to the backing.
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Tax a % of all other (non-Neutrino) Waves Node’s income and add them to the Neutrino SC backing (without creating new USDN).
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Keep a % of all gNSBT income in the USDN backing.
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Tax a % of all Waves Exchange trading fees, buy WAVES with it, and add to the USDN backing.
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Tax a % of WX emissions, buy WAVES with it, and add to the USDN backing.
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Tax a % of Waves Investment product’s income, buy WAVES with it, and add to the USDN backing.
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Tax a % of Waves DeFo’s income, …, add to USDN backing.
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Tax a % of tangential project’s income like PuzzleSwap etc …
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Tax a % of the NFT marketplace income - tax the mother duck’s eggs if necessary! (:
These measures should be in place as long as BR is less than 1.667.
We need an income stream having a net present value of at least $200ml to recapitalize.
It’s time to face hard reality and knock off the Hopium addiction.