TechFlow news, according to Chainlink data, the Waves blockchain's algorithmic stablecoin USDN has severely depegged, with its current price at approximately $0.855. Previously, widespread discussions and articles alleging that Waves is a Ponzi scheme circulated online.
The trigger for USDN's depegging may stem from a new proposal on Vires Finance last night: to prevent price manipulation and protect the ecosystem, it suggests temporarily lowering the liquidation threshold for Waves and USDN lending to 0.1%, and capping the maximum borrowing APR at 40%. If passed, this proposal would require nearly every user to repay their debts in WAVES, USDN, or EURN within seven days, otherwise facing liquidation.
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