Update to this proposal
The problem
Currently, USDN staking APR is quite low, which is 0.10% at the time of writing this article. Why is this happening?
In the current implementation, the USDN circulating supply collateral in WAVES is leased to the Neutrino community nodes that generate daily income in WAVES. The generated WAVES are then distributed as follows:
5% are distributed to the owners of the Neutrino commun...
Your efforts are great. Also can you check the 307th line in the excel file? There seems to be an error, but I’m not sure.
Waiting for $1000 WAVES is not a solution, nor is trying to artificially manipulate the market price or sentiment of USDN. The underlying flaws of Neutrino must be fixed.
Many users on the forum and on Telegram have offered solutions that would clearly be helpful. (There are also some bad solutions involving stealing money that I will leave out.) I will summarize the proposed ideas here so you ca...
Your problem is that there is no limit on usdn mint based on price projection. there is no price “projection” algorithm.
However that’s not the only problem. there should be a limit based on the total waves supply that isn’t staked.
And on top of that, you don’t refer to minting due to the interest rate of usdn itself.
The current situation for usdn is past the fixing. the damage is done. peopl...
As I’ve said before, you must incentivize restoring the WAVES collateral. It is impossible to solve the problem long-term if WAVES only come out of the smart contract and never go in. But I am going to propose a new way to do it.
Give a 3% bonus in SURF when someone returns WAVES either through WAVES->SURF swaps or WAVES->USDN swaps.
For example:
(1) Someone can currently swap 100 WAVES for 454...
I think that this idea will contribute a lot to the system. It offers a simple and beautiful solution. It is an opportunity for investors who trust the system that the BR value will of course rise above 1, in order to protect their BR health.
When the BR value goes below 1, for example 0.95, investors will be able to buy 1 WavesN for 0.95 Waves. And when the BR value goes above 1 and equal 1, the...
https://alexpupyshev.medium.com/neutrino-enhancement-proposal-base-tokens-augmented-bonding-curve-abc-79c7d45ea0a5
This might be even better. We could choose assets and setup a bot that buys these assets with funds generated by usdn staking (taking a percentage from that). bot can buy the assets and fill the vault. And how the vault funds should be utilized could be discussed after selecting the assets.
I don’t think we want other collateral than Waves to mint USDN, this is what is forcing Waves off the market, if we would take other assets this effect could be countered. Also this is what makes the algo and backing ratio for USDN tick, so quite unsure how this should work.
With the right NSBT swap settings we should be able to restore peg always.
A “vault” with other currencies should buy up U...
The Neutrino protocol provides the possibility to stake USDN; using leased Waves as a currency reserve and providing yield to USDN stakers. By increasing the collateral through other means I assume the yield will go down and the leased Waves Currency reserve will be polluted. I think that’s not something we should want.
I would opt for another solution like using a currency reserve created from t...
Although the new swap limits are better than before, it is still too slow. Four days after depegging, it’s still an emergency situation with USDN at only $0.89 as of this writing. Thousands of gNSBT are required to swap a meaningful amount. You need an army of swappers to get it back to peg quickly. If anyone with just 1 gNSBT could do something like 100 per day, it would speed things along.
Could the 24 hour swap window be a variable to be lowered sub .97? This would allow more swaps while still incentivizing nsbt staking.
This was not meant to be an immediate proposal.
If the complexities of having new collateral types in the strict decentralized sense are too high, we could do what Luna Foundation Guardian (LFG) is doing and just maintain a reserve of BTC and/or other coins to use in emergency situations like when USDN peg is severely off. This would reduce pressure on WAVES.
I am strongly in favour of implementing this change. This is not the time to wait a few days and see as one user suggested.
This proposal should be swiftly implemented to restore the USDN peg. After which, a new proposal can be made that fine tunes this one. If USDN stays off peg too long it will severely damage the faith people have in Neutrino, which in turn will have negatively impact the pric...
A couple of months ago I made the following proposal:
I want to insist in the importance of them in order to provide attractiveness to SURF. The item 4 is already more or less present in vires, as now vested USDN can be finally converted to SURF. I also suggested the possibility to allow to use SURF as collateral in vires, but with the addition that has to be with a collateral value of market p...
Hello, Cincirman.
This is due to the fact that the Neutrino printer is going to mint a lot of USDN. See column L. At the same time, the depth of the market is much less. See column C.
We need to add a formula to the model to adjust the depth of the market. The implementation of the proposal will increase the liquidity in the system, so such problems should not arise.
Even if we encounter simila...
I am putting forward 3 related proposals in one post.
Proposal 1
Issue USDN BONDS with different repayment periods and different coupons. Organize trading and add pools paired with USDN
This will also help with peg, which means it will speed up the opening of withdrawal from IDO.
Implementation:
Neutrino SC or any other SC offers a choice to buy 24 bonds for a year in advance with repayment o...
Operation: Spirit Bomb
I propose a no risk solution to help defend the USDN Depeg. Operation: Spirit Bomb. Waves will create a Node where users can lease their waves. Every X amount of hours, waves will use the leasing rewards to buy USDN from the market. This USDN will be saved and staked as well. The earnings from staking the USDN will be distributed to users based on their leases and their to...
1 USDN = 1 lottery ticket. More tickets means a greater chance of winning.
Grand prize = 1 million USDN.
The lottery is held when 10 million USDN are entered into the drawing.
1 million USDN goes to the winner and 9 million USDN are swapped for SURF to be distributed as consolation prizes.
Start a new lottery with the same rules after the lottery ends. Keep taking millions of USDN out of circu...
If waves price was between 40-60$ you minted a lot of usdn. It doesn’t have any economical sense.
1 waves locked when price was 50$ minted 50 usdn.
50 usdn burned when waves price is 5$ release 10 waves.
How BR can be >1 in long term? Can’t be. Smart contract will be empty sooner or later.
That proposal reminds me pretty much of the original idea of NSBT. So why not bring NSBT back to its original tasks:
Be the re-collaterization token of the Neutrino platform.
Act as the governance token of the platform.
Guess the idea of the moon factor has proven to be wrong, so we should get rid of it. It actually never worked as intended and yet, at the same time, destroyed the major functio...
posted at forum in NIP: NSBT ERC20 Auto-Staking Design ( PROS & CONS )?:
Join the discussion! You can login via e-mail, Discord or GitHub.
See how LFG does it: Bitcoin Reserve Pool - Governance & Proposals - Terra Research Forum
I agree that a centrally managed or DAO managed outside reserve “vault” of non-WAVES/USDN assets could be a good middleground to having natively accepted collateral types other than WAVES for minting USDN.
In the current circumstances I’d be nervous that holders of smaller amounts of USDN will run, swaping out their existing USDN bags, and dumping WAVES. This would fail to pump USDN price back to peg, but it would still deplete USDN collateral. The proposal is good, but let’s let USDN find its peg again before we implement.
I support this proposal. I have always been in favor of having BTC > USDN swaps. I think to make waves swaps more lucrative we can impose a higher fee for such swaps. In essence, waves > usdn (2%) where btc > usdn (3%-4%).
Increasing swap fees during emergency conditions is fine with me. Everything is up for discussion and this was not a very specifically defined proposal. I understand NSBT holders are thinking of how they can benefit as I have been getting lots of comments from them, but I stress that if USDN remains off peg for a long time, NSBT will suffer far more than if they do not earn income from fees or mai...
Welcome to Neutrino Coleman 😃
This proposal makes sense. However, I would like to add an extra variable to this. When the value is lower than 0.97$ per USDN, I suggest increasing the swap fees. The situation in that case allows for it - since arbing will still be highly profitable -, and more fees will end up in the hands of people that have the best interest of the protocol at heart.
I’m not in favor of this proposal. Yes, Luna seems to be successful in adding BTC to their system as an additional security. But, by intention, it works a bit different than their usual backing mechanism.
The proposed change is quite complex, both technically and from a financial engineering point of view. Therefore, i wouldn’t really rush it.
I think we two very good fitting proposals now: the ...
