Waves founder announces ecosystem relaunch

To participate, users need to withdraw their WAVES tokens from centralized exchanges

20.02.2023 - 09:00

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What’s new? On February 19, Waves blockchain founder Alexander Ivanov announced that the project’s ecosystem is being relaunched. Users will need POWER tokens to participate in the updated network. To get them, one needs to hold native WAVES coins on the blockchain network. Ivanov said that users have two weeks to withdraw their assets from centralized exchanges (CEXs).

Waves ecosystem is effectively relaunching. To participate in new #waves you would need $power. To receive it you need to have your $waves on Waves chain. You have about two weeks to withdraw it from centralised exchanges. — Sasha.waves (@sasha35625) February 19, 2023

Waves was launched in 2016 and uses the Leased Proof of Stake (LPoS) consensus algorithm. The platform is used to issue tokens and conduct crowdfunding campaigns. As of February 20, 08:35 UTC, WAVES is trading at $3,06, having gained 16% in 24 hours, according to Binance.

What is known about the operation of the network? On December 20, Ivanov announced the launch of a new stablecoin after resolving the problem with the depegging of Neutrino USD (USDN) from the dollar. He promised that the new asset would be more stable and would not lose parity to fiat. The next day, Ivanov appealed to the centralized exchanges to stop trading in futures on WAVES. According to him, it promotes “fear, uncertainty and doubt” (FUD) around the asset and earnings on short positions.

On December 22, the founder of Waves presented a plan to save USDN and the mechanism of operation of the future stablecoin of the second version. The latter includes multi-collateral and swaps. The Neutrino team proposed 5 solution options to increase USDN reserves and stabilize the peg to the US dollar. That same month, Ivanov announced the transition of the blockchain to protocol 2.0. He also called for the creation of an independent stablecoin with 100% predictable behavior in any market conditions.

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