​Waves founder calls on exchanges to stop trading futures on the blockchain’s token

What’s new? Waves blockchain network founder Alexander Ivanov has asked the centralized exchanges (CEX) to stop trading futures on the native token WAVES. According to him, this contributes to the spread of “fear, uncertainty and doubt” (FUD) around the asset and short-selling profits. In his Twitter account, Ivanov referred to Binance, KuCoin, Kraken, Huobi, OKX, and Bybit exchanges. As of December 21, 12:35 UTC, WAVES is trading at $1,511, down by 4,49% in 24 hours, according to Binance.

#Waves does not need $waves futures markets. They are a breeding ground for FUD and making money off short positions, profitable because of it. I kindly ask all #cex's to disable Waves futures markets.@binance @kucoincom @krakenfx @HuobiGlobal @okx @Bybit_Official — Sasha.waves (@sasha35625) December 21, 2022

What is known about Waves? The platform was launched in 2016 and uses the Leased Proof of Stake (LPoS) consensus algorithm. Waves is used to issue tokens and conduct crowdfunding campaigns.

On December 20, Ivanov announced the launch of a new stablecoin after solving the issue with the depegging of the algorithmic stablecoin Neutrino USD (USDN) from the dollar. He did not name a launch date but promised that the new asset would be more stable and would not lose parity to fiat currency.

USDN is released in 2019 on the Waves blockchain with a Proof-of-Stake (PoS) algorithm and is fully backed by WAVES coins. Based on the Neutrino protocol, it is possible to create stablecoins tied to real assets, such as national currencies or commodities.

On December 21, USDN renewed its all-time low, falling to $0,483861, according to aggregator CoinGecko. As of 12:30 UTC, it has recovered somewhat and is trading at $0,51224.

Earlier, Waves representatives denied linking USDN to the network’s native token, adding that it is a separate project using WAVES as collateral. The team’s statement comes as the Digital Asset eXchange Association (DAXA) of South Korea warned of the dangers of investing in WAVES on December 8, following another USDN depegging. Following that, the local exchange Upbit began a review of the asset, the outcome of which could be its delisting.