XTN token rises by 19,7% on the eve of buyback

The launch of the new Waves platform initiative is scheduled for July 6

05.07.2023 - 08:00

2 min

What’s new? On July 5, Waves blockchain founder Alexander Ivanov announced that the buyback of the Neutrino Index (XTN) token will begin on July 6. XTN is an index token backed by a set of Waves ecosystem assets and managed by a community of users. Against the background of the announcement, the rate of the asset jumped by 19,7% and is trading at $0,052401 as of 07:50 UTC (CoinGecko aggregator’s data).

$XTN buyback starts tomorrow— Sasha.waves (@sasha35625) July 5, 2023

Waves was launched in 2016 and use the Leased Proof of Stake (LPoS) consensus algorithm. The platform is used to issue tokens and run crowdfunding campaigns. As of July 5, the native token WAVES is trading at $2,06, having gained 1,72% overnight, according to Binance.

What else is known about Waves’ initiatives? XTN is the result of an initiative by Waves developers to relaunch the Neutrino USD (USDN) algorithmic stablecoin, which repeatedly lost its peg to the US dollar late last year, bringing the ecosystem and the WAVES token to the attention of regulators and exchanges. The new token does not function as a stablecoin, it is backed by a basket of Waves ecosystem tokens, and its value fluctuates based on supply and demand, and indirectly based on the support ratio.

Under the community-approved proposal, two WAVES tokens received as rewards for each block mined would be allocated to buy back XTN, with another two coins going to the treasury of Waves’ decentralized autonomous organization (DAO).

Ivanov noted that the buyback of XTN is critical to resolving its past peg issues. Buying and burning the surplus of these coins will allow a functional index to be built into the ecosystem, and asset holders will be able to close their positions and recover their funds.

On February 19, Ivanov announced the restart of the project’s ecosystem; users needed POWER tokens to participate in the upgraded network. In order to obtain them, native WAVES coins must be held on the blockchain network.

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