Waves’ abandoning the stablecoin model underlines a decline in this sector stemming from the Terra UST implosion and other debacles; Bitcoin soars past $24.1K but will its post Fed rate hike momentum continue? shauryamalwa and JPRubin23 write
Waves’ USDN Token Abandons the Stablecoin Model in XTN RebrandStablecoins formed a distinct sector in the past bull market cycle, with centralized tokens like USD Coin and Tether reaching billions of dollars in market capitalization even as their decentralized counterparts mostly failed to maintain the $1 peg.
Those declines stemmed from how algorithmic stablecoins like UST operated. One UST could be redeemed or minted for exactly $1 worth of LUNA at any time. In theory that helped UST retain its value and created demand for both tokens. Terra’s horrors have dissuaded decentralized finance developers from launching algorithmic stablecoin projects. Some, like the recently-launched Djed on Cardano, have shifted and positioned themselves as an overcollateralized token – with $1 worth of djed backed by $4 to $8 worth of Cardano-based tokens.Some of the few surviving DeFi stablecoins are changing their models and rebranding entirely.
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