Altcoins

WAVES Founder Sasha Ivanov Believes Crypto Would Be Much Better Off Without VC Investment

Summary:

  • Waves Protocol founder, Sasha Ivanov, is of the opinion that the crypto industry would be better off without VC investment.
  • He also pointed out that the Waves Protocol has zero VC investment.
  • The stablecoin of Neutrino (USDN) is on a path towards reclaiming its peg to the $1 mark.

The founder of the Waves (WAVES) protocol, Sasha Ivanov, has suggested via Twitter that the crypto industry would be much better off without venture capital investment. Mr. Ivanov’s statement on how the crypto industry would be more successful without external funding can be found below.

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SimpleFX

Waves (WAVES) Has Zero VC Investment

In response to Sasha Ivanov’s tweet, crypto-twitter community member @dmetaversian pointed out that crypto exists due to VC companies funding Web3 projects. Mr. Ivanov responded by pointing out that the Waves Protocol has zero VC funding. A screenshot of their conversation can be found below.

WAVES Founder Sasha Ivanov Believes Crypto Would Be Much Better Off Without VC Investment 9
Sasha Ivanov highlights that the Waves Protocol has zero VC investment.

Neutrino (USDN) Inches Closer to Reclaiming its Peg

In another tweet, the founder of Waves pointed out that the WAVES-backed stablecoin of Neutrino (USDN) was on a path towards reclaiming its peg at the $1 mark.

According to Coinmarketcap, Neutrino (USDN) is trading at $0.9905 and looks set to provide noteworthy stability into the new month of June, as highlighted in the screenshot below.

WAVES Founder Sasha Ivanov Believes Crypto Would Be Much Better Off Without VC Investment 10
Neutrino (USDN) is recovering from the depeg event in mid-May. Source, Coinmarketcap.com

WAVES Had Announced a DeFi Revival Plan to Fix USDN’s Depeg.

The stability and near-return to the $1 mark by Neutrino (USDN) could be the result of the DeFi revival plan announced by the team at Waves late last month.

The plan is meant to make the Waves community whole and restore the full functioning of protocols in its ecosystem and includes the following four steps.

  • Boosting the demand for USDN by buying and locking CRV tokens with 45% of the Waves staking profits from Neutrino, and voting to incentivize the USDN 3-pool.
  • Sasha Ivanov absorbing $400 million worth of debt held by late borrowers and proceeding to liquidate the whale accounts’ collateral. This will return liquidity to Vires Finance through the selling of USDN.
  • Slowing selling USDN for up to two months to return Vires Finance to full working order.
  • Working on the architecture of Neutrino by issuing a new recapitalization token to eventually replace NSBT.