Waves launches ERC-20 port into Ethereum to enable Neutrino USD in Ethereum’s ecosystem. It’s the first step towards cross-chain USDN transfers and multi-protocol staking functionality
Somewhere in the middle, between Ethereum’s congestion, fluctuating transaction fees, exuberant decentralized liquidity pools, and ‘out of this universe’ DeFi token valuations, exists a DeFi community vast in numbers, experimental in mindset and deep-pocketed. The yield hunting DeFi user base is continuously on the lookout for new opportunities, yet no general consensus exists that these opportunities are required to be inside the Ethereum ecosystem. There are plenty of blockchain protocols that have improved upon Ethereum’s technological challenges and therefore would be better candidates for successful DeFi solutions to be built upon. It’s the cohesive level of inter-connectivity and the seamless accessibility that Ethereum currently provides, which is keeping both products and users alike inside their siloed bubble.
Today that bubble pops.
We are proud to announce that, in line with our general mission of achieving inter-chain DeFi, Neutrino is porting its functionality to Ethereum, in a bid to establish interoperability between Ethereum and Neutrino Protocol, which is released on the Waves Protocol. USDN will be made available on both Waves and as an ERC-20 counterpart and will share in the staking economics of the underlying Waves Protocol and will be eligible for the same reward structure. Currently, at the time of writing, USDN staking yields a reward of ~ 25% APR. Consolidating Waves based mechanisms into a token accessible to Ethereum’s massive user base and ‘product base’, is both unique and two-way door-opening: Ethereum’s community gets access to something currently unachievable on ETH and both Waves’ and Neutrino’ community and tools have a chance at seeing a drastic increase in usage.
With USDN, we can offer a quick path to earn consistent rewards with minimal efforts and risk, in order to maximize your returns through opportunistic DeFi activities. Now, when Neutrino is ported to Ethereum, all ERC-20 USDN are being staked automatically. Rewards are dropping to Ethereum users’ accounts everyday and no additional actions required.
Check out how it works: to issue 1 USDN on the Ethereum network, you have to lock 1 USDN on the Waves smart contract . This is the address of ERC-20 USDN contract: 0x06f59A767f33eaBE3F1a3D3C14997Bae8058430C
Neutrino’s mission is to become a DeFi toolkit on demand. Our roadmap consists of the following:
1. Ethereum’s technical integration will go through 2 stages:
- Stage 1 (Aug 2020): based on the Waves.Exchange infrastructure, a gateway will be created to issue ERC20 USDN tokens 1:1 after $USDN tokens are locked on the Waves blockchain
- Stage 2 (Nov / Dec 2020): based on the Gravity and SuSy protocols, gateway operations will be decentralized via an active decentralized network of oracles.
2. DeFo — Decentralized Forex:
We will expand the ecosystem of tokenized assets, by creating virtually instantaneous swaps and deep liquidity pools between synthetic national currencies (with underlying Neutrino staking mechanisms) and blockchain-based stablecoins.
3. Cross-chain accessibility:
Cross-chain asset interoperability and accessibility very quickly reaches a whole other conceptual level, by leveraging Gravity, a data protocol that connects disparate blockchains with a truly agnostic and untokenized hub that acts as an oracle between systems. Gravity is a neutral interoperability solution, seeing a still increasing interest from the ecosystem with a growing list of partners.
These stepping stones are crucial for our DeFi toolkit mission, but through this Ethereum port, we may finally achieve the bubble breaker our industry so desperately needs.