Neutrino: year in review

In this post, we are taking you through the key highlights and achievements of 2020.

The Neutrino protocol started the year very young, with just over a month passed since its beta release.

However, already in February, three months into its beta launch, Neutrino became one of the most actively used decentralized applications on the Waves blockchain, with almost 3,000 users interacting with the Neutrino smart contract.

In March, Neutrino hit a key milestone of $5 million worth of WAVES deposited to the smart contract to generate the Neutrino USD (USDN), the first stablecoin launched on the protocol. Meanwhile, USDN’s daily trading volume on exchanges reached $2 million dollars.

In the first half of 2020, crucial innovations were added to the mechanics of recapitalization, tokenomics and the economy of Neutrino Token (NSBT), the protocol’s utility and governance token.

In August, a gateway based on the Waves.Exchange infrastructure was created to issue ERC-20 USDN tokens. At a later stage, using the Gravity and SuSy protocols, gateway operations will be decentralized via an active network of oracles.

The extension of Neutrino to DeFi services was fueled by many new partnerships: with Band Protocol, 1inch & Mooniswap, Curve, Zerion etc. As a result, ERC-20 USDN became available on most ERC-20 DEXes, including Uniswap, Mooniswap and Curve.

Subsequently, NSBT was ported to Ethereum, and USDN was ported to Binance Smart Chain (BSC), which opened up new opportunities for Neutrino users in DeFi apps built on BSC.

The Decentralized Forex (DeFo) extension was launched on the Neutrino protocol in late September and was first made available on Waves.Exchange, facilitating seamless swaps and staking of stablecoins.

At the launch time, seven assets including USDN and six community-chosen stablecoins pegged to national currencies were made available for swapping and staking on DeFo, as well as for trading on Waves.Exchange:

• Neutrino EUR (EURN), pegged to Euro
• Neutrino CNY (CNYN), pegged to the Chinese yuan
• Neutrino JPY (JPYN), pegged to the Japanese yen
• Neutrino RUB (RUBN), pegged to the Russian ruble
• Neutrino UAH (UAHN), pegged to the Ukrainian hryvnia
• Neutrino NGN (NGNN), pegged to the Nigerian naira.

Subsequently, based on community voting powered by NSBT, stablecoins pegged to the British pound (GBPN), Turkish lira (TRYN) and Brazilian real (BRLN) were also issued.

Simultaneously with the DeFo launch, the mechanics of NSBT were tweaked, introducing a so-called “bonding curve” that connects the value of reserves with NSBT’s price.

Since the issue of USDN, its holders have been taking advantage of the protocol’s unique staking functionality based on the Waves blockchain’s economics. USDN staking’s average annual yield has been around 12%, with USDN-denominated interest paid daily. Staking of other coins, issued on the protocol to date, is also possible.

In December, NSBT staking was launched, increasing the stability of the collateral reserves on the smart contract by further stimulating NSBT issuance and holding.

For the entire year, the Neutrino protocol has been developing, getting more and more deeply involved in the Waves ecosystem. The amount of collateralized USDN has been growing, just like the amount of WAVES locked on the smart contract, while NSBT seamlessly supported and complemented this system.

Meanwhile, the Waves core, Waves.Exchange, Ventuary Lab and PyWaves teams are working hard to bring users more Neutrino functionalities in 2021. Next year, Neutrino Token will get extra governance functions, enabling the setting of more protocol parameters. In 2021, stablecoins pegged to most of the world currencies, as well as stock indexes and commodities, are expected to be issued.

A global remittance system based on DeFo will be created. After the launch of the Ride programming language’s updated version, DeFo pools — that is pools ensuring DeFo assets’ stability — will be shared with swap and lending protocols on Waves.

Upon the launch of the Gravity mainnet, DeFi apps in the Waves ecosystem will be trustlessly integrated into Ethereum and available on that ecosystem’s protocols. In addition, the Neutrino development team is working on a protocol for Neutrino community nodes, which will enable community control over Neutrino nodes and distribution of staked WAVES.

Join us!

Neutrino website: https://neutrino.at

Medium: https://medium.com/neutrinoteam

Twitter: https://twitter.com/neutrino_proto

Telegram : https://t.me/neutrino_group