Neutrino USD (USDN), a leading decentralized dollar-pegged stablecoin running on the Waves blockchain, is ported into the Ethereum network. USDN yields its holders a sustainable revenue of ~ 12-15% APY via the underlying LPoS consensus algorithm.
Neutrino USD (USDN) is an algorithmic stablecoin pegged to the US dollar and collateralized by the WAVES token. All operations involving USDN, such as issuance, staking and reward payouts, are fully transparent and governed by a smart contract.
What does USDN staking APY depend on?
The size of USDN earnings always fluctuates and depends on the share of staked USDNs in the total USDN supply and on changes in the WAVES market capitalization. Over the last 12 months, the average APY for staking USDN was about 12-15%.
How does USDN staking work?
In the current implementation, all WAVES from the collateral are leased to a Neutrino node. Those WAVES tokens mined under the LPoS consensus algorithm are transferred back to the Neutrino smart contract and automatically converted to USDN tokens. Finally, those new Neutrino tokens are transferred to USDN stakers.
How do I buy USDN via a smart contract?
You can obtain USDN for WAVES via a smart contract on the Neutrino website or via Waves.Exchange. This option allows you to buy any amount of USDN without a spread-related loss. Then you can transfer USDNs to the Ethereum network.
How do I transfer USDN from Waves to Ethereum?
If you bought USDN on Waves, via smart contract or on an exchange (based on a platform other than Ethereum) and want to convert your tokens to ERC-20, you need to use the Waves.Exchange gateway. Read the step-by-step guide on how to do this. Please keep in mind that Waves.Exchange charges you a transfer fee of 10 USDN.
How is USDN ported into the Ethereum network?
When 1 ERC-20 USDN is issued, 1 Waves USDN is locked on the Waves blockchain viasmart contract. This works in the opposite direction, as well. You can convert your tokens back from Ethereum to Waves at any time.
Why don't I see USDN in my MetaMask wallet?
In order to make USDN token visible in your MetaMask, you need to complete the following steps:
Copy the USDN contract address. You will find it on Etherscan. Just click the “Copy address” button next to the contract to save it to your clipboard.
Open MetaMask, scroll down and click on the "Add Token" button
Select “Custom Token”
Paste the contract address copied in the first step to the "Token Contract Address" field. MetaMask should fill in the "Token Symbol" and the "Decimals of Precision" fields automatically.
Click the "Next" button
Click the "Add Tokens" button. Done! Now, USDN tokens will be displayed in your wallet.
*Disclaimer This is not financial advice. Neither Neutrino protocol nor USDN inherently provide any guarantee for profits, token price and system or protocol stability. Staking USDN is subject to a variety of risks. Prior to obtaining the token, users must get familiar with the underlying technology and adhere to applicable laws to ensure they are authorized to legally obtain and interact with the token.