Singapore, 12th June, 2020 — Community-driven cryptocurrency exchange BiKi.com is pleased to announce a partnership with Neutrino, an algorithmic cryptocurrency protocol for issuing stablecoins and synthetic assets. Neutrino Dollar (USDN), the first stablecoin issued by Neutrino, seeks to solve the problem of volatility of PoS cryptocurrencies and reduces the necessity to trust a centralized entity in order to use stablecoins. It achieves this by being a USD-pegged decentralized stablecoin (1 USDN always costs 1 US Dollar) backed by WAVES token. USDN is a staking-based asset by design, accumulating staking rewards in a stablecoin, which excludes the risk of bearing losses on price volatility. All operations involving USDN — issue, collateralization, staking, and rewards payouts — are governed by a smart contract.
The listing of both USDN and WAVES will launch on BiKi Exchange on 16th June 2020, 18:00 hours. BiKi users can look forward to a host of activities including a bounty and staking events to participate in and earn more USDN!
Neutrino Protocol — Beginnings
The Neutrino protocol was developed by the Ventuary Lab team, previously granted by Waves Labs incubator. Sasha Ivanov, Waves founder and CEO, is a co-author of Neutrino’s protocol white paper. Currently, the development of Neutrino protocol and Neutrino Dollar is carried out by the Waves Exchange team.
After the launch of the public beta in November 2019, almost 13 million USDN were issued by the smart contract with 38.3% USDN being staked, and the Neutrino Dollar is already being traded on 6 exchanges and integrated into numerous services as a staking asset.
Advantage of USDN vs other stablecoins
The advantage of USDN over centralized stablecoins is that it is issued and governed by a smart contract, which allows anyone to check whether its collateral is sufficient. This reduces the need to trust a centralized entity for using the coin.
Another advantage of USDN is that it is staking-based by design. Staking USDN may be compared with bank deposits, but unlike traditional banks, the annual interest rate for USDN is significantly higher, on average, 8–15%, and the funds do not leave the user’s wallet and remain under the user’s full control.
On why Neutrino chose to list on BiKi Exchange, Aleksei Pupyshev Co-Author of Neutrino Protocol mentions “It’s always a pleasure to see the growth of Neutrino adoption. BiKi is a large and significant partner for the USDN development team that opens new markets and new opportunities.”
The future of Neutrino
Enthusiasts of the Neutrino protocol project can look forward to the release of new kinds of stablecoin such as GOLDN or CNYN as well as more trading mechanisms that make use of the Neutrino base tokens (NSBTs).
More information about future plans can be read at https://bit.ly/bikineutrino