Neutrino, a stablecoin protocol based on the Waves blockchain, announced today that four months after the public beta launch, the stablecoin project has reached a key milestone; with $5 million worth of WAVES now having been deposited to the smart contract to generate USDN.
TVL (Total Value Locked) is one of the most important metrics that reflects the adoption rate of a DeFi app. It indicates the total value of the crypto committed to the smart contract that powers the service.
In the case of the Neutrino dollar, TVL represents the collateral and the stake that backs USDN and generates returns. TVL for Neutrino is calculated by taking the current balance held in the Neutrino smart contract and multiplying it by the market price of WAVES.
Neutrino Stats (as of March 6, 2020)
- 3,455,515 USDN or 64% of the total issued Neutrinos are locked for staking.
- 380,275 USDN are locked to be swapped soon.
- 53,727 bonds are issued for purchase, and 860,305 bonds are set for liquidation.
- There are a total of 2,625 USDN holders, 623 of whom hold at least 1 USDN.
USDNs can be issued or redeemed back to WAVES using the Neutrino portal, or traded on several exchanges. In addition, users can stake Neutrino Dollars using the Neutrino dApp interface or Waves.Exchange.