CRYPTO NEWS

Vires.Finance to be “reset” following Waves revival plan proposal to solve liquidity crisis

In April 2022, many called Waves a “Ponzi scheme’ as the blockchain’s primer stablecoin; USDN lost its peg to $0.81. The algorithmic stablecoin lost its peg weeks before the now infamous depeg event of Terra USD. However, the Waves chain has survived far better than the now entitled Terra Classic chain.

At the time of writing, USDN is still far from its designed peg of $1, trading around $0.47. USDN failing to regain its peg has been linked to a “bank run by its users” on the lending platform Vires.Finance.

The resulting liquidity crisis on Vires.Finance has led to Waves asking its community to decide on a recovery plan in a truly decentralized fashion. In a statement from Waves, the outcome of the WAVPR001 governance proposal was revealed.

“The vast majority of its community has now fully supported a new proposal to “reset”  the lending protocol, and over $500 million worth of lost funds will be returned to Vires.Finance users.”

Waves founder Sasha Ivanov transferred roughly $500 million worth of bad debt to his wallet, claiming he would gradually pay out the debt over time by liquidating USDN. However, the recently approved governance proposal will now give investors a choice.

Investors with over $250,000 in USDT or USDC will have two options;

  1. Exchange their tokens for USDN with a 365 vesting period and a 5% “liquidation bonus.”
  2. Remain on Vires.Finance with 0% APY and be repaid as Ivanov liquidates USDN over time.

In the statement from Waves, it remarked that “crypto’s main strength lies in its community, transparency, and decentralized governance.” Regarding the announcement, Ivanov commented,

“Amid the ongoing crypto winter, it is essential to remember and highlight the core values of decentralization, immutability, freedom from institutional greed, and inclusivity that underpin the blockchain sector.”

However, while the proposal may have passed, some in the community are reticent to trust Vires.Finance. Mister Ch0c went as far as to call the proposal a “fraud.”

Support for the proposal is certainly not unanimous in the comments of the Vires.Finance forum. One user wrote, “Jokes on us for defending thieves,” while much of the discussion declined into school ground name calling instead of constructive debate on the proposal’s merits.

The post Vires.Finance to be “reset” following Waves revival plan proposal to solve liquidity crisis appeared first on CryptoSlate.

Tezos prediction as price makes slow but sure gains

Tezos’s blockchain-enabled voting system Electis is gaining traction The native token XTZ has surged by 8% in the last one week Tezos remains on a clear uptrend making higher prices attenable Tezos XTZ/USD is not the top gainer in the last week. However, it is among those that have retained gains, with at least an::Listen

  • Tezos’s blockchain-enabled voting system Electis is gaining traction

  • The native token XTZ has surged by 8% in the last one week

  • Tezos remains on a clear uptrend making higher prices attenable

Tezos XTZ/USD is not the top gainer in the last week. However, it is among those that have retained gains, with at least an 8% surge in seven days. Expectations of growth of the utility of the blockchain’s native token are triggering the surge. 

Tezos has had no significant news lately. However, optimism is growing around the blockchain’s e-voting system Electis. The encrypted and fully anonymous blockchain-enabled e-voting system has been adopted widely. Over 20,000 votes have been using the voting system since it was launched. 

Recently, on July 15, Electis announced that three bodies of the United Nations have started using the voting system. The organizations include YOUNGO, DG7 Youth Constituency, and the Women and Gender Constituency. The adoption cements Tezos as a blockchain of the future. While there are numerous use cases to be explored, these positive developments could fuel the gains.

Tezos maintains a clear uptrend above support

Source – TradingView

From the technical outlook, Tezos trades above a support zone at $1.6. The token is pushing higher from the 21-day moving average. The token is also supported by the 50-day moving average. The MACD indicator shows a strong bullish momentum building.

We expect the current bullish momentum in Tezos to be sustained. Short corrections to the support are still possible and offer buying opportunities. The token will face resistance at $2.2. If the level is successfully cleared, the next zone to watch is $2.9.

Concluding thoughts

Tezos token remains on an uptrend after reclaiming the $1.6 support. The token will rise to $2.2, where it faces major resistance. Investors should take advantage of any short-term retracements.

The post Tezos prediction as price makes slow but sure gains appeared first on CoinJournal.

Vires.Finance to be “reset” following Waves revival plan proposal to solve liquidity crisis

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