What is Neutrino USD? Neutrino USD (USDN) is a stablecoin with several use cases within the Neutrino Protocol. cryptocoin.com In this article, we have answered the questions asked by investors such as what is Neutrino, what is Neutrino USD, what is it for, how to buy USDN. Now let’s examine this stable cryptocurrency, which follows the US dollar at a ratio of 1:1.
What is Neutrino Protocol?
Before we move on to Neutrino USD stablecoin, we need to review Neutrino. Built on the Waves network through blockchain technology, this protocol provides its clients with algorithmic finance infrastructure. The platform basically works as an algorithmic, price-stable tokenization protocol that acts as an accessible DeFi toolkit. It converts certain real-world assets, such as national currencies or commodities, into stablecoins. By doing this, it gives users access to fiat currencies within the crypto world. Thus giving them a better decentralized finance (DeFi) service.
What is Neutrino USD?
Neutrino USD (USDN) is a stablecoin that tracks the value of the US dollar at a ratio of 1:1. This fixed-price cryptocurrency is backed by WAVES and works as an algorithmic stablecoin. According to this model, the price of the cryptocurrency is fixed to the dollar through an algorithm. The algorithm holds tokens known as WAVES based on USDNs in the market. Thus, the stablecoin always follows the price of the dollar. However, USDN also uses the Proof-of-Stake consensus mechanism of the Waves network. Thanks to this mechanism, users can earn passive income from their stablecoins.
What does USDN do?
Unlike other fiat-backed stablecoins, Neutrino USD shows a significant difference. The system uses the WAVES cryptocurrency as a backup. Among the key use cases for USDN is providing collateral to other Neutrino stablecoins. However, by holding the stablecoin, users can protect themselves from the high volatility in the market. Since the value of USDN is always equal to 1 dollar, users who want to hold dollars digitally invest in the stablecoin.
Besides that, users also have the advantage of staking Neutrino USD. Owners of the stablecoin working with Proof-of-Stake can lock their cryptocurrencies to the platform. As a result, they receive rewards related to maturity and number of tokens. So, by depositing your USDNs, it becomes possible to get more USDN.
What is Neutrino USD? How to get USDN?
Neutrino USD is currently the 60th largest cryptocurrency in the market. Investors interested in stablecoin can access well-known exchanges such as KuCoin, MEXC, Gate.io, Uniswap that are listing. Those who want to buy USDN can buy crypto money by transferring money to their accounts after they become a member of one of these exchanges and create a wallet.
