Waves Developers Respond to Criticism

Waves, one of the most popular altcoins in recent weeks due to its decline and the loss of its stablecoin to 1 dollar in its ecosystem, made a post about the question marks about it. As it is known, the founder of Waves decided to issue a new stablecoin to save his falling stablecoin and drew reaction.

Here are the developers’ responses to the claims:

“The USDN reserve fund decreased by 10 million WAVES, leaving 5 million WAVES left. Does this mean that this withdrawal rate will continue and the Neutrino reserve will run out in two months?

No. Although reserves are declining, trend forecasts do not guarantee future results.

The cryptocurrency market is experiencing a massive contraction and data supports this claim. For over a year, transaction volume has declined across the industry. In October 2022, volumes reached lows not seen since December 2020. Many other market activity metrics are also declining. As a result, market participants flee to safety. Unfortunately WAVES feels the same uncertainty. Liquidity and volumes fell drastically. This month is on its way to reaching the lowest level in the last 2 years. But trends of this magnitude are not permanent and liquidity will return to the crypto market over time. This has probably caused many investors to hastily withdraw their WAVES tokens from the Neutrino platform.”

“The current USDN sellers are just from the altcoin team and they are selling millions of USDN per week, which will cause the USDN reserve fund to go to zero.

Wrong. USDN is still widely held.”

“The main team is manipulating the price of VIRES and giving 40% APY for 3 months USDN lock?

No. “Vires” continues as planned. “Vires” encourages investors to stake their tokens. 250 VIRES are released daily and distributed to stakers as transparently explained in the documentation.”