Waves Blockchain Founder Asks Exchanges to Delist WAVES Token Derivative Trading

Growing concerns over the USDN stablecoin has sent the WAVES token down 40% over the past two weeks.

AccessTimeIconDec 21, 2022 at 1:51 p.m. UTC
Updated May 9, 2023 at 4:04 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Sasha Ivanov, the founder of decentralized blockchain Waves, has asked crypto exchanges to deactivate futures markets tied to Waves' native WAVES token.

"Waves does not need waves futures markets." Ivanov wrote on Twitter. "They are a breeding ground for FUD and making money off short positions, profitable because of it. I kindly ask all centralized exchanges to disable Waves futures markets."

  • Eisenberg's $110M Fraud Trial Opens; FSI Calls for Consistency in Stablecoin Regulation
    02:06
    Eisenberg's $110M Fraud Trial Opens; FSI Calls for Consistency in Stablecoin Regulation
  • El Salvador Bags Major Bitcoin Gains; Hong Kong's Stablecoin Push
    02:11
    El Salvador Bags Major Bitcoin Gains; Hong Kong's Stablecoin Push
  • Existing Stablecoin Models Are Not 'Totally Fair,' Usual CEO Says
    00:52
    Existing Stablecoin Models Are Not 'Totally Fair,' Usual CEO Says
  • How USD0 Plans to Bring More Transparency to the Existing Stablecoin Model
    14:10
    How USD0 Plans to Bring More Transparency to the Existing Stablecoin Model
  • The WAVES (WAVES) token has plunged by more than 40% over the past two weeks. It's lower by 4.5% on Wednesday morning to $1.51 and now off nearly 98% from an all-time high set in April 2022.

    The coin's slump has been attributed to the volatility of USDN, an algorithmic stablecoin that is designed to be pegged 1:1 with the U.S. dollar. The stablecoin is backed by the WAVES token and has de-pegged on multiple occasions this year.

    On Tuesday of this week, Ivanov said that he will launch a new stablecoin while revealing a plan to stabilize USDN, which currently trades at just 49 U.S. cents.

    This most recent depeg came after an "investment warning" from South Korea's Digital Asset Exchange Association, which includes Bithumb, Upbit, Coinone, Korbit and Gopax.



    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.