NEAR Protocol terminates USN service

3 years ago

Blockchain of the first level NEAR Protocol announced the stoppage of the native stablecoin USN. The team made this decision because of the risk of the same failure as it was with UST.

USN began operations in April 2022. The stablecoin was created to increase the liquidity of the NEAR ecosystem. The USN (smart contracts and reserve fund) was managed by DAO Decentral Bank.

In the spring of 2022, the risk of USN underfunding began to emerge. As a result, a gap has appeared in the provision of the asset. Also, USN is negatively affected by falling quotes. It is worth noting that since the beginning of the year, the price of the token has fallen by almost 80%. Analysts of Decentral Bank associate such indicators with changes in the market and increased attention from regulatory authorities.

The USN shutdown is accompanied by a program to protect investors. Thus, the issue of new coins will be stopped. The developers of the token encourage USN holders to convert the stablecoin.

Earlier, news came out that NEAR was adding tools to support more wallets.

Rewards

More rewards

Discover enhanced rewards on our social media.

Dolphia Review: A Blockchain Football Game with NFT, Tokenomics, and Predictions

Dolphia is a blockchain-based football game combining predictions, NFTs, and Web3 economy. Play, predict, and earn rewards in the next-generation sports metaverse.

Elena Ryabokon3 hours ago

Polymarket: A Decentralized Prediction Market on the Blockchain

In the digital age, the value of predictions is particularly high. Polymarket uses collective wisdom and blockchain to create not just a betting platform, but an ecosystem for predicting events from politics to technology.

Max Nevskyi4 hours ago

VOXEL App (Voxies, VoxelVerse) — game, token, and Web3 economy overview

VOXEL App is a blockchain RPG that combines Web3 technology, NFT ownership, and Play-to-Earn mechanics. The project merges tactical gameplay with real digital assets, allowing players to earn VOXEL tokens.

Alexandra Smirnova4 hours ago

DRAGARK: A deep dive into the world of tactical action and blockchain

DRAGARK is an innovative project that combines tactical action with blockchain technology. It is a complex ecosystem with PvP and PvE modes, where players gain real ownership of in-game assets through NFTs and a unique economic model.

Max Nevskyia day ago

Sinverse: Next-generation virtual economy in a metaverse powered by AI and NFT

Sinverse is a Web3 metaverse combining AI, NFT, and blockchain economy. Build, own, and earn in a virtual world where strategy and decentralization shape digital life.

Elena Ryabokona day ago

Rock Paper Scissors: From Ancient Fun to Digital Reality

The game of Rock Paper Scissors combines simple rules with deep psychology. This world-famous game is being revitalized in the digital age by integrating cutting-edge technologies, including blockchain and NFTs, offering unique opportunities for growth.