South Korea-based exchange Upbit has cautioned its users against investing in WAVES due to its high volatility resulting from the USDN depegging.
As a result of WAVES increased price volatility, Upbit said on Dec. 8 that it looking to suspend the WAVES/KRW and WAVES/BTC pairs. However, it will monitor the asset over the next two weeks to determine its next line of action.
In the meantime, Upbit has cautioned against investing in WAVES as its volatility may result in unexpected losses for investors.
Efforts to save USDN
USDN stablecoin has been criticized and called a “Ponzi scheme” since April when it first depegged below $0.78.
Waves community members also supported Vires.Finance when it attempted to raise funds to address USDN’s liquidity crisis. Vires.Finance was “reset” which saw many investors deposit on the lending protocol for 0% APY, so the proceeds can be channeled to save USDN.