Inventor of Waves: I Donated All Coins to the Treasury!

After the de-peg incident of the ecosystem’s stablecoin USDN, Waves founder Sasha Ivanov, who drew the anger of the community, announced that he will donate all ecosystem tokens to the treasury of the new stablecoin XTN.

The de-peg incident sparked outrage at the inventor of WAVES!

Waves is a multi-purpose Blockchain platform that supports a variety of use cases, including decentralized applications (DApp) and smart contracts. The founder of Waves is Ukrainian-born scientist Alexander Ivanov (also known as Sasha Ivanov). Launched in June 2016 following one of the oldest cryptocurrency offerings (ICOs) in the cryptocurrency industry, Waves initially set out to develop the first Blockchain platforms by increasing speed, usability and ease of use.

The platform has undergone several changes and added new side features to build on its original design. Waves’ native token is WAVES, an unlimited supply token used for standard payments such as block rewards. The ecosystem’s stablecoin was USDN. However, USDN’s de-peg sparked outrage in the community. As you follow on Kriptokoin.com, Waves founder Sasha Ivanov announced plans to establish another stablecoin immediately after USDN lost its peg. Ivanov announced that USDN will be phased out in favor of XTN. Holders of stablecoin lost millions of dollars by converting their positions to XTN.

“We are donating all our tokens together with the team!”

After these developments, Sasha Ivanov said that he will transfer all his coins to the XTN treasury on February 23. Ivanov shared a series of tweets, where he started with the accusations against him. In this context, “It’s time to clarify a few things about the Waves ecosystem and my involvement in it. Waves has become a highly decentralized ecosystem of independent projects with their own roadmaps. I am not a beneficiary of any Waves related project, I am just consulting some of them. My only goal and motivation is to make the ecosystem work. For this reason, I also take responsibility for the problems that affect the entire ecosystem and work for their solution.”

Ivanov also stated that Waves projects progress according to the roadmaps determined by the teams with their own budgets and participate in the resolution of ecosystem problems on the basis of goodwill. He noted that they have created a roadmap for projects that are currently experiencing a certain fluctuation.

Continuing his statements, Ivanov emphasized that XTN (former USDN) will be maintained and developed. Accordingly, “The teams and I will donate ecosystem tokens to increase the treasury value and support the market value of XTN. This will eventually allow to increase vesting limits on Vires. This process will begin next week,” he said. Therefore, Ivanov and other members of the team announced that they will donate their tokens to the XTN treasury.