Neutrino protocol drives record DeFi growth on Waves

Neutrino protocol
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$USDN stablecoin ported to Ethereum and the Binance Smart Chain

Currently, we are seeing an increase in the activity of DeFi dapps outside the Ethereum network. One of the most compelling dapps is the Neutrino protocol. The Neutrino protocol is one of the most actively-used decentralized applications built on the Waves blockchain. 

Recently, we spotted a surge in terms of daily active wallets and transaction volume. It is essential to analyze the reason behind such an increase.

Key takeaways

  • The Inter-chain expansion of the $USDN token paid off in terms of transaction volume, daily active wallets, and market capitalization
  • Neutrino protocol $USDN stablecoin ported to Ethereum and Binance Smart Chain
  • Daily active wallets grew by 13% in November 2020
  • Total transaction volume increased by 188% surpassing 500 million in November 2020
  • The $USDN token Market Capitalization surpassed $100 million

The vital role of $USDN

Neutrino is an algorithmic price-stable cryptocurrency protocol that allows the creation of stablecoins tied to a specific real-world asset and collateralized by the WAVES token. The goal of the protocol is not only to unfold price-stable cryptocurrencies but also to create an expansive inter-chain DeFi ecosystem.

$USDN plays a vital role in the activity of the protocol. Neutrino USD ($USDN) is an algorithmic stablecoin pegged to the US dollar and collateralized by the WAVES token. The key feature of the stablecoin is to be at a 1:1 ratio. Recently no major deviations have been spotted within the token.

Transaction volume crossed $500 million in November

A few waves of growth could be spotted within the protocol. Back in August, Neutrino $USDN was ported into Ethereum to create DeFi interoperability between both networks. As the first step into inter-chain expansion, it ended up increasing the daily active wallets and transaction volume.

Daily active wallets grew from 227 in July to 477 in August. While transaction volumes grew from $20 million in July to $80 million in August.

Recently, daily active wallets and transaction volume surged again. In terms of daily active unique wallets, the Neutrino Protocol has been experiencing erratic growth month on month in 2020.  Daily active wallets have reached more than 500 in November 2020, an increase of 13% compared to October 2020.

Transaction volume followed the same path, increasing by 188% reaching almost $500 million in November 2020.

This growth was triggered by a couple of key events. First of all, at the beginning of November, the $USDN was ported into the Binance Smart Chain. Secondly, the Turkish lira joined the Neutrino stable assets family, and finally, the protocol released new mechanics for investing in Neutrino asset pools on Decentralized Forex (DeFo).

Inter-chain expansion

As stated above, one of the goals of the protocol is to invade the inter-chain DeFi ecosystem and in August, $USDN was ported into the Ethereum blockchain. The best results so far can be seen within Curve Finance. 

The total liquidity in the $USDN+3Pool on Curve Finance is more than $136 million at the time of writing. While $USDN is dominating the gauge weight wars on Curve currently.

On the other hand, Curve Finance is just a starting point. Recently, the Neutrino Protocol proposed to the Aave community to add $USDN as collateral within the dapp. Further, the protocol announced $USDN to be ported into the Binance Smart Chain. The first dapp to be listed is the largest BSC dapp – Pancake Swap.

$USDN Market cap hits $100 million

While $USDN is still far from other algorithmic stablecoins such as DAI. The token has doubled its market cap during November. It grew from $52 million and surpassed the $100 million level according to Coinmarketcap data.

Currently, the token ranks 25th in the Top DeFi Tokens by Market Capitalization and recently bypassed Balancers token BAL.


Within a year of its existence, the Neutrino Protocol has proved to be a serious contender in the growing DeFi ecosystem. Success built on the continued development of the protocol and interchain expansion to Ethereum and Binance Smart Chain. While there are not plenty of use cases within other blockchain dapps, Curve Finance’s case proves to be very promising.

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