Waves community back DeFi revival plan for Vires.Finance

2022.08.02 20:14

Waves community back DeFi revival plan for Vires.Finance

The Waves (WAVES) community has supported a governance proposal to revive the decentralized finance (DeFi) lending protocol Vires.Finance after its liquidity crisis. The vote aims to stabilize the project and compensate the users who were affected.

In April, Neutrino (USDN), a stablecoin running on the Waves platform, depegged from the dollar. This led to a series of user withdrawals within the platform, eventually ending in a liquidity shortage where users became unable to withdraw their funds from the platform. During the event, Waves founder Sasha Ivanov stepped in, accumulating $500 million in debt into his wallet with the intent to gradually pay it out.

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