Why is the Ponzi game behind the "Russian Ethereum" waves narrative?

The way of meta universe 2022-04-03 00:17:52 阅读数:305

ponzi game russian ethereum waves
When you can't attract enough USDC and USDT When stabilizing currency deposits ,WAVES Tokens will lose their source of purchase , Therefore, it will fall into a negative cycle , And when WAVES The market value is below USDN When outstanding ,USDN Will face the risk of breaking off the anchor .

author :0xHamZ

compile : The way of the meta universe

Today, ,DeFi researcher 0 xHamZ Posted on its personal social media platform about Waves View of the , In his opinion ,Waves Currently running an unsustainable Ponzi game , The reasons given are as follows :

1、Waves With 35% Borrow at an annualized interest rate USDC and USDT Stable currency , Then use it to buy your own Waves Tokens, , In order to boost the soaring price of its currency .

2、 By mortgage Waves Tokens, ,Waves You can cast more USDN Original stable currency ;

3、 By mortgage USDN Original stable currency ,Waves You can borrow more from users USDC and USDT Stable currency ;

4、 In order to keep the system stable , This needs to be WAVES The market value of continues to grow , So the key is to attract more people to USDC and USDT Stable currency is deposited into its lending platform ;

5、 When you can't attract enough USDC and USDT When stabilizing currency deposits ,WAVES Tokens will lose their source of purchase , Therefore, it will fall into a negative cycle , And when WAVES The market value is below USDN When outstanding ,USDN Will face the risk of breaking off the anchor .

Here are his views :

WAVES It is the largest Ponzi game in the field of encryption .

It uses 35% Borrow at an annualized interest rate USDC, Then use it to buy your own tokens , In order to boost the soaring price of its currency .

In order to keep the system stable , This needs to be WAVES The market value of continues to grow .

and WAVES The end result is collapse , also USDN Will experience anchor breaking .

WAVES It's a layer 1 Blockchain , At present, its main use is casting USDN(WAVES The original stable currency of blockchain ).

You can take WAVE and LUNA/MKR Compare , and USDN The corresponding is UST/DAI.

WAVES The market value of has increased in the past two months 6 times , Its initial catalyst was around “ Russian Ethereum ” The narrative of , And its performance is much better than ETH.

WAVES Need to expand market capitalization , So it can release more USDN. The health of the ecosystem is defined as WAVES Market value /USDN. This ratio shows that , How many... Can the system release USDN. We've seen , Once the ratio reaches 2.5 times ,USDN The supply will be reduced , This is the lowest goal .

Due to the soaring price ,WAVES Created more USDN Distribution capacity . Suppose the target value is 2.5 times ,WAVES You can issue more 13.8 Billion USDN.

Of this target value USDN The yield will be 5.4%, and AAVE Upper USDC/USDT The interest rate on supply is 3.5%.

We've seen recently ,USDN Cast at the fastest speed in history .

In the past 4 During the week ,USDN The market value of 4.75 Billion dollars went up to 8.75 Billion dollars , The growth rate has reached 85%, In the same period DAI The market size has declined .

Why would anyone want to hold USDN ?

  1. USDN from WAVES brace

  2. WAVES The pledge rate of protoplasm is 3.13%

  3. USDN Yield = WAVES Protoplast pledge rate (x) Support multiple

  4. at present USDN The rate of return is 3.31% * 6.60 x = 21.8%

And with more USDN The distribution of , This yield will fall .

To keep the train on track ,WAVES The market value of needs to maintain continuous growth .

Once the support ratio starts to fall ,USDN The rate of return will fall .

When the support rate is 6.6 Times ,USDN The rate of return is 21.8%, And the support rate is reduced to 2.5 Times ,USDN The rate of return fell to 5.4%.

When the yield is low , There is a risk of capital flight .

below , I'll introduce you to ,WAVES How does the team leverage to deal with large-scale supply shortages .

Here is the process :

  1. stay Vires Deposit... On the agreement USDN;

  2. stay Vires Borrow... On the agreement USDC;

  3. To be borrowed USDC Transfer to Qian'an ;

  4. utilize USDC Buy WAVES;

  5. take WAVES Convert to USDN;

  6. restart ;

You can track these behaviors through the data on the chain .

Simply speaking ,Vires yes WAVES On the male chain AAVE equivalent , It currently manages USDN Of the total 70%( At present, more than 6 Billion USDN).

It also allows USDC/USDT Our lending business . at present Vires On the platform USDC supply APY The interest rate is 30%, This interest rate currently exceeds any other income agreement .

In the past two months ,Vires Agreement on the USDC/USDT Become... Crazy about borrowing , The borrowing rate exceeds the yield agreement rate on any other chain .

Then who is borrowing money ? Why do you do this ?

WAVES Has been mortgaged USDN The way is to borrow USDC and USDT.WAVES Take these borrowed USDC and USDT Send to Qian'an , Then used to buy WAVES. next , They will buy WAVES Transfer to your wallet , Then used to cast more USDN.

And then , They will cast USDN Mortgage in Vires.Finance, To borrow more USDC/USDT Stable currency .

Repeat the above process .

The problem lies in ,WAVES Must attract users will USDC and USDT Deposit to VIRES agreement , So they can pass the newly cast USDN Borrow these stable currencies .

This naturally requires them to offer higher interest rates than the market , To inspire people to USDC and USDT Deposit to VIRES agreement .

WAVES Tokens have 1 Billion supply , among 85% In pledge , This makes circulation WAVES Only 1600 ten thousand , In addition, some holders will not sell and other reasons , We can assume that there are 1050 ten thousand WAVES Is tradable , When only 10.5% When the token can be used for trading , Then the market becomes easy to manipulate .

But you have to make this plan successful , You need to attract “ Puppets ” Put their USDC Deposit to Vires.

therefore ,WAVES The market value of is subject to USDC Limited supply pool .

once USDN Reach its target support multiple ,USDN The release of will eventually stop .

And once you reach your goal , There was no more WAVES Purchase plan .

The whole cycle will perish quickly .

If WAVES The price of has dropped enough ,WAVES The market value of may be lower than the outstanding USDN.

It means USDN Will be insolvent , And decoupling occurs .

If USDN Decoupling really happened , Then deposit USDC Our users will face huge losses , It will be a disaster .

I call this plan Ponzi game , Because the whole plan is supported by borrowed money .

The system itself has no organic activity .

You just need to check Waves The recent transaction count of the platform will be known .

every other 2 Days time , At night est 10 Point to the 12 spot ,WAVES Will issue USDN, borrow USDC, Then used to buy WAVES.

This high volume / Price trend , Is luring intraday traders into momentum bull mode .

The Korean exchange has always been WAVES The place with the largest trading volume .

The Ponzi game continues .

The following is the data evidence on the chain :

1、 borrow USDC/USDT

https://wavesexplorer.com/tx/32 Ng2 T4 URX5 GsZszGwq5 nwFFtjB3 NtFotDEJPfeyzYV8

https://wavesexplorer.com/tx/5 A9 PKtnvf2 w6 WdEWTfuNE1 Waq6 J8 gwpEXGntAX7 ZTqjJ

2、 take USDC/USDT Transfer to Ethereum

https://etherscan.io/tx/0 xfff2 bf6 dd9 ad3 a222450 bf211 b6 e8 c30 ca5 cafe9361 da74 eeb5 a52 d6934 cb7 a4

3、 Withdraw from coin an WAVES To native WAVES wallet

https://wavesexplorer.com/tx/2 GxRVurxUjUogb3 aquzTbtNESdJkoucTYsKsy96 D9 vhH

4、 Casting USDN

https://wavesexplorer.com/tx/8 soLgy8838 tJUncVWmARqe7 Hm3 rxsmTiZCQSZrvApxLH

5、 mortgage USDN

https://wavesexplorer.com/address/3 PJKKT7 gsWiPBJj11 gkF3 Xv7 gKt8 s2 WPdTr/tx

USDN

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