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 ?
USDN from WAVES brace
WAVES The pledge rate of protoplasm is 3.13%
USDN Yield = WAVES Protoplast pledge rate (x) Support multiple
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 ：
stay Vires Deposit... On the agreement USDN;
stay Vires Borrow... On the agreement USDC;
To be borrowed USDC Transfer to Qian'an ;
utilize USDC Buy WAVES;
take WAVES Convert to USDN;
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