Neutrino USD

Neutrino USD is one of the cautionary tales of the algorithmic-stablecoin era. Built on the Waves blockchain, it tried to hold a dollar by minting and burning the volatile WAVES token rather than holding hard reserves, so its stability leaned on faith in WAVES itself. That reflexive design broke in 2022: USDN first slipped to around 81 cents in April amid manipulation allegations tied to the Vires lending platform, then fell again as Terra's UST collapse rippled outward, and despite repeated protocol patches it never regained a durable peg before being abandoned. The token is effectively dead, a depegged relic with no reliable redemption. Its history is the standard indictment of undercollateralized algorithmic dollars: fine while confidence and the backing token's price hold, catastrophic the moment both turn at once.