Waves is an open-source platform and decentralized environment for Web 3.0 applications, founded by Ukrainian-born scientist Sasha Ivanov. It offers a variety of specially designed tools that make the process of developing and running dApps easy and accessible. But this is also a project that exploded because of the native stable currency. DeFi researcher HamZ posted his views on Waves on his personal social media platform. Waves borrowed USDC and USDT stablecoins at an annualized interest rate of 105.48%, and then used them to purchase their own Waves tokens, thereby boosting the rise of its currency price. soaring. By staking Waves tokens, Waves can mint more USDN native stablecoins. Then by mortgaging USDN native stablecoins, Waves can borrow more USDC and USDT stablecoins from users. Then, in order to maintain the stability of the system, the market value of WAVES needs to continue to grow, so the key is to attract more people to deposit USDC and USDT stablecoins into its lending platform. Finally, when it is unable to attract enough USDC and USDT stablecoin deposits, WAVES tokens will lose the source of buying, so they will fall into a negative cycle, and when the market value of WAVES is lower than USDN’s outstanding debt, USDN will face the risk of unanchoring risk. So, once the price of WAVES skyrockets, it will create more USDN issuance capacity.