Other things were going to talk about today too, but first, if you guys, are enjoying these videos, if youre finding them helpful during crazy times in crypto like these, we appreciate it. If you hit the like button and hit subscribe with a bell, notification turned on because we put out videos every single day. This is crypto tips. My name is heidi. What am i talking about waves waves platform? This cryptocurrency is has been around for a long time. Almost the same amount of time as ethereum, they do very similar things as ethereum. Maybe they are the first ethereum killer, or at least competitor what is going on with waves, the founder of waves? They also have a stable coin called usdn, and their stable coin is basically under threat of being de pegged and seeing a death spiral very similar to what has happened to ust in his effort to prevent that from happening. And this also happens because of a lack of liquidity and cell pressure on their uh one of their liquidity protocols. Im sorry, the name is escaping me. Right now ill put a link to these articles down below in the video description, so you can read along, but anyway, what had happened was there were a few loans out on this lending, decent decentralized d5 platform that were at risk of being liquidated and so what He has done he has taken these loans on himself. He has absorbed these loans into a wallet that he owns, 530 million dollars worth of debt and he what he is doing is systematically.

You know, selling these this usdn very slowly on that market. So then it doesnt trigger again a death spiral. Do you know how much interest these loans are accruing every single day, half a million dollars every day that is getting added to that principle. Um. There are a lot of people who are skeptical that hes going to be able to pay off his debt uh. Some people think hes going to have it paid off in one to two months. It probably most likely depends on what the heck the prices of crypto are doing if they start rebounding and liquidity starts pouring back into again this. This liquidity protocol on waves, then itll be much easier for him to unload this debt faster without crashing the price, because the volume will be there to cushion it. Furthermore, the other users on this d5 platform are experiencing number one limits on withdrawals of, i think its about a thousand dollars worth a day but thats if they can even make that sale and make that trade, because liquidity is just so low there that they cant Even get it going so uh, you know the article that im going to link down below in the video description. Theyre saying like you know, they call themselves defy until we see times of crisis and were seeing these platforms uh, find that centralization real, quick and take advantage of it or theyre reaching out for other outside centralized help, for example, right off the bat cz binance.

The guy the ceo of binance.com, is saying hes, looking at 50 to 100 different projects that are reaching out to him for help, basically for a bailout, either in the form of loans or in the form of majority acquisitions. So, whether its sam bankman freed or binance, ceo theres, a big power grab, come coming and and centralization coming. This is a really weird bear market, because normally cryptocurrency projects, if they dont make it they dont make it they dont get a bailout. They dont get to continue to survive despite their faulty uh organization, their faulty designs of how their cryptocurrency works theyre getting bailed out at in a very centralized manner. So are we seeing more of the same of these traditional finance of wall street? I really hope not uh, so this is uh theres, always so many different ways that crypto is changing, and this is another one. Lastly, youre talking about the basil vasel hard fork, im: sorry, if im mispronouncing, that from cardano uh in in light of everything thats happening crypto, they theyre delaying another hard fork. It was supposed to happen june at the end of june and now theyre pushing it back. A month, basically, this hard fork was is to help cardano, be more efficient and effective, or cheap and efficient for their smart contracts uh. Why does cardano need this? Well, look at what happened to sunday swap when they released that one uh, even before they launched sunday, swap they had to do a warning for all the people wanting to use it that there could be delays in their transactions being finalized.

Like days long delays days, plural multiple days before your transaction is confirmed on cardano. So hopefully this hard fork will help with that uh, but theyre being extra, cautious and taking as much time as they need to to make sure that theyre doing it right. Thats. A good thing: it is a good thing. I mean who doesnt want to be prudent in crypto anymore, so totally get that uh and so basically yeah its making its way through the i believe they finally uh released the node for this upgrade for the test net operators to be able to upgrade to once. They have 75 of their test net operators running this node. Then theyll move on to uh the main net so its on its way but uh. So here we go how cardano, maybe carnano, maybe 2024 is gon na, be the cardano i dont know. Thank you for tuning in this is my name is heidi. This is crypto tips.