SMARDEX WRAPPED USDNPrice

(WUSDN)

wUSDN is an ERC-20 token serving as a value-accruing wrapper for the protocol's synthetic dollar, USDN. While standard USDN utilizes a rebase mechanism that automatically increases token balances in a wallet, wUSDN maintains a static balance. Instead of more tokens, the yield is reflected through the token’s appreciation in value relative to USDN over time. This makes it highly compatible with various DeFi ecosystems and platforms that do not typically support rebasing tokens.

No. It is vital to distinguish between the two. SmarDex wUSDN is a completely independent protocol and is not related to the Waves Neutrino project. While the Waves version relied on a different underlying asset, this version of USDN is a decentralized synthetic dollar backed by wrapped staked ETH (wstETH). It employs a delta-neutral strategy to ensure stability, operating under an entirely different architecture and security model.

The fundamental difference lies in how holders receive yield. USDN holders see their yield via a rebase mechanism, meaning the number of tokens in their wallet increases automatically. Conversely, wUSDN is a non-rebasing token where yield is captured through price appreciation; the token becomes worth more USDN over time. This design allows wUSDN to be easily integrated into broader DeFi protocols and trading platforms that require fixed-balance tokens for collateral or liquidity purposes.

The protocol maintains its peg by balancing two primary groups: participants who mint USDN and traders who open leveraged long positions. This creates a delta-neutral environment where the protocol aims to remain stable regardless of the price fluctuations of the underlying collateral, such as ETH. By hedging market movements, the system is designed to preserve value and provide a reliable synthetic dollar experience within the ecosystem.

Users typically earn rewards by depositing wUSDN into the protocol's Stability Pool. This pool functions as a backstop to maintain protocol solvency. In return for providing this liquidity, participants receive a share of liquidation gains and protocol-specific token emissions. It is important to note that rewards usually do not compound automatically; users must manually claim them and can choose to re-stake them to increase their position.

wUSDN can be traded on major exchanges such as LBank. By using LBank, users can access liquid markets to swap for wUSDN or manage their holdings within a secure environment. For those preferring on-chain options, the token is also available through decentralized liquidity pools on the Ethereum network. Always ensure you are using the correct contract address to verify the authenticity of the token.