The Neutrino Index Token (XTN) is a decentralized financial (DeFi) platform based on the Waves blockchain. It is an algorithmic crypto-collateralized indexcoin, which is initially backed by three primary tokens within the Waves Ecosystem: WAVES, WX, and VIRES. XTN’s main function is to encourage user participation in the Neutrino ecosystem by rewarding those who provide liquidity to the system.
Neutrino Index Token operates on the Waves blockchain, utilizing a Proof of Stake (PoS) consensus mechanism. A specific variant, Leased Proof of Stake (LPoS), is implemented where users can lease their tokens to validators. This approach allows users to participate in the validation process without running a node themselves. Neutrino uses smart contracts to manage its index token (XTN) and the Neutrino System Base Token (NSBT) to ensure the stability of collateral reserves and facilitate governance decisions within the platform.
Neutrino Index Token (XTN) has several potential use cases, including:
The Neutrino Index Token (XTN) was developed by the Waves team to provide a stable digital asset within the Waves ecosystem. Originally known as USDN, the token was rebranded to XTN. The project features a key milestone of establishing an algorithmic stabilization mechanism and incorporating the Neutrino System Base Token (NSBT) for governance. Over time, XTN has experienced fluctuations in its market performance and varying market capitalizations and circulating supplies, indicating its dynamic presence in the cryptocurrency market.