The developer of the Stablecoin Vader Protocol US Dollar (USDV) coin has announced that it will shut down on December 29th, with the rest of the vault going to be distributed to users through the app. Until June 2023
The Vader protocol is an algorithmic stablecoin network similar to the previously failed Terra. It states that USDV will always equal $1, but when Terra broke down in May, the Vader team paused the app’s mint functionality. It hopes to prevent users from facing any problems that might arise if the stablecoin depegs as well.
The Vader team said they spent six months trying to reformulate the app to make it more secure. The team found no remarkable progress in designing a capital efficient algorithmic stablecoin.”
They have paused the burning function. and prevents users from depositing USDV remaining in the app to retrieve backups through the normal redemption process. Instead, the developer created a redemption portal to distribute the app’s remaining funds. And they plan to keep the app available until June 2023.
and to distribute funds fairly. The developers closed Curve and Uniswap’s liquidity pools and took a snapshot so they could redistribute the remaining funds to their holders.
refer : LINK
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