Neutrino is an algorithmic price-stable protocol built on the Waves blockchain. It enables the creation of stablecoins pegged to specific real-world assets like fiat currencies or commodities.
The Neutrino system consists of 4 core tokens: WAVES, USDN, NSBT and SURF. WAVES is the core blockchain token for the Waves blockchain used to pay transaction fees. It also serves as collateral to mint USDN, the main Neutrino stablecoin. USDN is an algorithmic stablecoin pegged to USD that serves as collateral for all other Neutrino assets. NSBT is a recapitalization and governance token that ensures stability of the USDN collateral reserves. New NSBTs are issued for locking WAVES in a contract; this acts as additional backing to insure the system against deficits. When the value of WAVES tokens in USDN backing falls, it allows users to speculate on the Backing Ratio (BR) parameter. SURF is the derivative token that is designed to improve the mechanics of recapitlization of USDN reserves. Users receive SURF by locking WAVES or USDN in a contract only when the BR is <100%. The locked WAVES is added to the existing reserves to provide additional capitalization for USDN reserves (and increase BR), while the locked USDN is burned which reduces the total circulating supply (and also increases BR).
Neutrino charges a swap fee for every swap between USDN and WAVES within its ecosystem. Swaps between USDN and foreign exchange assets also incur a fee.
You can stake NSBT (gNSBT) to receive daily rewards generated from protocol fees, including a percentage of the collected WAVES and USDN and foreign exchange swap fees. USDN can also be staked to earn fees from leased collateralized WAVES reserves (paid in USDN). Currently, 5% of generated WAVES are distributed to USDN stakers.