Overview

Nerite Protocol issues USDN: a new CDP overcollateralized stablecoin pegged to $1 with unique traits that make it more useful, safe, and scalable than other decentralized stablecoins.

• 1 USDN is always redeemable by anyone for $1 worth of ETH.
• USDN is minted when users borrow it against assets like ETH, rETH, wstETH.
• Users choose what interest rate to pay on their loans.
• USDN holders earn yield from the interest rate borrowers pay, liquidations, and incentives.
• USDN vaults are tradable NFTs, so borrowers can sell a loan instead of closing it at any time.
• USDN is a native streamable “super-token”. Holders can stream tokens to anyone over any period of time, making it ideal for subscriptions and other kinds of payments.
• Nerite has no governance, as a safety feature, so the rules can not change and new collaterals can not be added.