once the BR is at 1? there's no incentive (and no way) for recap token to be issued anymore. the only way is that waves price would increase - but what if it doesn't?
That's correct. But I don't think it's a big problem. From BR1 to BR1.2 only need 20 % increase in waves price. With crypto volatility that's not a big thing. Waves uses are more than only backing usdn (fees, staking, etc). If BR drops, more recap token.
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