MakerDAO Community Votes to Purchase Up to $1.28 Billion in US Government Bonds via BlockTower Capital
The MakerDAO community has approved a proposal to open a new real-world asset (RWA) vault named BlockTower Andromeda, which will invest up to $1.28 billion in short-dated US Treasury bonds funded by Maker's overcollateralized DAI stablecoin.
Bitcoin Remains in Accumulation Phase as BRC-20 Tokens Reach $500M Market Cap
According to Glassnode data, BRC-20 tokens are generating significant fees for miners and approaching a market cap of $500 million. Despite Bitcoin's price remaining below $27K, an analyst suggests that it is in an "accumulation phase."
MakerDAO Community Votes to Drop $500M USDP Stablecoin from Reserves
MakerDAO's community has voted to remove $500 million worth of USDP stablecoin from its reserves, dealing a blow to Pax Dollar as it held half of the token supply. The MakerDAO treasury will now invest its vast reserves in yield-generating strategies, including Gemini and a 2.6% yield on the $500 million of USDC it holds from Coinbase Prime.
MakerDAO Spends $27.66 Million Annually to Keep the Protocol Running on Ethereum
According to DeFiLlama data, MakerDAO spends $27.66 million annually to maintain its decentralized money market on Ethereum, which allows users to borrow and lend assets such as ETH.
MakerDAO Founder: Decentralized Currency Can Prevent Monetary Enslavement
Founder of MakerDAO, Rune Christensen, has expressed his disappointment with the rise of undesirable human behaviour within the decentralised autonomous organisation (DAO). Christensen believes that as the money increases, political forces become more intense, leading to insufferable politics. He plans to rejuvenate the MakerDAO platform with the Endgame update, which uses AI tools to create a governance equilibrium and enable permissionless growth of SubDAOs. Christensen sees creating a successful alternative to centralised governance structures and currencies as critical, stating that centralised currency in the age of blockchains and artificial intelligence is the most powerful tool of slavery.
MakerDAO’s DAI Reduces Dependence on USDC, Increases Backing From Real-World Assets and Ethereum
The amount of Circle's USDC stablecoin backing MakerDAO's DAI has decreased to 23.6%, down from 50% in August 2020. This has reduced concerns over DAI's centralization, as real-world assets are now taking up a larger portion of DAI's backing. MakerDAO currently holds short-term US government bonds worth $1.12 billion, managed by DeFi asset manager Monetalis Clydesdale, and Gemini's GUSD and Paxos's USDP stablecoin account for 20.8% of DAI's collateral share. However, DAI is still exposed to US regulations through companies like Coinbase and BlockTower.
MakerDAO Struggles to Compete with USD Coin and Tether as DAI Faces Declining Revenue and Negative Sentiment
Despite being the largest stablecoin backed by a DAO, DAI is facing challenges in competing with USDC and USDT. Its network growth is declining, indicating reduced interest from new addresses, raising questions about its ability to maintain its position as the leading DAO-backed stablecoin.
MakerDAO Community Considers Increasing DAI Savings Rate to 3.33% in Pivotal Vote
The MakerDAO community is preparing for a significant vote on a proposal to increase the Dai stablecoin savings rate to 3.33%, which could have wide-ranging impacts on the DeFi ecosystem. The Dai Savings Rate (DSR) is a key monetary driver in MakerDAO's ecosystem, providing users with a steady interest rate on their deposits. The revenue to fund the DSR comes from stability fees paid by users who lend DAI against collateralized assets. The vote, which is imminent, will also consider adjustments to stability fees on certain collateral classes.
MakerDAO Announces Major Overhaul: Embracing Anonymity
MakerDAO, a decentralized autonomous organization, is set to approve governance proposals that will enforce anonymity for delegates. The proposals have received over 88% of votes in favor of approving the changes.
MakerDAO Announces "Endgame" Update to Revolutionize DeFi with AI Tools and Open Processes
MakerDAO, the DeFi project behind DAI stablecoin, has announced a major update called "Endgame" that aims to enhance efficiency, resilience, and participation by using AI tools to optimize processes. The update will be launched in five phases, with the first phase focusing on improving the scalability and efficiency of the Maker Protocol. The subsequent phases will introduce the SubDAO framework, enhance the governance mechanism, introduce new collateral types, and focus on the project's long-term sustainability. The ultimate aim is to create an unbiased world currency that is not necessarily pegged to the USD.
MakerDAO Announces "Endgame" Roadmap with AI Focus and New Blockchain Development
MakerDAO, the organization behind DAI stablecoin and MKR governance token, has announced a series of updates to its ecosystem.
MakerDAO Unveils AI-Powered Governance Model and New Tokens in Bid To Become Top Stablecoin Project
MakerDAO has unveiled a governance model that will utilize artificial intelligence (AI) and introduce new crypto tokens under a new brand. The AI tools will create a "governance equilibrium" that guides development, while the new tokens will unite the Maker governance token (MKR) and the Dai stablecoin (DAI).
MakerDAO unveils roadmap for major update "Endgame" featuring AI tools and new blockchain
MakerDAO, the decentralized platform behind the DAI stablecoin, has released a roadmap for a major update called Endgame. The update aims to improve efficiency, resilience, and participation by using AI tools and open, scalable processes. The short-term goal is to become the most widely-used stablecoin project within three years. The update will include a unified brand identity, six new SubDAOs, and a new blockchain that is tightly coupled to Ethereum. The deployment of the new blockchain will be the final step in the Endgame launch process, leading to a decentralized, self-sustainable, and immutable ecosystem.
MakerDAO Launches Spark Protocol, a Lending Solution for DAI Users on Ethereum Blockchain
MakerDAO, a decentralized autonomous organization operating on the Ethereum blockchain and issuing stablecoin DAI, has launched the Spark Protocol, a lending solution for DAI users. The platform provides users with supply and borrowing features for cryptocurrencies such as ETH, stETH, DAI, and sDAI, and aims to offer competitive interest rates. The Spark Protocol is linked to Maker's D3M system, which enables interaction between the Maker ecosystem and third-party lending pools, and promises to enhance MakerDAO's DAI lending capabilities and increase liquidity. MakerDAO recently proposed a new "constitution" to formalize its governance processes and safeguard against potential threats from malicious actors.
Defi Market Holds Steady at $49.31 Billion TVL, Lido Finance Leads the Pack With 24.82% Share
Currently, the combined TVL across all defi platforms stands at $49.31 billion as of May 6, 2023, with Lido Finance leading the pack by commanding a 24.82% share of $12.24 billion on Saturday.
Tether Grows 2.3% as Stablecoin Economy Loses $2.4 Billion in Value Since March 31
While several top digital assets have decreased in value against the U.S. dollar over the past month, the stablecoin economy has lost $2.4 billion in value since March 31, 2023. Four of the top five stablecoins experienced net redemptions over the last 30 days, except for tether, which grew by 2.3% during that time.
MakerDAO Approves Coinbase Custody for Onboarding 500 Million USDC to Institutional Rewards Program
The transfer involves moving 500 million USDC from the PSM to Coinbase Custody International Limited (CCI) to participate in the Coinbase Institutional USDC Rewards Program.
Crypto Lending Protocol MakerDAO Approves Transferring a Maximum of $500M in USDC to Coinbase Custody for 2.6% Yield
Crypto lending protocol MakerDAO approved opening a real world asset (RWA) vault for Coinbase Custody and the transfer of up to $500 million in USDC stablecoins, according to a vote concluded on Thursday.
Nayms Raises at $80M Valuation in a Private Funding Round Led by UDHC
Nayms has now raised a total amount of $12m and long-standing supporters such as UDHC, New Form, Tokentus and Keyrock participated in the latest funding round assisting the insurtech startup in their busiest year to come.
MakerDAO Votes to Keep USDC as the Main Reserve
On March 20, a vote was opened for the MakerDAO community to ‘normalize’ the parameters of the Price Stability Module (PSM). As a result, USDC remained the main reserve asset of PSM.
