MakerDAO Community Proposes Spark Protocol, Details Inside
Dai [DAI] is among the front-runners in the stable cryptocurrency market. By market capitalization, CoinMarketCap places it as the fourth-largest stablecoin and the seventeenth-largest cryptocurrency overall.
DeFi Pioneer MakerDAO Announces Aave Competitor Spark Protocol
Decentralized finance (DeFi) stablecoin platform MakerDAO has proposed Spark Protocol. The new system is based on the Aave lending protocol’s smart contracts.
MakerDAO Contributors Propose First Native Liquidity Market Focused on DAI Stablecoin
Leading MakerDAO community participants have proposed creating a liquidity market called Spark Protocol for lending and borrowing crypto assets focused on DAI, Maker’s $5 billion stablecoin, according to a proposal posted on Wednesday in Maker’s governance forum.
MakerDAO Contributors Propose First Native Liquidity Market Focused on DAI Stablecoin
Leading MakerDAO community participants have proposed creating a new liquidity market called Spark Protocol for lending and borrowing crypto assets focused on DAI, Maker’s $5 billion stablecoin, according to a proposal posted on Wednesday in Maker’s governance forum.
MakerDAO Manages To Increase Profit to $19 Million
The year 2022 turned out to be not at all in favor of MakerDAO. It painted quite a solemn picture for the second-in-line DeFi protocol. It happened to have witnessed a full 79% downfall in terms of operating earnings. Even its top-rung revenues saw a downward slide to the extent of 42%. However, despite all of that and the fact that the crypto’s dismal happening that took place in the same year, it somehow was able to rise to the occasion and make some additional profits for itself. The factor also helped that the entity had adopted real-time assets, which pushed things upwards.
Lido Reacts in This Manner Post Changes to MakerDAO and Aave Lending Pools
Lido Finance’s [LDO] tweet on 6 February highlighted the impressive growth of MakerDAO [MKR] and Aave’s [AAVE] lending pools on its protocol. Over the last week, MakerDAO’s steCRV experienced a surge of 636%, while Aave’s Wrapped stETH [wstETH] increased by 140%.
Makerdao Co-Founder Proposes $14 Million Fund to Combat Climate Change; Crypto Supporters Mock Idea
Cryptocurrency advocates have been discussing a proposal by the founder of Makerdao, Rune Christensen, to fund a Scientific Sustainability Fund. An idea that aims to combat climate change and misinformation about energy solutions. Christensen is asking for 20,000 MKR tokens to move forward with the idea. The draft of the Maker Constitution was criticized on social media, with one person comparing Christensen’s idea to the Effective Altruism movement, which is backed by the controversial FTX co-founder Sam Bankman-Fried.
NFTs, DeFi Off to a Bright Start in 2023, January Outlook Reveals
Recent on-chain observations from DappRadar and cryptoslam. io reveal positive uptrends in DeFi and NFT sales for the month of January. Over $997 million was recorded in total sales over the 31-day period representing a 41% uptick from December figures.
MakerDAO Is Set To Temporarily Shut Down Its Teleport L2 Gateways
MakerDAO, through its Governance Facilitator(s) and Starknet Engineering and Protocol Engineering Core Units, has proposed to redeploy its Teleport Layer 2 (L2) Gateways as part of several changes to be implemented to the DeFi protocol.
Several DeFi Giants Start Flash Mob About Upcoming Project, What’s Happening?
Multiple DeFi protocols including MakerDAO, SushiSwap, and Balancer simultaneously posted pictures of “fist bump” with different background colors on their official Twitter accounts on Saturday. The decentralized finance platforms hint at an upcoming huge announcement related to the DeFi market on Monday, February 6.
MakerDAO Constitution Would Fund Sustainability Efforts With 20K MKR Tokens From Reserves, Emissions
An early draft of MakerDAO's proposed governance constitution would have the DAI stablecoin issuer join the fight against climate change with 20,000 MKR tokens (around $14 million) to fund sustainability campaigns through 2040.
MakerDAO Revenue Fell 42% in 2022 Amid Shrinking Crypto Lending Market
MakerDAO, which builds the platform that issues the DAI stablecoin, saw a marked decline in 2022 revenue, as the DeFi protocol launched a significant pivot from crypto-native lending to the real-world asset market, according to a financial report issued by Steakhouse Financial.
Total revenue decreased 42% to 65 million DAI ($65 million) in 2022 from 112 million DAI in 2021, the report said. This led to an 80% drop in the protocol’s net operating earnings to 19 million DAI last year from 90 million DAI in 2021. Operating expenses rose to 46 million DAI in 2022, more than double the figure reported the previous year.
MakerDAO Launches $5M Legal Defense Fund
According to a new social post on Feb. 1, Maker decentralized autonomous organization, or MakerDAO, has approved the creation of a new fund dedicated to expenses related to legal defense.
Polygon (MATIC) Ancient Whale Drops His Holdings, Here's Why
An early MATIC whale makes an unexpected move by selling millions worth of tokens amid the massive rise of the asset on the market. In exchange for Polygon's token, the whale grabs some DAI. The first MATIC transaction on the whale's wallet occurred when the token was trading at $0.02.
MakerDAO Has a New Proposal to Increase Compound D3M Debt Ceiling
In a new proposal, the Open Market Committee of leading decentralized finance platform (DeFi) MakerDAO has sought community approval to increase the maximum debt ceiling on its Compound DAI Direct Deposit Module (Compound V2 D3M) by 300% and to set the Target Available Debt on the same vault to 5 million DAI.
$321 Million Wormhole Hacker is Moving Funds, On-chain Data Shows
A hacker who stole 120,000 ETH tokens, worth above $321 million at the time, from the Wormhole cross-chain bridge has started moving funds, according to various on-chain analysts. On the 23rd of January, the hacker moved $155 million worth of Ether tokens to 1Inch, a decentralized exchange (DEX).
MakerDAO Passes Proposal To Deploy $100 Million USDC In Yearn Finance Vault
In the hopes of generating yield while offering users what its best known for, MakerDAO, the issuer of the Ethereum-based stablecoin, DAI, has approved a proposal to deploy $100 million of Circle’s USD Coin (USDC) in a Yearn Finance yield-generating account called a “vault.”
Will MakerDAO Find Savior in YFI As MKR Declines
After its proposal in November to deploy $100 USD Coin [USDC] into the Yearn Finance [YFI] DeFi protocol, MakerDAO [MKR] finally approved it. Details from the poll showed that 71.56% of the MKR community voted in favor of the proposition, while 28.44% preferred to say no to the “Yearn to earn Yield” proposal.
Fluid Finance Proposes to Integrate the DAI Decentralized Stablecoin Directly Into the Traditional Financial System
Fluid Finance submitted a proposal to integrate the DAI decentralized stablecoin directly into the traditional financial system. It would be the first time that a stablecoin could be purchased directly from a bank account.
MakerDAO Approves Deployment of $100M USDC on DeFi Protocol Yearn Finance
Decentralized finance (DeFi) giant MakerDAO’s community approved Monday a proposal to deploy up to $100 million USD Coin (USDC) from its reserve on DeFi protocol Yearn Finance, where the deposited stablecoin will earn a yield.
