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 "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 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.
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.
Euler Finance Announces Redemption Plan for Recovered Funds After Major Cyber Attack
On March 13, an attacker extracted the majority of funds held by Euler protocol and converted them into ETH and DAI.
Euler Finance Reports Return of All "Recoverable Funds" Stolen in $200M Hack
Euler Finance has announced that the hacker responsible for stealing around $200 million of assets has returned all "recoverable funds." The decentralized lending platform tweeted late Monday that the hacker had transferred 10,580 ether (ETH), worth around $19 million, to Euler.
OKX Wallet and Oasis Team Up to Offer Seamless Minting, Earning, and Lending
Accroding to Cointime,OKX Wallet and Oasis.app have announced an official partnership, allowing users to connect their OKX wallet web extension to mint DAI. Moreover, Oasis.app is going to be featured on the Earn and Discover section of OKX Wallet, enabling users to experience seamless minting, earning, and lending service on Ethereum.
