Paradigm Capital Prepares to Sell $3.5 Million Worth of MakerDAO Governance Token MKR
Blockchain data from Arkham Intelligence indicates that Paradigm Capital may be preparing to sell its $3.5 million worth of MakerDAO governance token MKR. The data shows that 3,000 MKR were transferred from Paradigm's crypto wallet to an OTC wallet. This is not the first time Paradigm has made such a move, as in March they transferred $20 million of MKR to the same wallet before sending it to crypto exchange Coinbase. This move by Paradigm follows Andressen Horowitz's recent deposit of $7 million worth of MKR tokens to Coinbase.
Maker (MKR) Price Rises Amid New Governance Proposals and Increased Trading Activity
MakerDAO's MKR token saw a 3% increase in price despite a broader market correction. This growth is attributed to increased ecosystem activity and the Maker Governance vote to approve or reject new Spark Protocol changes. The proposed changes could provide benefits to DAI borrowers, leading to increased market activity and demand for MKR. The ongoing poll has also increased trading activity and demand for MKR, with a significant increase in trading volume and attention from investors.
Andreessen Horowitz Sells Part of Investment in MakerDAO's MKR Tokens as Prices Soar
Blockchain data reveals that Andreessen Horowitz (a16z), a prominent venture capital firm, has sold a portion of its investment in MakerDAO's MKR governance tokens as the price of coins reached a near one-year high. The firm transferred $7 million of MKR from its crypto wallet to a new address, which then began depositing batches of tokens worth approximately $1.5 million per day to crypto exchange Coinbase. This move suggests that a16z intends to sell its tokens. Despite the sale, a16z still holds 1.3% of MKR's circulating supply, worth $14 million.
MakerDAO's MKR Token Spikes 38% in 10 Days
MakerDAO's native token MKR has experienced significant gains in July, with a rally extending its gains in 2021 to 122% from its low of $506.8 on January 1. On July 25, MKR spiked by over 12.5% to reach a daily high near $1,195 before correcting. The platform's recent announcement of a token buyback program and roadmap for updates, including plans to enter the AI sector and launch several internal AI tools, may have contributed to the token's rally. However, the bears are defending the $1,200 price level aggressively, while bulls are trying to ensure that MKR price consolidates above the $1,050 support level.
MakerDAO's Protocol Spark, sets a New Historical High in DAI Borrowings
MakerDAO officially announced that its DeFi lending protocol, Spark Protocol, centered around the DAI stablecoin, has reached a new historical high in DAI lending volume, reaching 14.44 million tokens.
Aave's V3 Deployment Attracts 10,000 Unique Addresses and $2.24 Billion in Deposits Within Six Months
Aave's V3 lending protocol has attracted over 10,000 users in less than six months due to increased user activity. The value of assets locked (TVL) has grown by 60% since the launch of V3, reaching $6.12 billion at present. Aave's TVL growth has propelled it to replace MakerDAO as the second-largest DeFi protocol after Lido Finance.
Maker (MKR) Surges to Near One-Year High on Token Buyback Program
The governance token of MakerDAO, MKR, has seen a surge in price following the introduction of a token buyback program. The token briefly reached a one-year high of $1,200 before settling at around $1,144. The buyback program, called the Smart Burn Engine, removes MKR supply from the market by allocating excess DAI stablecoins to purchase MKR from a UniSwap pool. MakerDAO is one of the largest and oldest DeFi lending protocols and is currently undergoing a major overhaul, including upgrading its tokens and breaking up its structure into smaller autonomous organizations.
Makerdao Buyback has Started, With An Average Repurchase of ~$5000 MKR every 27 Minutes
According to makerburn data, MakerDAO's intelligent burn engine has been activated, with a current treasury surplus of $63.6 million, of which over $50 million ($13.6 million) will be used to repurchase MKR and add it to Uniswap V2 as LP along with DAI. According to on-chain information, repurchases are currently being executed approximately every 27 minutes, with an average repurchase amount of around $5,000.
Aave Replaces MakerDAO As Second-Largest DeFi Protocol by TVL, While Maker Co-Founder Accumulates MKR Tokens
Aave has overtaken MakerDAO as the second-largest DeFi protocol in terms of total value locked (TVL), according to DefiLlama data. This is due to a 15% drop in Maker's TVL since March 10, caused by the collapse of Silicon Valley Bank, the depeg of USDC and its DAI stablecoin, and a fall in DAI supply rates.
5 Decentralized P2P Lending Services for Borrowers and Investors on the Ethereum Blockchain
Peer-to-peer lending has become a popular alternative to traditional banking, allowing borrowers and investors to connect directly without intermediaries. This article highlights five decentralized P2P lending services, including Aave, which offers flash loans, and Compound, which uses an algorithm to modify interest rates based on asset availability and demand. MakerDAO is known for its stablecoin, DAI, and its decentralized governance architecture, while dYdX provides borrowing and lending features for derivatives trading. Fulcrum, powered by bZx, offers seamless integration of lending and margin trading services and uses decentralized governance through its native token.
