MakerDAO

On Thursday, MakerDAO co-founder Rune Christensen shared a proposal via the network’s official Discord server. Christensen raised the suggestion that the MakerDAO organization should swap its $3.5B  worth of USDC for Ether. However, Ethereum creator Vitalik Buterin tagged Christensen’s plan a “terrible idea” despite the potential benefits of such a move on Ethereum’s value.  Christensen To Remove USDC Exposure Rune’s actual goal is to eliminate MakerDAO’s exposure to USDC following the US Treasury’s recent sanction on crypto mixer Tornado Cash.…

Crypto lending platform Celsius continues to defend itself from liquidation and looming insolvency. The firm has paid down another $140 Million on its Bitcoin-backed loan with MakerDAO since the start of the month. Celsius Stays Afloat As data from Defi Explore demonstrates, Celsius has made four payments covering its outstanding debt since July 1st. The company’s initial payment on Friday came in the form of 22.6 million DAI – an algorithmic dollar-pegged stablecoin. The platform submitted another, smaller payment of…

MakerDAO, the organization behind the DAI stablecoin, has temporarily suspended the depositing and minting of DAI on the crypto lending platform Aave. The suspension came after Maker (MKR) holders voted to disable the Aave DAI Direct Deposit Module (D3M) on June 16. The proposal got a 64% approval rate, allowing Maker to implement the change on June 17. According to Maker, [embed]https://twitter.com/MakerDAO/status/1537217119913484288[/embed] By disabling Aave’s D3M, Maker stopped Aave traders from borrowing DAI against staked Ethereum (stETH), which lost its…

DAI is a decentralized stablecoin that facilitates lending, borrowing, and investing in decentralized applications (dApps). The cryptocurrency market has a reputation for being highly volatile. For example, some of the most significant cryptocurrency tokens, such as Bitcoin or Ethereum, surge and plummet daily. These spikes often bring traders huge ROI or crippling debt. Nevertheless, not all cryptocurrencies experience this level of volatility. For instance, stablecoins rarely experience massive oscillations. Instead, their values remain constant with their pegged counterparts, which are…

MakerDAO recently revealed its plan on moving to a fully decentralized ecosystem within the next few months after disbanding the current Maker Foundation. According to a blog post detailed by the CEO, Rune Christensen, Maker initially started as a decentralized autonomous organization before it moved to a Foundation charged with accomplishing an overall growth of the platform.  However, the Foundation was only designed for existing temporarily as Maker steadily transitions to a fully decentralized path. Looking back, the CEO recounts…

The world of crypto is growing, and now people are eager to get in on the frenzy. Crypto stands for all cryptography applications, including DeFi, which mirrors traditional banking and financing concepts except on blockchain technology. The advent of DeFi tokens has caused a frenzy reminiscent of the booms of bitcoin and other cryptocurrencies in 2017. DeFi tokens have joined the race in disrupting traditional finance by allowing the following: lending and borrowing within a peer-to-peer network without any intermediaries,…

A governance poll has been established on the MakerDAO decentralized lending platform regarding the inclusion of different types of collateral beyond the realms of crypto. The Poll will be open for three days, starting on Monday, June 7 at 16:00 UTC. The governance poll allows the MakerDAO governance community to signal support or opposition to adding different proposals for various vaults with tokenized digital assets based on real-world assets (RWA). Each proposed asset has varying collateral parameters like the Dai…

The crypto space has been vibrant in the past 24 hours, with the recent pump of Dogecoin on everyone's lips. However, one sector that has gone below the radar is the DeFi sector, which has experienced a bullish increase.  At the time of writing, the total locked-In value in DeFi protocol has hit a record $27 billion. Looking at the data from DeFi Pulse, over $2billion was added into DeFi protocols 24 hours. The recent surge in the value of…

The current bullish sentiments in the crypto market have been a major talking point in recent weeks. Bitcoin's bullish trend has led to a ripple effect in the market's decentralized finance (DeFi) sector. Total Locked In Value hits $17 billion The Total Locked in Value has witnessed an exponential increase in the past few days. According to data from DeFi Pulse, the total TVL hit a record high of $17 billion in today's early hours. Looking at the data, over…