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Under the proposal, the community would adopt an emergency switch that would pause peg-stability-module (PSM) swaps on its protocol, freezing the token purchases required to mint new DAI tokens, Sam MacPherson, a protocol engineer at MakerDAO, told CoinDesk. Original Source
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MarketDAO’s stablecoin DAI recently experienced a recovery following a de-pegging event that saw the stablecoin drop from the $1 value to $0.88. As the Silicon Valley Bank saga continues, the price of USDC, which is pegged to the US dollar, experienced a sudden drop over the past two days. MakerDAO’s algorithmic stablecoin
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According to play-to-earn nonfungible tokens (NFT) protocol Aavegotchi on Mar. 11, the entity closed the bonding curve defining the exchange rate between its namesake token (GHST) and the DAI U.S. dollar stablecoin (DAI). The same day, the DAI stablecoin depegged as part of the ongoing USD Coin destabilization, which was,
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The stablecoin ecosystem felt an immediate effect as USD Coin (USDC) depegged from the US dollar due to a subsequent sell-off after Silicon Valley Bank (SVB) did not process $.3.3 billion of Circle’s $40 million transfer request. Given USDC’s collateral influence, major stablecoin ecosystems followed suit in depegging from the
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DAI, the fourth-largest stablecoin, with a market cap near $5 billion – and the only top stablecoin backed by a basket of assets, including other cryptocurrencies – suffers from bad branding that could be inhibiting its growth, Christensen said during a call to discuss the protocol’s decentralization plan, called “Endgame.” Original
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In the largest BUSD pool on decentralized finance (DeFi) protocol Curve, where traders can swap between stablecoins, traders almost depleted the USDT, USDC and DAI liquidity. Now, 85% of the pool’s liquidity is BUSD, making it difficult for traders to exchange large amounts of BUSD, and forcing sellers to accept
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“The advancement of the technology backing stablecoins is a necessary component to unlock the future of finance,” said Johann Eid, vice president of Go-To-Market at Chainlink Labs, the developer firm behind Chainlink. “As more and more traditional financial institutions partner with MakerDAO and assess the applicability of DeFi, the required
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The proposed Spark Protocol will leverage Maker’s DAI stablecoin and its crypto assets for liquidity, and would be based on the Aave v3 smart contract system. Source
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press release PRESS RELEASE. 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. Jessica Walker at Fluid said: “One of the problems with crypto is the
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