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On Twitter, in response to the 20,000 MKR being allocated to fight climate change, Moneysupply.eth, a risk analyst and governance contributor for several decentralized protocols, including MakerDAO, wrote, “So here’s a contrarian take: I am not convinced this specific initiative is the best path forward but [decentralized finance] desperately needs
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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. MakerDAO is the issuer of the DAI United States dollar stablecoin. As told by developers, Maker will allocate 5 million DAI
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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.” The proposal, submitted on January 9, aims
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The move may also boost Yearn’s dwindling user activity. The protocol’s total value locked, a popular indicator to show the worth of assets deployed on a DeFi protocol, has dropped to $442 million from an all-time high of $6.9 billion in December 2021, according to data from DefiLlama. Source
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USDP is a dollar-pegged stablecoin one-to-one backed by cash and cash-equivalent U.S. government debt instruments, according to independent attestations. Both Paxos and USDP are regulated by the New York Department of Financial Services (NYDFS), the state’s leading financial regulatory agency. Effectively, Paxos would pass a part of the revenue earned
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“Recent MakerDAO governance discussions have raised concerns about GUSD’s heavy reliance on the PSM and Gemini holding GUSD reserves at Silvergate,” Riyad Carey, an analyst of digital-asset research firm Kaiko, wrote in a report earlier this month, referring to Silvergate Bank, a crypto bank that saw a large outflow of
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The voting comes as Gemini, the issuer of GUSD, is under pressure after halting withdrawals from its yield-paying product, called Gemini Earn, and because of a lawsuit by the top U.S. securities regulator. Gemini is the brainchild of mega-crypto investors Cameron and Tyler Winklevoss, who still helm the company. Source
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Liquid staking protocol Lido Finance appears to have benefited most from the Ethereum merge in September, with its total value locked (TVL) now sitting at the top position among other decentralized finance (DeFi) protocols.According to data from DeFiLlama, Lido’s liquid staking protocol now commands $5.9 billion in TVL, compared to
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Increasing the rewards known as the DAI Savings Rate (DSR) means that investors can earn a 1% annualized return on their DAI holdings, giving an incentive for investors at a time when decent yields in crypto are scarce. The return is still much lower than what is available for traditional
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The MakerDAO community rejected a proposal to use up to $500 million of the stablecoin USDC to invest in bonds with crypto investment firm CoinShares. As CoinDesk's Krisztian Sandor reported, CoinShares had proposed managing between 100 million and 500 million USDC and actively investing the money in a portfolio of
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