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Maker (MKR), the governance token of decentralized finance (DeFi) lender MakerDAO, is nearing its highest price since last May, buoyed by rising protocol profits and large investors accumulating the token. Original Source
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The rally occurred amid improving fundamentals of Maker, as the protocol has returned to make profits, Messari analyst Kunal Goel said. Original Source
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However, the development unveils risks about the protocol’s strategy to double down on real-world asset (RWA) investments, including lending to non-crypto businesses. Last month, MakerDAO halted lending to Harbor Trade, another Centrifuge tokenized credit pool manager, after $2.1 million of loans soured without payment on time. Source
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The extra payout has drastically bitten into Maker’s profits, Kunal Goel, analyst at Messari noted in a report. “Higher rates on higher deposits ballooned the protocol’s interest expense [and] has dried up profit expectations,” he wrote. The too-high rate also opened up opportunities for arbitrage, Goel added. Source
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“We regularly monitor the assets on our exchange to ensure they meet our listing standards,” the note sent to users reads. “Based on our most recent reviews, Coinbase will suspend trading in Canada for RAI Reflex Index (RAI), Dai (DAI) and Tether (USDT) on Aug. 31 around 12 pm ET.” Original
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MakerDAO, one of the early pioneers of decentralized finance, has sparked criticism over its decision to block virtual private network (VPN) users from accessing its recently launched lending platform, Spark Protocol.At the time of writing, VPN users that attempt to access the Spark Protocol website will be met with an
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Cryptocurrency giants, bitcoin and ether, meanwhile, lost ground during the month. Source
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The OTC wallet where the tokens from Paradigm landed has a history of receiving MKR and transferring to Coinbase, Arkham data shows. Following Paradigm's $20 million transfer in March, a16z also sent a total of $11.7 million in MKR to the account early July, which then unloaded the tokens to
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The transactions happened as MKR surged Friday to a near-one year high above $1,200 following the activation of a new token buyback scheme that is removing coins from the market, reducing their supply. The token pared some of its gains, sinking to as low as $1,040 on Monday, and has
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MKR briefly rose above $1,200 early Friday for the first time since last August, then pared some of its gains to change hands at around $1,144. The token is up 28% over the past week, significantly outperforming the 4.6% decline of the CryptoX Market Index, which tracks the broader crypto
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