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In a forum post, a project leader called on Abracadabra DAO to support a “transition of power” to a centralized entity complete with lawyers, jurisdictions and trustees. Those trappings of a traditional corporation are seemingly antithetical to the notion of a DAO, the form of crypto-based business governance in which
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Amid the crypto market carnage this weekend, another stablecoin slipped below the $1 peg on Saturday, June 18, as the crypto asset called magic internet money (MIM) briefly dropped to a low of $0.914 per unit. The Abracadabra-issued stablecoin dropping in value follows the recent terrausd (UST) failure and USDD’s
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Rune Christensen, one of the founders of Maker, the decentralized autonomous organization behind the governance of stablecoin DAI, has spoken out against two competitors. He stated that UST, Terra’s dollar-pegged stablecoin, and MIM, another collateralized stablecoin, were “solid ponzis” and that the bear market would eventually lead their prices to
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In mid-October, the market capitalization of all the stablecoins in existence was $134 billion and during the last three weeks, the valuation has increased by 5.59% to $141.5 billion. While terrausd’s market cap jumped by 6.7% over the last month, the stablecoin DAI saw an increase of 27.3% in 30
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