Tag Archives: makerdao

Nikolai Mushegian – an early contributor to MakerDAO – has been found dead at 29 after reportedly drowning at sea in San Juan, Puerto Rico.  The developer was known within the crypto community for supporting multiple projects and technologies, with some calling him the “DAI architect.” Mushegian’s Passing The local news outlet El Nuevo Dia confirmed Mushegian’s death on Friday, revealing he’d been “swept away by sea currents” at Conando Beach in San Juan.  The beach’s strong...

Coinbase’s institutional-grade service will allow MakerDAO to earn up to 1.5% of the rewards of the funds.On Monday, October 24, crypto exchange Coinbase announced that the MakerDAO governance has finally voted in favor of the proposal to custody $1.6 billion worth of MarkerDAO’s USD Coin (USDC) treasury.In return, Coinbase’s institutional-grade service will allow the DAO to earn up to 1.5% of the rewards of the funds. This is for the first time that Coinbase is expanding its USDC rewards...

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The decentralized stablecoin protocol MakerDAO has committed to converting $500 Million of its DAI reserves into bonds and U.S. treasuries.  This marks the decentralized autonomous organization (DAO)’s the first investment in high-quality government debt.  As MakerDAO explained over Twitter, MKR holders voted to deploy its peg stability module’s USDC on liquid bonds, using its recently created real-world asset Maker Vault. The allocation will consist of 20% investment-grade...

On September 29, Gemini co-founder Tyler Winklevoss published a proposed “marketing incentive” on the MakerDAO forum to drive the adoption of his stablecoin GUSD through a three-month strategic plan. According to Tyler Winklevoss’ proposal, Gemini will pay monthly fixed annual interest of 1.25% on all the GUSD stored in MakerDAO PSM vaults, as long as the average monthly balance is at least 100 million GUSD by the end of the month. “As we’d like GUSD usage to increase...

Users of MakerDAO, the organization behind DAI, will now be able to mint the stablecoin for free. This was made possible after an executive vote increased the debt ceiling for its stETH vault to 200 million DAI. The higher debt ceiling is expected to minimize its dependency on support from centralized collateral assets. As such, the governance voted on the proposal that sought to reduce the fees for six vaults. The main idea was to promote DAI mints against decentralized...

MakerDAO co-founder Rune Christensen recently proposed removing all USDC from the DAI stablecoin’s peg-stability module. He suggested that the USDC within, worth $3.5 billion, could be used to buy ETH instead.  Yet despite what such a conversion could do to boost ETH’s price, Vitalik Buterin said it was a “terrible idea.” Removing Exposure to USDC In the governance channel of MakerDAO’s official Discord, Rune expressed concerns over the US Treasury Department’s latest...

Currently, DAI is the fifth-largest stablecoin by market capitalization. Tether (USDT) may have continued to be the market leader after all these years, but DAI has the perk of being open-source and decentralized – something that’s sought after in the DeF community. DAI Ascends According to Makerburn, the total supply of MakerDAO’s DAI, a decentralized stablecoin, has shot up to a whopping $10 billion on February 8th. Moreover, its supply from stablecoin collateral stands at...

The decentralized finance sector continues to grow with an impressive all-time high of over $24 billion locked. Additionally, the Binance DeFi Composite Index, measuring the performance of numerous DeFi coins, also marked a new ATH today.Binance DeFi Index To New HighsLaunched in August 2020, the DeFi Composite Index tracks and measures the performance of “a basket” of DeFi assets in what the company described as a “standardized way.”“The composite price indices are combinations of different...

The DeFi space continues to expand as the total value locked in protocols has recently almost hit $11 billion. More interestingly, BTC value locked in DeFi is also on the rise as there are currently around 141,000 bitcoins locked in various lending protocols.RSK’s infrastructure framework (RIF) has recently integrated Maker’s DAI stablecoin into its ecosystem.RIF Integrates Maker’s DAI StablecoinThe RSK infrastructure framework (RIF) has integrated the DAI stablecoin on its Bitcoin-powered...