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The move could redefine baseline interest rates in the DeFi space, spurring higher stablecoin lending rates and making leverage more expensive, one analyst noted.
The result could have a significant impact on Gemini and its stablecoin as MakerDAO's reserve holds roughly 88% of total GUSD supply.
The stablecoin sector is noting a resurgence of interest following SEC's lawsuits, with a rise in active addresses and weekly senders seen.
In a recent announcement, MakerDAO revealed that approximately 42% of the initial use cases for DAI, the stablecoin issued on the Ethereum blockchain, are within decentralized exchanges (DEXs).
The decentralized stablecoin DAI is undergoing a massive shift as MakerDAO reduces USDC exposure and opts for U.S. Treasury bills.
DAI fails to compete with USDC and USDT in the stablecoin space. However, MakerDAO tries to attract new users by making changes in the protocol.
The MakerDAO community is buzzing with anticipation as they prepare for a crucial vote that could shape the future of decentralized finance (DeFi). The proposal at hand involves increasing the savings rate of MakerDAO's stablecoin, Dai (DAI), to 3.33%.
In a move set to impact the decentralized finance (DeFi) ecosystem, MakerDAO, a leading Ethereum-based protocol, is gearing up for a crucial vote on a proposal to raise the savings rate for its stablecoin, DAI, to 3.33%.
The Makerdao collective is currently immersed in a discussion about the potential rise of the DAI stablecoin's savings rate to 3.3%. This suggestion was introduced by Block Analitica and revealed to the community on May 26 under the title “Stability Scope Parameter Changes #2.” Block Analitica Proposes Raising DSR to 3.
The MakerDAO community is gearing up for an important vote that could have significant implications for the decentralized finance (DeFi) ecosystem. The proposal aims to raise the Dai stablecoin (DAI) savings rate (DSR) to 3.33%, potentially impacting interest rates across the DeFi landscape.
MakerDAO's new proposal aims to increase DAI savings rate to 3.33%, potentially reshaping DeFi interest rates and attracting more capital to DAI.
Decentralized finance (DeFi) protocol MakerDAO increased its DAI savings rate (DSR) to 1% in December 2022. The move led to over 35 million DAI being deposited within a month, as per MakerDAO.
MakerDAO will vote on a proposal to raise the Dai Savings Rate (DSR), which defines the interest paid to Dai holders, to 3.3%.
The DAI savings rate was previously increased to 1% in December 2022, and led to 35 million DAI being deposited in the span of a month, according to MakerDAO.
MakerDAO is making a proposal to increase the DAI Savings Rate (DSR) to 3.3%. If accepted, the proposal would constitute a significant increase from the current rate of just 0,6%.
"Brace yourself, DAI holders, for a DSR at 3.33%," MakerDAO said on Friday, referring to a proposal that would raise the rate.
Decentralized finance (DeFi) lending platform MakerDAO's founder, Rune Christensen, laid out plans to introduce a new stablecoin and governance token as part of the platform's on-going revamp, according to a proposal posted on Maker's governance forum last week. MakerDAO Founder Rune Christensen joins "First Mover" to share insights into "Endgame" and what he hopes to achieve.
The cryptocurrency exchange's DeFi wallet and Pay service launched a new update adding support for more countries and tokens.
Rune Christensen also proposed to incorporate artificial intelligence-assisted processes into Maker's governance.
Today's cryptocurrency market showcases Stellar (XLM), XinFin Network (XDC), Dai (DAI), and Binance USD (BUSD) as the top gainers, while Pepe Coin (PEPE), Lido DAO Token (LDO), Injective Protocol (INJ), Optimism (OP), Sui (SUI), Frax Share (FXS), and Synthetix (SNX) have faced losses.
The initial iteration of the Spark Protocol will function as a lending platform, offering supply and borrow functionalities for cryptocurrencies ETH, stETH, DAI, and sDAI.
MakerDAO has introduced Spark, a DeFi lending protocol that enables users to borrow dai (DAI) stablecoin.
Maker DAO is synonymous with its dai (DAI) stablecoin, but the DAO has never directly supported front-end access to the offering. Instead, user-facing products have been the purview of third-parties such as Oasis, DeFi Saver and Instadapp.
Today's crypto market highlights Nexo (NEXO), Flare (FLR), Pax Dollar (USDP), PAX Gold (PAXG), Dai (DAI), and Tether (USDT) as the top gainers, while Floki Inu (FLOKI), PepeCash (PEPE), PancakeSwap (CAKE), Huobi Token (HT), Luna Classic (LUNC), Conflux (CFX), and Woo Network (WOO) have experienced losses.
