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The market cap of MakerDAO decentralized stablecoin DAI has increased by almost $1 billion in the last seven days after the DeFi protocol introduced an increased interest rate to attract more users.
The Spark protocol has been experiencing explosive growth. More importantly, over 198 million DAI was borrowed on the protocol since its launch in May.
Maker [MKR] pushed above the $1200 price level with a strong bullish rally on the daily timeframe after a period of retracement.
The MakerDAO founder, Rune Christensen, has announced an airdrop for the Spark Protocol's native SPK token. According to the proposal, the tokens will be released gradually, with the proposal outlining the distribution of two billion SPK tokens over the next ten years.
MakerDAO, a decentralized finance (DeFi) stalwart, is facing heightened scrutiny after the introduction of its new platform, Spark Protocol. The controversy arises from Spark Protocol's terms of service, which actively prevent users from accessing the platform via virtual private networks (VPNs).
Amidst soaring DAI supply and promising revenue, MakerDAO's MKR navigates challenges with declining network growth and falling velocity.
MakerDAO's founder announced an airdrop for Spark Protocol's governance token — outlining the distribution of two billion SPK over 10 years.
Tron network founder and crypto investor Justin Sun has once again made significant moves in the crypto space. Sun recently mortgaged 67,000 stETH (staked Ethereum) to mint an impressive 58 million DAI, which he promptly deposited into MakerDAO.
MakerDAO has been in the headlines recently following a boost in the maximum Dai Savings Rate (DSR) from 3.19% to 8% on Sunday, August 6. This temporary increment termed the Enhanced Dai Savings Rate (EDSR), was designed to encourage more Dai (Maker's stablecoin) holders to deposit their tokens on the Maker protocol and earn interest.
MakerDAO, a recognized pioneer in the decentralized finance sector, is encountering significant criticism due to its decision against users of virtual private networks (VPN). Users attempting to access the Spark Protocol site via a VPN have been denied a clear message indicating the prohibition of such access.
Key Points: The founder of MakerDAO has put forth a significant proposal aimed at altering the Enhanced Dai Savings Rate. The proposal would see a reduction in the rate from the current 8% to a new rate of 5%, signaling a potentially impactful shift in the dynamics of the platform.
A closely followed analyst believes that the native token of the crypto project co-created by ChatGPT founder Sam Altman looks poised for a severe correction. Pseudonymous analyst Altcoin Sherpa tells his 196,400 X followers that he's bearish on Worldcoin (WLD), an artificial intelligence-based crypto project that uses iris-scanning technology.
An aggressive interpretation of the market structure would conclude that MKR's drop below the recent higher low at $1283 on 4 August flipped the market structure bearishly.
In a surprising twist that has sent shockwaves through the decentralized finance (DeFi) community, MakerDAO, a renowned DeFi platform, has made a contentious decision to restrict access to its lending platform, Spark Protocol, for users based in the United States. This move has ignited a fiery debate, pitting privacy and decentralization concerns against the platform's commitment to these very principles.
Two coins from the Ethereum (ETH) ecosystem are leading the charge of a new resurgence in decentralized finance (DeFi), according to blockchain analytics firm Glassnode.
Spark's stance on VPN usage courts criticism from the DeFi community.
MakerDAO's rising DSR attracts whale activity on the protocol. However, the network faces scrutiny as users are unable to use Spark Protocol with a VPN.
MakerDAO DAI‘s stablecoin supply increased by $200 million after its interest rate increased by 8% for holders depositing into the protocol. On Aug. 6, MakerDAO's founder Rune Christensen revealed that Dai Savings Rate (DSR) was paying the high yield rate for the stablecoin holders “at no additional risk.
Aave briefly overtook MakerDAO as the second-largest DeFi protocol in terms of TVL following the collapse of Silicon Valley Bank. However, the tides turned following Curve's hack, and it slipped back to third place.
MakerDAO, one of the early decentralized finance pioneers, has come under criticism for blocking VPN users from accessing its newly launched lending platform, Spark Protocol.
Holders of MakerDAO's decentralized stablecoin DAI can now get as much as 8% annual percentage yields. However, a decision has been made at the protocol level to block users of virtual private networks sparking uproar from privacy advocates.
MakerDAO Dai Savings Rate increased to 8%, TVL of DAI pool exceeds $400M as large transactions were observed, including a whale selling 5640 ETH for DAI.
MakerDAO increased its DAI savings rate from 3% to 8%, making it one of the highest rates offered by a major stablecoin issuer.
Users attempting to access Spark Protocol with a virtual private network will not be able to, sparking criticism from supporters of privacy.
