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Bitcoin (CRYPTO: BTC) moved slightly lower, with the cryptocurrency prices trading below the key $25,000 level on Thursday. Ethereum (CRYPTO: ETH) also moved lower, trading below the $1,700 mark this morning.
The stablecoin market faced a significant challenge as USD Coin [USDC] came under scrutiny. MakerDAO, the protocol behind stablecoin DAI, also felt the impact.
In a new emergency executive proposal, leading DeFi platform MakerDAO [MKR] has sought community approval to introduce a debt ceiling breaker for collateral assets used to mint its DAI stablecoin.
As the FUD around stablecoins gathers steam, many DeFi protocols have started to implement changes and proposals to their networks. MakerDAO, for instance, has deployed new parameters to mitigate the risk against the volatility of stablecoin markets.
MakerDAO delegates are holding an emergency vote on a proposal by which to stabilize dai during market upheavals.
The supply of USDC shrank by 5% while the supply of DAI shot up, increasing to 6.3 billion from 5.1 billion since March 10.
The Maker (MKR) price could accelerate its rate of increase with a short-term breakout
MakerDAO, the protocol behind the decentralized stablecoin DAI, intervened and saved its stablecoin from de-pegging following the collapse of Silicon Valley Bank (SVB). The failure of the tech lender significantly affected Circle's fiat-backed USDC.
The community proposal comes just days after DAI followed its fellow stablecoin USDC in slipping beneath the one-dollar mark.
In response to recent developments, Maker's [MKR] price experienced a substantial increase of nearly 30% in the last 24 hours.
Cryptocurrency price prediction today Mar 13th: On March 12th, the crypto market witnessed a significant inflow and pushed a majority of major cryptocurrencies to higher levels. This sudden recovery also created a sense of relief rally in the market and a potential resume bull trend.
The cryptocurrency market has risen by 7.5% in the past 24 hours, with its total cap reaching $1.05 trillion after what had been a difficult weekend.
MakerDAO is insulating itself from the vulnerability to risk associated with stablecoins according to the firm's new proposal.
The cryptocurrency market is facing renewed bearish sentiments due to the collapse of Silvergate Bank and the closure of Silicon Valley Bank, both of which had exposure to the crypto industry. These events have translated to uncertainty in the market, leaving many investors unsure about the future.
MakerDAO is making moves aimed at protecting against exposure to risk associated with stablecoins. This is in response to USDC's recent de-pegging which reignited concerns about stablecoins under unfavorable market conditions.
Due to the decline in the prices of its underlying assets, the total supply of DAI, MakerDAO's decentralized stablecoin, has since dropped by 50% from its early 2022 peak, data from Delphi Digital revealed.
On March 11, 2023, the decentralized finance project Makerdao issued an emergency proposal following the USDC depegging incident that saw the stablecoin dip down to $0.877 per unit. At the time of writing, Makerdao commands $3.1 billion in USDC collateral that backs a portion of the project's stablecoin, DAI.
MakerDAO issued an emergency proposal to limit exposure to USDC tail risk after the stablecoin depegged overnight.
On March 11, MakerDAO issued an “urgent executive proposal” to mitigate any risks to the protocol associated with its USDC tail risk exposure. Make DAO has over 3.1 billion USDC in collateral backing its DAI stablecoin.
In the midst of the chaos that is presently plaguing the crypto market over the past twenty-four hours — with the USDC stablecoin depegging and concerns over the extent to which this will affect other cryptocurrencies — MakerDAO has devised an emergency plan to protect its native stablecoin, DAI, from further exposure to potentially unstable The post Will MakerDAO's New Plan Save DAI From Becoming Another UST? appeared first on CoinGape.
The crypto market has again met with another stablecoin collapse after UST as investors are rushing to withdraw their funds. Circle, the issuer of USD Coin (USDC), today announced that it faced challenges in withdrawing $3.3 billion from its $40 billion deposits at Silicon Valley Bank (SVB).
"Proposal(s) implementing the above changes are expected to be posted in the next ~12 hours or less," says Maker.
The collapse of Silvergate and Silicon Valley Bank has thrown the banking industry into crisis, potentially impacting stablecoins. Proposed changes aim to limit MakerDAO's exposure to risky collaterals and maintain liquidity.
MakerDAO's founder, Rune Christensen, has suggested that the decentralized protocol should rebrand its flagship stablecoin, DAI, to make it more understandable for everyday users.
