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Leading decentralized finance protocol, MakerDAO [MKR], has proposed changes to its Peg Stability Module (PSM) operations in response to DAI's recent loss of parity with the US dollar. The proposal seeks community approval to adjust the PSM parameters.
The Maker (MKR) token dropped 26% in value within a week following the news of an emergency proposal to address the DeFi protocol's $3.1 billion USDC exposure, raising concerns among investors and stakeholders.
While its DAI stablecoin regained its parity with the U.S. dollar last week, increased uncertainty as to whether a further de-pegging should be expected resulted in a decline in MakerDAO's [MKR] total value locked (TVL) in the last seven days.
Following the collapse of SVB and the stablecoin saga, many have lost faith in crypto-backed stablecoins.
The following cryptocurrencies had the worst week of all altcoins.
The annualized fee income of leading decentralized finance protocol MakerDAO [MKR] has declined since the collapse of Silicon Valley Bank (SVIB) on 10 March, data from MakerBurn revealed.
A MakerDAO proposal to increase the DAO's real-world asset vault debt ceiling from $500 million to $1.25 billion has seen favorable votes.
MakerDAO passed a proposal to increase its US Treasury bond holdings by 150% to $1.25 billion. The move aims to diversify its liquid assets and boost revenue stream through a net annualized yield of 4.6% to 4.5%.
Maker's governance community has initially voted in favor of increasing United States Treasury bond holdings to $1.25 billion, according to a Twitter thread on March 15.
The emergency proposal increases MakerDAO's holdings of United States bonds by 150%, aiming to diversify the Dai stablecoin's collateral exposure.
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.
