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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.
Rune Christensen said DAI suffers from bad branding that could be slowing its growth on a call with community members.
Maker (MKR/USD) price formed a double-top pattern as a vote on capital deployment continued. The MKR token retreated to a low of $855.36, the lowest point since March 3 of this year. It has plunged by about 12.1% from its highest level this year.
Maker [MKR], at press time, was one of the market's biggest weekly gainers, despite the overall bearish sentiment in the crypto-market. In fact, it recorded gains of 10% compared to Bitcoin's [BTC] 4.6% depreciation over the last 7 days.
MakerDAO, one of the first and largest DeFi protocols on Ethereum, is raking in millions of dollars. Even as it remains successful, the decentralized money market is under immense pressure from its community.
Stablecoin DAI is considering increasing the amount of money it invests in United States Treasury bonds from the current allocation of $500 million to a potential total of $1.25 billion.
The proposed strategy could see the DAO investing up to $750 million at an annualized yield of about 4.5% after custody and expected trading cost
MakerDAO, the decentralized autonomous organization (DAO) behind the DAI stablecoin, has proposed allocating an additional $750 million to invest in U.S Treasury bonds in order to capitalize on a favorable yield environment. The resolution, if passed, would add $750 million to the $500 million already approved in October 2022, bringing the total value to $1.25 billion.
MakerDAO, the governance token behind the fifth most popular stablecoin DAI, is contemplating an increase in its United States Treasury bond investments to $1.25 billion from its previous allocation of $500 million.
MakerDAO is considering investing $750 million in US Treasurys to take advantage of the current yield environment, with the proposal expected to increase the ceiling to $1.25 billion.
DeFi powerhouse MakerDAO is mulling whether to expand its United States Treasury bond investments to $1.25 billion.
The decentralized autonomous organization behind the DAI coin previously purchased $500 million worth of notes and bonds.
MakerDAO, the governance token behind the fourth largest stablecoin by market capitalization DAI, has decreased in trading volume by 37% and seen a 3.7% dip in token price over the last 24 hours.
It is rare to see any cryptocurrency sustaining its gains amid the ongoing onslaught in the crypto market. A majority of coins in the market are trading in the red zone today, March 7, and have given up their past week's gains.
Maker (MKR) prices are up by almost 20% in the last seven days. The upward trend is attributed to recent poll results announced by Maker that contain a new pricing model.
