Dai
Aave devs look set to receive $16.3M via retroactive funding
The DAO behind the decentralized finance (DeFi) platform Aave has accepted a proposal to reward members from Aave Companies with $16.28 million in retroactive funding for their role in the development of Aave Protocol V3. Voting for the proposal began on Sept. 6, and at the time of writing has already passed 667,000 votes in favor of the funding, more than doubling the 320,000 required. The vote is set to end on Sept. 8. According to the initial proposal, which was first pitched on Aug. 10, the Aave Request for Comment (ARC) seeked “retroactive funding” for work in developing the V3 protocol. The $16.28 million consists of $15 million for work performed by the developers over the course of more than one year and $1.28 million for costs paid to third-party auditors. The money will be given ...
MakerDAO should ‘seriously consider’ depegging DAI from USD: Founder
MakerDAO founder Rune Chirstensen has urged members of the decentralized autonomous organization (DAO) to “seriously consider” preparing for the depeg of its DAI stablecoin from the United States dollar (USD). The founder’s comments came in light of the recently announced sanctions on crypto mixer Tornado Cash, noting to MakerDAO’s Discord channel on Aug. 11 that the sanctions are “unfortunately more serious than I first thought,” adding that they should prepare to depeg its native stablecoin DAI from the USD to avoid any risk’s relating to Circle’s recent freezing of sanctioned USD Coin (USDC) addresses. “I think we should seriously consider preparing to depeg from USD. It is almost inevitable it will happen and it is only realistic to do with huge amounts of preparation.” On Aug. 8, the ...
Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?
The past week has not been an easy one. After the collapse of the third-largest stablecoin (UST) and what used to be the second-largest blockchain after Ethereum (Terra), the depeg contagion seems to be spreading wider. While UST has completely depegged from the U.S. dollar, trading at sub $0.1 at the time of writing, other stablecoins also experienced a short period where they also lost their dollar peg due to the market-wide panic. Tether’s USDT stablecoin saw a brief devaluation from $1 to $0.95 at the lowest point in May. 12. USDT/USD last week from May. 8–14th. Source: CoinMarketCap FRAX and FEI had a similar drop to $0.97 in May. 12; while Abracadabra Money’s MIM and Liquity’s LUSD dropped to $0.98. FRAX, MIM, FEI and LUSD price from May. 9 – 15th. Source: CoinMarketCap A...
MakerDAO price rebounds as DAI holds its peg and investors search for stablecoin security
Its been a rough couple of weeks for the cryptocurrency market. Bitcoin (BTC) price is nowhere near the price estimates of most analysts, multiple stablecoins lost their peg and the demise of one of the top decentralized finance (DeFi) platforms sparked an event that resulted in $900 billion vanishing from the total crypto market capitalization. In the midst of the widespread fallout, MakerDAO (MKR) managed to turn crisis into opportunity and the collapse of TerraUSD (UST) has brought renewed attention to DAI, the longest-running decentralized stablecoin. Data from Cointelegraph Markets Pro and TradingView shows that as the collapse of Terra (LUNA) price accelerated from May 9 to May 12, MKR climbed 66.2% from a low of $952 on May 12 to its current value of $1,587. MKR/USDT 1-da...
Altcoin Roundup: DeFi token prices are down, but utility is on the rise
The decentralized finance (DeFi) sector has been sitting in the backseat since whipping up a frenzy in the summer of 2020 through the first quarter of 2021. Currently, investors are debating whether the crypto sector is in a bull or bear market, meaning, it’s a good time to check in on the state of DeFi and identify which protocols might be setting new trends. Here’s a look at the top-ranking DeFi protocols and a review of the strategies used by users of these protocols. Stablecoins are the foundation of DeFi Stablecoin-related DeFi protocols are the cornerstone of the DeFi ecosystem and Curve is till the go-to protocol when it comes to staking stalbecoins. Top 5 protocols by total value locked. Source: Defi Llama Data from Defi Llama shows four out of the top five protocols in terms of to...
Gombe discharges 20 coronavirus patients after testing negative
Gombe State has discharged 20 COVID-19 patients out of 109 cases in isolation centres across the state after they tested negative twice. Prof. Idris Mohammed the Chairman of the State Task Force on COVID-19, made the disclosure at a news briefing on Friday in Gombe. Mohammed, who was represented by Dr Ahmed Gana, the state’s Commissioner for Health, said that the 20 patients were discharged following directive from the Nigerian Centre for Disease Control (NCDC). “We are happy to inform the general public that NCDC has given us go ahead to discharge a total of 20 cases under our isolation facilities. “Ten from Kwadon Isolation facility and the second 10 were from Federal Teaching Hospital (FTH) Gombe Isolation center,” he said. He added that more patients would be discharged in the next few...
