⇘ DAI Coin: A Tale of Controversies, Upgrades, and Market Maneuvers
DAI is under intense discussion in the cryptocurrency world and the decentralized finance (DeFi) space, amidst a heated debate on the potential...
The series of recent events in the crypto world brings a complex report for DAI Coin. MakerDAO, the framework behind DAI, announced its rebranding to Sky, causing ripples in the DeFi community over a controversial stablecoin change. In addition to the rebranding, two new stablecoins have been introduced, including USDS and PureDai which is aimed to be completely decentralized and its launch is anticipated in few years. However, the move towards launching USDS has sparked concerns given its remote freeze functionality. To keep up with the demand, MakerDAO also announced a significant $600 Million DAI investment in USDe and sUSDe.
On another note, Aave, another powerful player in the ecosystem, raised concerns over DAI’s perceived risk growth leading to debates around DAI’s collateral limit and potential drop. This conflict appeared to impact the DAI coin's stability, leading to speculations in future price predictions. Nevertheless, DAI maintained a firm hold in the marketplace, recording an all-time high of $240B in on-chain transaction volume in one week. Meanwhile, a phishing attack led to a loss of over $55M in DAI stablecoin, which was partially returned to the victims months later. Despite this, DAI's future remains somewhat bright with its plans for an endgame that would lead to its expansion to 100B DAI to successfully compete with Tether.
DAI Coin News Analytics from Wed, 11 Oct 2023 07:00:00 GMT to Tue, 10 Sep 2024 17:15:00 GMT -
