The
Ethereum Foundation has recently purchased 100 ETH for 334k DAI. This comes as the
DAI stablecoin, recently rebranded from
MakerDAO to
Sky, hit $490m in just five days. This new stablecoin, now termed the
USDS, has stirred up the DeFi community with its potential to meet the demand for DAI and its optional freeze function. Despite recent controversies, Sky's rebrand aims to thwart criminals, thereby adding security to the DeFi market. However, it has also been plagued by controversy, as a crypto trader lost $55M in DAI to a phishing attack, with a consequent return of $9.3M to the victim in the same year.
MakerDAO plans to offer a MKR token conversion into 24,000 NGT tokens. Yet, AaveDAO is debating on DAI collateral impact due to MakerDAO's expansion risk. Amidst these discourses,
Grayscale has opened a fund to invest in MakerDAO token, boosting the perceptions of its potential growth. Controversially, MakerDAO's Sky stablecoin has been subjected to criticism due to an implemented freeze function, raising questions about DeFi's principle of decentralization. However, it promises the launch of a more decentralized stablecoin, PureDai, in the next few years.
With the unfolding events,
Uphold is set to end support for DAI, USDT, FRAX and other stablecoins ahead of MiCA. At the same time, sky (formerly MakerDAO) aims to increase the stablecoin market to $100bn, demonstrating the ambitious vision for this stablecoin amidst the increasingly lucrative DeFi market.
DAI Coin News Analytics from Wed, 31 Jan 2024 08:00:00 GMT to Tue, 12 Nov 2024 08:00:00 GMT -
Rating 5
- Innovation 6
- Information 8
- Rumor -3
