⇗ DAI Stablecoin Counters Competition, Emerges Strong Despite Controversy
DAI stablecoin , initially developed by MakerDAO , represents a significant step forward in the cryptocurrency market. However, in recent times,...
The recent developments surrounding DAI have garnered significant attention. Ethena's USDe dethroned DAI to become the third-largest stablecoin, signifying increased investor interest in alternatives. Further intensifying the competition, MakerDAO rebranded as Sky, converting its DAI stablecoin to USDS. New features have been introduced such as the ability for the developer to freeze the new USDS stablecoin. In addition, Sky has implemented a new governance token, with an optional provision for MKR conversions.
AaveDAO initiated a discussion on collateral which could affect DAI price, and MakerDAO suggested a controversial proposal which has drawn criticism. A phishing attack led to the loss of $55M DAI, affecting its credibility. Significant DeFi conflicts have arisen over the perceived risk growth of DAI. Aave has launched a proposal to counter any expansion risks and has considered dropping DAI as collateral due to contagion concerns. The volume of Stablecoins including DAI exceeded the monthly average of Visa in 2023.
Another significant development is the delisting of DAI and other stablecoins by Uphold ahead of MiCA regulations. There has been a backlash over Sky's stablecoin freeze process, which may be decided by a decentralized court. Uphold is planning to delist USDT and 5 stablecoins by July 1, citing MiCA's implementation.
DAI Coin News Analytics from Thu, 28 Dec 2017 03:05:08 GMT to Tue, 17 Dec 2024 08:00:00 GMT - Rating 0 - Innovation 3 - Information 4 - Rumor -4
