The DAI savings rate was previously increased to 1% in December 2022, and led to 35 million DAI being deposited in the span of a month, according to MakerDAO.
Justin Sun Moves $4.3M of MakerDAO’s Tokens to Binance: Blockchain Data
Tron founder Justin Sun’s potential sale of MakerDAO’s token – movements of tokens to an exchange often come before sales – coincide with the DeFi protocol’s controversial restructuring.
Bakkt Mass Delists Tokens Including Aave, Avalanche, Compound, Filecoin, MakerDAO and Uniswap
Intercontinental Exchange-owned Bakkt discontinued its consumer-facing app in February as it shifts away from retail
MakerDAO Massive Upgrade, A New Era For DeFi?
MakerDAO, the decentralized finance (DeFi) project behind the popular stablecoin DAI, has announced a major update called “Endgame.” Endgame is designed to enhance efficiency, resilience, and participation by applying fine-tuned AI tools to open scalable processes. The goal is to create a strong governance equilibrium that enables the permissionless growth of SubDAOs and parallelized product development in an emergent, community-driven ecosystem.
Revolutionizing DeFi
According to the announcement, The short-term objective of Endgame is to grow MakerDAO into the largest and most widely used stablecoin project within 3 years. From there, the project aims to anchor its growth in an autonomous DAO economy that ensures its growth can accelerate and safely reach any scale level without putting the resilient governance equilibrium at risk.
To achieve this goal, Endgame will be launched in five successive phases. The first phase, called Phase 0, will focus on improving the scalability and efficiency of the Maker Protocol. This will involve upgrading the system’s architecture and deploying AI tools to optimize various processes.
5 phases of Endgame.
Endgame has been defined as an update that employs AI tools and open processes to enhance efficiency, resilience, and participation.
A new publication on the Maker Forum outlines its roadmap, which includes the introduction of 5 major launch phases. pic.twitter.com/8GOkIfFADi
— Maker (@MakerDAO) May 12, 2023
Phase 1 will introduce the SubDAO framework, enabling the creation of specialized DAOs that can operate independently or in conjunction with the MakerDAO governance structure. This will allow for parallelized product development and the emergence of a community-driven ecosystem.
The SubDAOs are further divided into Facilitator & Allocator DAOs, and their genesis tokens will be distributed through the NewStable farms. This will be supported by the Smart Burn Engine, which will accumulate and burn LP tokens for NewStable against NewGovToken using protocol surplus.
Phase 2 will focus on enhancing the governance mechanism of MakerDAO to ensure that it remains resilient and adaptable as the project grows. This will involve the development of a comprehensive governance framework that incorporates the SubDAOs and ensures that they are aligned with the project’s overall goals.
Phase 3 will introduce new collateral types to the Maker Protocol, expanding its use case and increasing its adoption. This will include integrating real-world assets, such as real estate and stocks, as collateral, providing new opportunities for investors and borrowers.
Finally, Phase 4 will focus on the project’s long-term sustainability by introducing a decentralized treasury and investment strategy that will ensure the long-term growth and stability of the MakerDAO ecosystem.
MakerDAO Biggest Upgrade Yet
According to the analysis by the DeFi researcher under the pseudonym “DeFi Ignas,” To further streamline governance, MakerDAO is also introducing an AI Tools system to enable users to verify governance rules and processes or generate new governance proposals.
The Sagittarius Lockstake Engine (SLE) will incentivize NewGovToken holders to participate in governance by locking their tokens and delegating their voting power to receive rewards as NewStable income or SubDAO tokens.
Governance participation is gamified for accessibility, which creates earning opportunities. Furthermore, To encourage participation in governance during challenging times, MakerDAO is imposing a 15% exit fee on locked tokens. Bootstrapping rewards will also be offered to join governance.
Per DeFi Ignas Analysis, the native token for gas fees will be Savings-NewStable, a tokenized version of NewStable actively earning the Savings Rate. Consensus staking will be with NewGovToken through the Sagittarius Lockstake Engine.
Overall, This latest upgrade announcement from MakerDAO represents a major step forward for the DeFi ecosystem. By reducing governance complexity and increasing efficiency, MakerDAO is positioning itself to become the world’s largest and most widely used stablecoin project while maintaining its resilience and adaptability in the face of rapidly changing market conditions and potential regulatory risks.
According to DeFi Ignas, the ultimate aim is to create an Unbiased World Currency that is not necessarily pegged to the USD.
Featured image from Unsplash, chart from TradingView.com
MakerDAO Founder Proposes Plan for Upgraded Versions of DAI Stablecoin, Governance Token
Rune Christensen also proposed to incorporate artificial intelligence-assisted processes into Maker’s governance.
MakerDAO publishes 5-phase roadmap featuring funding for open-source AI projects
DAI stablecoin proprietor MakerDAO offered up an AI-heavy roadmap for the future with plans for a new blockchain.
MakerDAO launches Spark Protocol, a new DeFi lending solution for DAI users
The initial iteration of the Spark Protocol will function as a lending platform, offering supply and borrow functionalities for cryptocurrencies ETH, stETH, DAI and sDAI.
Blockchain and crypto leaders converged at DAO Tokyo as Japan increases adoption
Japan has taken strides of late to adopt and integrate decentralized technologies within both government and businesses.
Crypto Lending Protocol MakerDAO Approves Transferring a Maximum of $500M in USDC to Coinbase Custody for 2.6% Yield
The maneuver is part of MakerDAO’s earlier decision to move up to $1.6 billion of USDC stablecoins to Coinbase’s custody arm.
Uniswap funds DAO incentive improvement project
The project will provide at least three proposals for Uniswap incentive mechanisms by June.
Next Generation DeFi Platform M^ZERO Emerges from Stealth with $22.5M Funding Round
The initial round was led by Pantera Capital, and included the Scaramucci family-linked SALT Fund, and Mouro Capital, the venture capital connected to the Santander Group.
CFTC allegations and $1 billion lawsuit for Binance: Law Decoded, March 27–April 3
Five days after the CFTC move, a new $1 billion lawsuit was filed against the crypto exchange by the law firm representing three American investors.
MakerDAO passes new ‘constitution’ to formalize governance process
The document creates multiple offices tasked with fulfilling various jobs for the protocol, each with their own powers and responsibilities.
Lending Platform MakerDAO Approves ‘Constitution,’ Moves Forward With ‘Endgame’ Plan
The approved proposal aims to set a new foundation for the largest decentralized lending protocol’s major restructuring called “Endgame.”
Stablecoin Issuer MakerDAO Votes to Retain USDC as Primary Reserve Even After Depeg
The decision follows a turbulent period during which USDC temporarily lost its dollar peg when key banking partner SVB collapsed.
MakerDAO passes proposal for $750M increase in US Treasury investments
The emergency proposal increases MakerDAO’s holdings of United States bonds by 150%, aiming to diversify the Dai stablecoin’s collateral exposure.
Debtors saved over $100M using de-pegged stablecoins to repay loans
Debtors jumped on the opportunity to grab a discount on their loan repayments when USDC and DAI de-pegged from the dollar.
Burning USDC and Minting DAI Prove to Be Popular On-Chain Activities Amid SVB Collapse
Circle’s USDC stablecoin had nearly $3 billion in net redemptions since Friday, while the total supply of DAI increased by 1.2 billion tokens over the same time period.
MakerDAO Weighs Using Emergency Switch to Prevent Future DAI Depegging
The community proposal comes just days after DAI followed its fellow stablecoin USDC in slipping beneath the one-dollar mark.
Circle’s USDC instability causes domino effect on DAI, USDD stablecoins
Following USDC’s depegging, three stablecoins — DAI, USDD and FRAX — also depegged from the dollar.