5 Dollar-Pegged Tokens Command 94% of the Swelling $135 Billion Stablecoin Market Cap

During the last month, four out of five of the top stablecoins by market capitalization saw their valuations swell in size.

Big Three Credit Agency Fitch Says Stablecoin Growth Could Be ‘Disruptive’ to Securities Markets

American credit rating agency Fitch Ratings, one of the ‘Big Three’ credit rating agencies, has published a report that says stablecoin growth could affect securities and commercial paper (CP) markets.

Defi and Algorithmic Stablecoin Demand Grows in 2021 Despite Large Centralized Competitors

On Wednesday, October 13, 2021, the market capitalization of all the stablecoins in existence is around $134 billion, which is 5.60% of the entire $2.4 trillion crypto economy.

Magic Internet Money races past $1B, sets sights on MakerDao

Abracadabra Money enables users to provide collateral via interest-bearing bearing tokens and borrow the Magic Internet Money stablecoin against their holdings.

MakerDAO founder's plans to address climate change and pivot back to ETH

Rune Christensen believes MakerDAO’s collateral should be mobilized to capital into sustainable investments. MakerDAO founder Rune Christensen has published an essay outlining measures that could be taken to make the protocol a vehicle for addressing climate change.In a lengthy Oct.

Third-Largest Bank in France Societe Generale Proposes Use of Defi Protocol Makerdao

French multinational investment bank and financial services company, Societe Generale, has proposed to leverage the decentralized finance (defi) protocol Makerdao.

Societe Generale proposes historic $20M DAI loan in exchange for bond tokens

The digital assets division of the international bank wants to provide home loan-backed security tokens as collateral for the loan.

Valuation of Stablecoin DAI Market Swells — DAI Market Cap Increased More Than 800% in 12 Months

Recently Bitcoin.com News covered the stablecoin tether and how the crypto asset’s market valuation jumped more than 1,500% in just over 500 days.

Which stablecoins were actually 'stable' during this week's sudden Bitcoin price crash?

Crypto traders flocked to the safety of stablecoins during the Sept.

Is MakerDAO's move toward decentralization, triggering this rally for Maker

MakerDAO, the organization behind the stablecoin DAI and the altcoin Maker (MKR), has been undergoing some radical changes.

Tether releases newly-unfrozen funds associated with Poly Network, Yearn DAI hacks

Tether is in the news today after the world's largest stablecoin announced the release of $33.4 million in frozen funds.

Utopia P2P Introduces Anonymous USD Stablecoin Backed by DAI

The text below is an advertorial article that was not written by Cryptonews.com journalists. Utopia, a decentralized, peer-to-peer ecosystem, the development of which was begun covertly in 2013 and released officially in November of 2019, providing access to secure and surveillance resistant communication and finance, this month launches Utopia USD stablecoin; UUSD. The UUSD stablecoin is built

Utopia P2P introduces anonymous USD stablecoin backed by DAI

Utopia, a decentralized, peer-to-peer ecosystem, the development of which was begun covertly in 2013 and released officially in November of 2019, providing access to secure and surveillance resistant The post Utopia P2P introduces anonymous USD stablecoin backed by DAI appeared first on AMBCrypto.

Poly Network Says Stolen User Assets on ETH Have Been Returned, Except Frozen USDT

On Friday, a few days after the initial hack for $611 million, the Poly Network project detailed that the company has obtained all the assets stolen minus the frozen tether that was blacklisted by Tether Limited.

Poly Network Hacker Says ‘In the Defi World Code Is Law’ While Returning Millions in Defi Tokens

Two days after the notorious Poly Network hack, the hacker continues to send funds back to the project.

Poly Network Hacked for More Than $600 Million — Hacker Trolls Project Saying ‘It Could Have Been a Billion’

On August 10, the decentralized finance (defi) project Poly Network suffered a loss of over $600 million according to various reports.

MakerDAO to dissolve Foundation and become truly decentralized again

MakerDAO plans to complete its roadmap to decentralized governance with the dissolution of its foundation in the coming months. Pioneering decentralized finance protocol, MakerDAO, has announced its foundation will formally dissolve in the coming months, marking one of the final milestones in the protocol’s roadmap to decentralized governance.A July 20 blog post describes Maker’s decentralized autonomous organization, or DAO, as now being “fully self-sufficient” — with its globally distributed community “now responsible for every aspect of the Maker protocol.”“Complete decentralization of Maker means that future development and operation of the Protocol and the DAO will be determined by thousands or perhaps millions of engaged, enthusiastic community members, all determined to extend the benefits of digital currency to people across the globe.”The post’s author, Maker Foundation CEO, Rune Christensen recounts highlights from the project’s six-year journey, with Christensen having first revealed his plans in a Reddit post detailing his vision for an Ethereum-back stable token dubbed “eDollar” during March 2015.The Maker Foundation was created as a non-profit tasked with overseeing the project's development and funding in September 2018, reportedly at the behest of its early investors.

Ethereum DeFi Pioneer Maker Foundation Is Shutting Down, DAO Will Take Over

MakerDAO has taken over control of the Ethereum-based Maker protocol and its associated cryptocurrencies, MKR and DAI.

Stablecoins Swelled by $13B in 30 Days, Captured 67% of Today’s Crypto Trade Volume

Over the last few weeks, cryptocurrency markets have fallen in value as most of these assets reached all-time price highs three months ago.

Cointelegraph Consulting: Stablecoin activity drops after May peak

Despite the tumble in stablecoin activity, average transactions of stablecoins DAI and UST still exceed those of USDT and USDC.

Enjoy the Euromania Lottery with DAI and USD on 1xbit

1xBit, a multi-currency crypto sportsbook, adds DAI to the list of the supported cryptocurrencies where the new coin meets another trailblazing stablecoin - USDT.

DAI at 1xBit. New Stable Coin – Your Next Ride!

The text below is an advertorial article that was not written by Cryptonews.com journalists. Meet DAI at 1xBit - an Ethereum-based stable coin with its value of 1 USD, the key in the MakerDAO lending system. MakerDAO develops technology and resources for borrowing, lending, and saving money using the Ethereum blockchain.

Meet DAI at 1xBit.com

Are you looking for a smart way to enjoy price stability in blockchain? Then meet DAI at 1xBit – an Ethereum-based stablecoin with its value of 1 USD, the key in the MakerDAO lending system.

MakerDAO slashes stability fees as stablecoin demand wanes

Maker hopes to reignite demand for its DAI stablecoin through the fee reduction. Decentralized finance lending and stablecoin protocol MakerDAO has adjusted stability fees across a wide range of crypto assets used as collateral on the platform.The move comes as the demand for DAI and other stablecoins has cooled amid the recent crypto market retracement, with Maker hoping to drive up demand for DAI minting through the reduction in fees.⚠️Maker Protocol Changes ⚠️ (1/5)ETH-A Stability Fee: 5.5% → 3.5%ETH-B Stability Fee: 10% → 9%ETH-C Stability Fee: 3% → 1%WBTC-A Stability Fee: 4.5% → 3.5%LINK-A Stability Fee: 5% → 4%YFI-A Stability Fee: 5.5% → 4%— Maker DAI Bot (@MakerDaiBot) June 21, 2021 When users deposit crypto assets to mint the protocol’s stablecoin, DAI, the debt incurs a stability fee which is effectively a continuously accruing interest that is due upon repayment of the borrowed tokens.Maker’s fluctuating stability fees are designed to maintain DAI’s dollar peg, as when collateralized debt position (CDP) holders mint more DAI than the market demands, the stable token’s price could fall below $1.Increasing the stability fee pushes up the cost of borrowing DAI, reducing demand for minting the token.

Daily Cryptocurrency Exchange Trade Volume Taps All-Time High, Stablecoin Swaps Dominate

According to this week’s data, cryptocurrency trade volume touched an all-time high on May 20, reaching $1.76 trillion in reported 24-hour volume.

YFDAI Releases Robust Roadmap Update for 2021

YFDAI (YF-DAI) has updated its 2021 roadmap on the heels of launching the SafeSwap Governance Token, SSGT.

Glassnode predicts BTC rally as stablecoin supply tags record highs

Tether, USD Coin, Binance USD, and DAI are now worth more than $78 billion combined.

Lending giant Aave set to launch liquidity mining program

Can governance token distribution help Aave overtake Compound? With a liquidity mining program set to launch on Monday, Aave could be on the cusp of becoming the dominant decentralized finance (DeFi) ledning protocol.  Earlier today, Aave Improvement Proposal (AIP) 16 reached quorum, meaning that starting on Monday, 4/26 liquidity providers and borrowers in Aave’s USDC, DAI, USDT, GUSD, ETH, and WBTC pools will earn stAAVE rewards in addition to their standard interest yield.

Maker Hits a New All-Time High Close to the $5,000 Mark

Maker has grown nearly eight-fold since the beginning of this year.

VC Backed Billion-Dollar Stablecoin Project Fei Protocol Falls Below the USD Peg

The new decentralized finance (defi) stablecoin project called Fei had some issues this week after the 1:1 USD pegged token dropped well below its targeted $1 value.

Atari to Launch a Crypto-Fueled Gaming Platform in the Ethereum Metaverse Decentraland

In October 2020, the entertainment software company Atari launched a digital currency and later revealed plans to join the Ethereum virtual reality game Sandbox.

No-loss lottery PoolTogether cracks 50 million in deposits after token airdrop

The self-styled "savings game" is hoovering user deposits, leading to meaty lottery payouts No-loss lotteries appear to have found a snug product-market fit.  Just a few days after the airdrop of their governance token, POOL, the self-styled “savings game” PoolTogether has cracked $50 million in total value locked with ease, currently sitting above $51 million spread between DAI, USDC, UNI, and COMP lottery pools.

Stablecoin RAI launches, a pure, decentralized alternative for DeFi

The RAI stablecoin will attempt to bring stability to DeFi markets with the long-term goal of becoming a stable global reserve asset not tied to any nation’s currency. New Ethereum-backed stablecoin RAI hopes to be the savior of the DeFi sector by providing a truly decentralized stablecoin alternative.  Developed by blockchain startup Reflexer Labs, RAI is not pegged to any fiat currency and its monetary policy is managed by an on-chain, autonomous controller.

Reflexer Launches Alternative to Ethereum Stablecoin DAI, Called RAI

The new Ethereum-backed RAI token’s price is not pegged to anything but it should retain a stable exchange rate—hopefully.

After Yearn exploit, attacker funds frozen and reimbursement plans developing

Seized funds bring the damage down to $9 million as multiple communities ponder the next step in reimbursing user funds Following an exploit last night that cost yield vault project Yearn.finance $11 million in stablecoin DAI, crypto community members from multiple projects have rallied to mitigate the effects, reclaim exploited funds, and reimburse affected users.  First reported by the project at 5:09 pm EST, the exploit was a complex arbitration attack on Yearn’s version 1 DAI yield vault.

Yearn's YFI Drops Following a USD 11M-Heavy Exploit

Decentralized finance (DeFi) protocol yearn.finance's YFI dropped more than USD 4,000 after one of its DAI lending pools was drained of USD 11m in an exploit.

Curve liquidity providers see $3M windfall from $11M Yearn Finance exploit

A hacker has made off with $2.8 million after draining $11 million from Yearn Finance’s V1 DAI vault. DeFi protocol Yearn Finance has reported that its V1 yDAI vault was exploited by a hacker to the tune of $11 million on Feb.

$14 Million Gone in Yearn Finance Exploit

Yearn Finance has reported an exploit of one of its DAI vaults.

Yearn Finance DAI Vault ‘Has Suffered an Exploit’; $13.8M Drained

“Attacker got away with 2.8m, dai vault lost 11.1m,” a Yearn Finance developer posted in Discord.

Bullish Sign for Crypto? USDC and Dai Balances on Exchanges Hit Record Highs

Buying in these stablecoins may foretell where the crypto market is going.

DMEX Integrates xDAI for Cheap Decentralized Perpetual Contracts With up to 100x Leverage and No KYC

PRESS RELEASE. In response to rising gas prices during the last weeks, DMEX has moved its trade processing to xDAI sidechain that allows for much cheaper transaction recording.

How To Use DAI Stablecoin: Beginner's Guide (2021)

DAI is an ERC20 token on the Ethereum blockchain that has a steady value of one US dollar.

Bitcoin Startup Ramp Expands to US and Canada

Residents of the United States and Canada now can buy Bitcoin, Etherum, USDC, and DAI via Ramp’s platform.

Tron Is Out, Dai Is Back: CoinDesk 20 List Updates for 2021 Q1

Volume on eight trusted exchanges used by CoinDesk hit $239.98 billion in Q4 2020, up from $90.08 billion in the prior quarter.

Maker’s MKR Token Surges to 2-Year High on DeFi Growth

Maker's MKR token surged to its highest level in more than two years.

What Are Stablecoins?

A stablecoin is a type of cryptocurrency whose value is tied to an outside asset, such as the US dollar or gold, to stabilize the price.

After exploit, Warp Finance compensation plan takes promising strides

In a promising sign for the DeFi space, another project devotes itself to complete user compensation following an exploit In a blog post on Saturday night, Warp Finance — the latest decentralized finance (DeFi) protocol to suffer a smart contract exploit — announced promising strides towards recompensating users following a nearly $8 million flash loan attack.  As Cointelegraph reported on Friday, the DeFi protocol, which offers stablecoin loans on liquidity pool token collateral, lost $7.7 million in USDC and DAI when an attacker used multiple flash loans to create liquidity pool tokens, manipulate Warp’s price oracles, and drain Warp’s stablecoin coffers.

A lifetime in 24 Tweets: The rise of Inverse.Finance

"I felt like I wanna do things my way for once," says solo developer Nour Haridy. Consisting of 24 Tweets over a 48-hour period, Inverse.Finance’s social media presence reads like a decentralized finance (DeFi) startup story in hyperdrive.  Over the course of its short life the fledgling protocol has already attracted $4.3 million in total value locked (a figure that seems to be rising as fast as solo developer Nour Haridy can raise the hardcap), luring depositors with the promise of passive ETH gains on DAI — gains powered by permissioned early access Yearn.Finance’s forthcoming, yield-bearing v2 vaults.

Brazil Revenue Collector’s Data Shows Cryptocurrency Volumes Exceed $6 Billion Between January and September

Raw data from the Federal Revenue of Brazil (RFB) shows that crypto traded volumes in the country exceeded $6 billion between January and September this year.

Maker’s Dai Stablecoin Could Reach $2 Billion in Market Cap by the End of 2021—Here’s Why

Messari boldly suggests that after Dai’s market cap surged by 15x this year, due to DeFi, the stablecoin’s market cap could double by the end of next year (Read More)

Yearnify Finance (YFY) Hidden Gem – Decentralized Finance Project, Pre-Sale Round 3 Is Now Live

PRESS RELEASE. Yearnify Finance is a community-centered DeFi-project, modeled to take the successful features of Yearn Finance (YFI), and improve upon them.

Compound Founder claims 'adverse market conditions' caused DAI liquidation

Thanksgiving was an eventful day in terms of the overall market movement, as Bitcoin dropped to $16k levels, witnessing its largest single-day drop since March 12, 2020. Over $1.3 billion was liqui The post Compound Founder claims 'adverse market conditions' caused DAI liquidation appeared first on AMBCrypto.

Binance lists DAI and de-lists EOS from P2P platform

Major crypto exchange, Binance, announced that they will be adding DAI and removing EOS from their Peer to Peer (P2P) trading platform. In the announcement, Binance stated that all EOS advertisemen The post Binance lists DAI and de-lists EOS from P2P platform appeared first on AMBCrypto.

Compound liquidator makes $4M as oracles post inflated Dai price

DAI reached a price of $1.3 on Uniswap and Coinbase, the two exchanges used by Compound's oracles. The crypto market suffered a powerful crash on Thursday morning UTC, which sent prices of major currencies like Bitcoin (BTC) and Ether (ETH) tumbling in excess of 10%. When traders rush for the exits, the price of stablecoins generally increase as the demand for stability rises.

Oracle Exploit Sees $100 Million Liquidated on Compound

A potential oracle exploit—that raised the price of DAI on Coinbase Pro—caused millions to be liquidated on Compound.

Hackers Paradise: Yet Another Defi Protocol Exploited for Nearly $20 Million in DAI

Decentralized finance (defi) protocol Pickle Finance was hacked for $19.7 million of the stablecoin DAI over the weekend, as the defi industry appears to be turning into a hackers paradise.

Yearning for Pickle? Two DeFi Protocols Merge

Pickle Finance was recently hit by an exploit in which $19.7 million in DAI was lost.

Pickle Finance DeFi Protocol Loses $19.7 Million In DAI Stablecoin in “Massive” Hack

Pickle Finance becomes the latest DeFi Protocol to suffer from hacking, losing almost $20 million in DAI stablecoin.

DeFi Protocol Pickle Finance Token Loses Almost Half Its Value After $19.7M Hack

Popular decentralized finance protocol Pickle Finance was hacked on Saturday.

Origin Defi Protocol Suffers Massive Flash Loan Attack- OUSD Stablecoin Value Plunges 85%

The OUSD stablecoin issuer, Origin Protocol is the latest Defi protocol to fall victim to a flash loan attack.

Defi Protocol That Bragged About Having Flash Loan Attack Prevention Hacked for $6 Million

A decentralized finance (defi) protocol that bragged about having flash loan attack prevention has been exploited for $6 million in DAI, in a flash loan attack.

Ethereum-based Origin Dollar Hacked for Estimated $7 Million

The hack of Origin, which comes on the heels of several crypto flash loan attacks, may further undermine confidence in decentralized finance.

Cheese Bank's multi-million dollar hack explained by security firm

Nefarious parties are using flashloans in conjunction with stablecoins to steal DeFi funds from platforms.

Value DeFi protocol hacker flooded with sob stories after returning $95K DAI

“These are all my savings. I hope you can return it to me.” On Nov 14, an unknown party exploited flash loans via the decentralized finance protocol Value DeFi to the tune of $5.4 million.

Some loans on Maker are never liquidated, prompting debt auction overhaul

Small loans for $100 are uninteresting to liquidators, and they're cheap to stack up. The Maker (MKR) community is looking for solutions after an analysis by B.Protocol suggested that it is possible to exploit the liquidation system to create under-collateralized debt.  The researchers created small vaults for $128, just above Maker’s “dust” parameter that defines the minimum size for new vaults.

Value DeFi Hacker Sends Back $95,000 in DAI

The hacker who siphoned $6 million from decentralized platform Value DeFi appears to have a heart after all.

Hackers Drain $2 Million in DAI From Defi Protocol Akropolis

Decentralized finance (defi) protocol Akropolis was on Thursday hacked for $2 million in DAI, in the latest flash loan attack to hit the nascent defi industry.

Ethereum-Based Akropolis DeFi Protocol Hacked, More than $2 Million Stablecoins Stolen

The recent hack suffered by Akropolis, an Ethereum-based DeFi protocol resulted in a loss of more than 2 million DAI ERC-20 tokens.

Akropolis DeFi protocol 'paused' as hackers get away with $2M in DAI

Blockchain records show the hackers got away with more than $2,051,159 in DAI before moving the funds to a different address.

DeFi project Akropolis hacked for $2 million in DAI tokens

Akropolis has reportedly come under attack, with hackers draining the DeFi protocol’s savings pool to the tune of $2 million in DAI stablecoin.

DeFi Project Akropolis Token Pool Drained of $2M in DAI

Decentralized finance platform Akropolis’ yCurve pools have been drained resulting in the loss of $2 million.

Blockchain Bites: $16K BTC, $1B DAI, $13.6B TVL in DeFi

Bitcoin is riding fresh three-year highs as nearly all UTXOs are in profit, while MakerDAO's DAI becomes the latest crypto "unicorn" with a $1 billion market cap.

MakerDAO’s DAI Stablecoin Breaks $1B Market Cap

The stablecoin dai (DAI) broke a market capitalization of $1 billion on Wednesday, a major milestone for the DeFi pioneer.

Volume Surge Brings 25% Turnover to ‘CoinDesk 20’

In the latest CoinDesk 20 revision, five assets were replaced by crypto assets that saw recent quarterly volume surges.

Yearnify Finance (YFY) Bringing Value To Decentralized Finance Ecosystem – Token Pre-Sale Is Live

Yearnify Finance is considered as one of the most innovative sources of passive income by most of the investors.

Uncollaterized Power: A Makerdao Governance Vote Was Swayed by a Defi Flash Loan

The Makerdao and the stablecoin DAI has been a popular project in the decentralized finance (defi) space and it’s also had its share of problems.

DAI's growth is crucial to DeFi, here's why

The stablecoins sector has been working behind the scenes and has been witnessing great growth in 2020.

Ethereum Classic Labs announces DAI-ETC Bridge with ChainSafe

Many cryptocurrency projects have been working on financial inclusion and Ethereum Classic recently announced a step towards it.

ETC Builds a Bridge Back to Ethereum...for DeFi

ETC Labs, the foundation supporting development of the Ethereum Classic blockchain, has announced DAI stablecoins are coming to ETC via Chainsafe.

Yearnify Finance (YFY) Next Generation Decentralized Finance Project, Token Pre-sale is Now Live

PRESS RELEASE. Yearnify Finance is a community-centered DeFi-project, modeled to take the successful features of Yearn Finance (YFI), and improve upon them, we aim to bring the true value of yield farming finance accessible to all users, we offer the most secure and simple way to earn reliable yields on your assets.

Yield farming fuels 623% growth in DAI supply to nearly $1B

Demand for Ethereum-based stablecoins exploded during the third-quarter DeFi bubble, with DAI’s supply growing by more than 600% and USDC expanding 200%. Decentralized finance’s (DeFi) explosive third-quarter brought significant growth to Ethereum (ETH)-compatible stablecoins. According to crypto market data aggregator Messari, the supply of MakerDAO’s DAI stablecoin grew by 623% in Q3 2020, pushing the token’s value above $1 for four consecutive months. Since starting July with a market cap of nearly $130 million, DAI’s supply has expanded to more than $940 million today. DAI is created when Ether holders deposit their ETH into the MakerDAO protocol, allowing them to create the stablecoin using Ether as collateral.

Tether Still Dominates Stablecoins, but USDC and Dai Are Winning DeFi

USDC and DAI seem to have found their niche as the preferred stablecoins in decentralized trades.

YearnSwap Is All Set to Introduce Its Decentralized Ecosystem

LONDON, United Kingdom, — YearnSwap.org – Is all set to launch its Decentralized protocols (Lending, Yield Farming, Staking) for public access, YearnSwap aims to provide an Ecosystem with many prominent features available in the market today.

MakerDAO’s Embrace of Centralized Stablecoins Offers Risks and Rewards

MakerDAO's ingestion of centralized stablecoins may help maintain a $ peg.

Bitcoin Defi: Smart Contract Platform RSK Integrates ETH-Based Stablecoin DAI

On October 6, 2020, the RIF (RSK Infrastructure Framework) development team announced that the Makerdao project’s DAI stablecoin is now available via the smart contract protocol RSK.

RSK & RIF Bitcoin Sidechain Integrates DAI to Further Connect To Ethereum’s DeFi

The DeFi space continues to expand as the total value locked in protocols has recently almost hit $11 billion.

RSK Infrastructure Framework integrates DAI stablecoin to expand Bitcoin in DeFi

When it comes to the DeFi ecosystem at large, there seems to be a lot of eagerness with regard to the growth of Bitcoin’s DeFi space and on those lines, another startup has taken up the expansion of The post RSK Infrastructure Framework integrates DAI stablecoin to expand Bitcoin in DeFi appeared first on AMBCrypto.

Yearn Finance Connect (YFIC) New DeFi Project Decentralized Finance, Staking, Lending & Yield Farming

Yearn Finance Connect is a decentralized token under the ERC-20 protocol, that allows users to stake YFIC, borrow assets, and vote for improvements within the community.

Stablecoin Supply Doubles in 3 Months as Combined Market Cap Surpasses $20B

2020 has been the year of stablecoins, as the token supply has doubled in the last three months.

Yield farming platform APY Finance locks $67 million in first hour

APY.Finance is the latest DeFi protocol to explode in popularity, locking more than $67 million of stablecoins in the first hour of launching its mining program. The DeFi sector is still going strong with the newly launched yield farming platform APY.Finance attracting more than $67 million in locked funds within one hour of launching liquidity mining earlier today. APY.Finance’s mining contracts incentivize users to provide liquidity in the form of the DAI, USDC, and USDT stablecoins, with users rewarded with the platform’s governance token, APY. The first month will see 900,000 APY tokens mined, the official blog post outlined, but “incentivization details” will vary month-to-month.

MakerDAO Adds Chainlink, Compound, Loopring as Collateral Options

MakerDAO has voted to add support for a trio of new tokens for the decentralized finance (DeFi) loans that generate DAI stablecoins.

Global economy saved: Reddit’s MOON token has a $2.64 septillion market cap

Despite still being on the Rinkeby testnet, holders of Reddit’s ‘MOONs’ have devised a way to trade the tokens for fiat. In defiance of Reddit's apparent wishes, crypto traders have devised a way to exchange the social platform’s ‘community points’  tokens for fiat — and it’s resulted in a pretty surprising market cap.  In May Reddit announced it would begin distributing ERC-20 rewards tokens on the Rinkeby testnet among users of its cryptocurrency and Fortnite subcommunities in the form of ‘MOONs’ and ‘BRICKs.’ The tokens are distributed according to a user's contributions to the respective subreddits. xMOON pairings appeared on xDai network exchange Honeyswap last week after Reddit introduced a feature allowing Moons to be converted into ‘coins’. MOON holders can now trade the tokens by converting them to xMOON via xmoon.exchange, and then exchanging the xMOONs for xDAI — which can be converted to the stablecoin DAI 1:1 — via Honeyswap.

$30M MakerDAO 'Black Thursday' lawsuit sent to arbitration

A class-action lawsuit accusing MakerDAO of misrepresenting the risks associated with its DAI stablecoin has been stayed pending arbitration proceedings. A court has agreed with the Maker Ecosystem Growth Foundation that a class-action lawsuit over its ‘Black Thursday’ meltdown should enter into arbitration proceedings. The Maker Foundation filed this motion to compel arbitration in response a lawsuit filed by MakerDAO user Peter Johnson in April after he suffered six-figure losses as a result of the protocol becoming undercollateralized in March. In a September 25 order, Judge Maxine Chesney found that the American Arbitration Association must determine whether Johnson’s claims fall within the scope of an arbitration clause included in DAI’s terms of service that the investor agreed to in 2018.

Makerdao Vote to Not Compensate Black Thursday Victims Receives Harsh Criticism

Large Makerdao holders decided not to compensate the victims that were liquidated during the unexpected flash crash that took place on March 12, otherwise known as ‘Black Thursday.’ An aggregate total of 38 votes was cast and more than 65% of the governance portal participants voted for zero compensation.

Origin Debuts OUSD, a Stablecoin That Works Like a Savings Account

Origin is announcing Origin Dollars, or OUSD, a stablecoin whose reserves leverage decentralized finance (DeFi) so that balances grow wherever it resides.

Firstderivative Yield Farming Project Is Now Live With x10 Bonus

The latest trends at the cryptocurrency market are largely characterized by DeFi gaining more momentum and the upcoming launch of ETH 2.0 staking algorithm.

Argentina’s New Dollar Tax Is a Boon for Cryptocurrency

Argentina has imposed a new 35% tax on all purchases made in US dollars.

Buy Gift Cards With Bitcoins or Altcoins With Coinsbee

Platform Name: Coinsbee URL: https://www.coinsbee.com/ Company: TSMH GmbH Location: Stuttgart, Germany Founded: 2019 Supported Languages: English, German, Russian, Spanish, French, and Chinese Supported Cryptocurrencies: over 50 leading cryptos including BTC, ETH, LTC, XRP, TRX, BCH, NANO, DAI, XLM and GNT Social Media Facebook: https://www.facebook.com/Coinsbeecom-2042415356068276/ Twitter: https://twitter.com/coinsbee Reddit: https://www.reddit.com/user/coinsbee_com/ What is Coinsbee?   Coinsbee is an […]

‘No Other Option but More Collateral’: The Short- (and Long-) Term Fixes for Dai’s Broken Peg

Stablecoin demand in yield farming is breaking dai's peg.

DeFi Money Market Adds Yield Farming Atop Interest Rewards

DeFi Money Market, which already pays interest on deposits, has introduced governance token rewards for staking stablecoins on decentralized exchanges.