DeFi on the Ballot: Yearn Developer Matt West Is Running for Congress

First a MakerDAO lobbyist, now a Yearn candidate.As regulatory stormclouds gather over Washington and crypto advocates seek to obtain a louder voice in US politics, one Yearn.Finance developer is running for Congress on a pro-crypto platform.That said, he may need the decentralized finance (DeFi) community’s help if he hopes to win.On Oct.

MakerDAO founder proposes purpose-driven DAO to address climate change issues

The growing concerns around climate change are urgent, to say the least and they need real solutions.

Finance Redefined: MakerDAO goes green and BoA bullish on DeFi, Oct. 1–8

Mirror opens decentralized blogging to the public, a Bank of America report is bullish on DeFi, and MakerDAO considers climate initiatives.

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 exec wants to circle back to Ethereum to address climate change

Rune Christensen, the Founder of DeFi protocol MakerDAO, recently published a lengthy blog post highlighting steps the platform could take in order to address climate change concerns.

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.

Senator Warren’s office confuses MakerDAO for failed 2016 project The DAO

Elizabeth Warren’s office has allegedly confused top 10 DeFi protocol MakerDAO with an early experiment in decentralized autonomous organizations that failed in 2016.

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.

US Lawmakers Fear Cryptocurrency Could Be a 'Financial 9/11', Says Congressman

Rep. Ted Budd appeared on MakerDAO's Maker Speaker Series to talk about DeFi, cryptocurrency, and regulations.

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.

MakerDAO Decentralizes, New Crypto Investments + More News

Source: Adobe/Сергей Шиманович Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. ____ Decentralization news MakerDAO (MKR) is now completely decentralized, Rune Christensen, CEO of the Maker Foundation, said in a blog post today.

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.

Polygon Opens Vault On MakerDAO, Commits $50 Million Worth Of Matic Tokens

Polygon has announced the integration of yield optimization vaults on the Maker Network.

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.

Funds locked in Aave soar past $20 billion amid layer-two embrace

Aave’s TVL has soared past $20 billion, with one-third of capital coming from its deployment on layer-two, Polygon. Aave has surged to the top of the DeFi ranking by total value locked (TVL) amid its recent embrace of layer-two for scaling.According to Aave’s website, the v2 and Polygon deployments of the popular crypto-powered money market protocol currently represent more than $20 billion in locked capital, holding more than $12.6 billion and $7.8 billion in the respective versions.According to DeFi Llama, Aave v2 is currently the largest decentralized protocol by assets locked, while Aave’s Polygon deployment would rank fourth despite launching just six weeks ago.Aave’e embrace of layer-two solution, Polygon, appears to have bolstered its adoption compared to other leading DeFi protocolsUsing data provided by Dune Analytics, Twitter user “DeFi Dividends” found that the share of Aave’s monthly userbase represented by new users is roughly 50% greater than either MakerDAO and Compound, with 44% of Aave’s users comprising newcomers in May compared to 29.8% for MakerDAO and 26.3% for Compound.Excluding its Polygon deployment, Aave outpaces Compound’s total value borrowed by one-third and MakerDAO by roughly double.Total Amount Borrowed market share:$AAVE: 47%$MKR: 17.9%$Comp: 35.1%Once again Aave's growth is impressive! This is the first month where it has passed comp for the most amount of money borrowed.

Privacy Protection: The Future of DeFi

On April 22, MakerDAO, known as the DeFi world’s ‘central bank’, in partnership with the financial supply chain project Centrifuge, completed the first real-world asset loan in DeFi (decentralized finance).

Total Value Locked in Maker Reaches a Record High as Maker Foundation Returns Dev Fund to DAO

Maker's total value locked (TVL) surged to $12.02B, hitting a record high amid Maker Foundation's announcement that it would refund 84,000 MKR from the development fund to the MakerDAO.

Maker Foundation returns dev fund to DAO amid path to decentralization

The Maker Foundation has returned 84,000 MKR to the project’s DAO in a major milestone for the protocol’s road to decentralization. The MakerDAO Foundation has returned 84,000 MKR tokens from its development fund to MakerDAO’s governance module, marking a milestone in the project’s path to decentralization. In a May 3 blog post, the foundation notes that “no conditions or expectations” have been placed on MakerDAO regarding the returned tokens, with Maker Governance now having complete control over the tokens. The announcement states that with the return of the development and the completion of recent technical contributions to Maker’s liquidation engine and its DAO’s core unit framework, the foundation will now focus on working toward its own dissolution to further decentralize the protocol: “The Foundation now turns inward to focus solely on its dissolution.“ To manage and finance its transition to obsolescence, the Maker Foundation has retained less than one percent of MKR’s supply.

Maker Foundation Sends $480 Million to MakerDAO Before It Dissolves

The Foundation believes its work is nearly done, and MKR surged to a record price.

'From dial-up to broadband': Banco Santander exec talks up DLT utilization in finance

Regulated decentralized finance that combines permissioned layer-two protocols and a public blockchain network could be the future of fintech. John Whelan, the head of Banco Santander’s blockchain lab in Madrid, recently touted the potential for increased decentralized ledger technology adoption in mainstream finance. Speaking during a webinar organized by Fintech Surge and the Future Blockchain Summit on Wednesday, Whelan remarked: “I could imagine a future where there is a global settlement network for an asset class of securities that operates in a fully controlled, private, permissioned layer-two on top of a public blockchain network.” While acknowledging that current public blockchain networks might not be optimized for high-frequency transactions, Whelan highlighted their suitability for settlements in the financial services arena. “Settlement is not something that has to happen instantaneously,” Whelan stated, adding: “Usually in the financial market, settlement is T+5 — we agree on a trade and we wait five days for settlement.” For Whelan, stakeholders in the financial services industry see significant potential in reducing the settlement throughput via blockchain networks. The Banco Santander digital asset chief also stated that DLT utilization in mainstream finance needs to reach a point where ERC-20, or any other blockchain-based token standard, becomes suitable for use in what Whelan termed “regulated DeFi” or “reg-DeFi.” Earlier in April, Rune Christensen, CEO of decentralized finance unicorn MakerDAO, stated that DeFi will require regulatory clarity to move from its current isolated bubble phase toward more significant interfacing with mainstream finance. Whelan also touched on the recent announcement that Banco Santander was one of three financial institutions selected by the European Investment Bank to issue a two-year 100-million-euro ($120 million) digital bond.

Top Three DeFi Lenders on Ethereum Hold Record $25 Billion in Deposits

The big three of Aave, Compound, and MakerDAO collectively had a record Q1.

MakerDAO moves to expand collateral assets and upgrade liquidation engine

The new liquidation engine has been designed to offer Maker’s users greater predictability and security.

Maker (MKR) Token Hits a New High as MakerDAO's First Financing Proposal Gets Approved

The market value of altcoins broke through $1 trillion for the first time, and MAKER successfully attracted the attention of investors.

Shift toward full decentralization pushes Maker (MKR) price above $4K

Maker price rallies to a new all-time high as the MakerDAO community makes preparations to become fully decentralized. Stablecoins have become a significant foundational piece for the cryptocurrency sector because they serve as a deeply liquid base pair for most assets and also offer investors a secure place to capture gains.

DeFi needs regulatory clarity to interface with ‘real-world’ finance, experts say

Decentralized finance protocols and regulatory agencies need to figure out DeFi regulations to enable the niche crypto market to integrate with real-world finance. Rune Christensen, founder and CEO of DeFi bluechip MakerDAO, says the decentralized finance space is set to move from its current isolated bubble phase toward more integration with the broader financial landscape. Christensen made this known during Tuesday’s plenary session “Behind the Decentralized Finance Hype” at the ongoing Global Technology Governance Summit organized by the World Economic Forum. According to the MakerDAO CEO, DeFi protocols interacting with real-world assets, such as commercial real estate and trade financing, will require significant regulatory input, stating: “The huge difference between the primordial soup of DeFi building and DeFi in the real world is that now you have to engage with regulation and laws.” Indeed, the dematerialization of securities is an already existing example of the emerging asset tokenization trend.

Are emerging markets missing out on DeFi due to gas fees?

Developed economies dominate the traffic rankings for the top DeFi protocols by TVL, with the US and UK topping the charts. Despite grand visions of enabling farmers in Vietnam access to the world of global finance via Decentralized Finance, emerging markets could represent as little 10% of visitors engaging with the top DeFi DApps.  Proponents have long hoped crypto and DeFi would allow citizens around the world a means to circumvent the barriers created by economic underdevelopment, however the data suggest users from the world’s largest economies dominate the DeFi rankings by online traffic. A new report from The Defiant examines the top five geographical sources of traffic for the 10 largest DeFi platforms by Total Value Locked in February, with the data provided by web traffic aggregator SimilarWeb. The analysis finds that US traffic dominates eight of the 10 largest DApps by TVL, representing between roughly 10% and 27% of traffic on MakerDAO, Compound, Aave, SushiSwap, Uniswap, Synthetic, Bancor, and BadgerDAO respectively.

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.