Maker Records Coincide with RalliesDavid Kemp
MakerDAO has recently published news that the crypto community to pass by. Leading media outlets announce that the brand’s value locked breaches at one billion USD ceiling. However, many experts say that there is a caveat. What attracts many participants is the fact that yield farmers have managed to create new rallies for Dai along with Ether.
Foundation protocols of DeFi based on Ethereum have made a great difference and this is what MakerDao has proved once again. Recent data shows that it a new all-time record. Nowadays its high in the total value locked is greater than ever before.
Professionals keep on analyzing data and statistics provided by Defipulse. What they see is that the value of the collateral that is locked in MKR vaults is currently a bit more than one billion USD. All this occurred after a sudden decrease that started last Saturday.
Most of the progress and visible growth is becoming possible thanks to the significant price rally that one of the most popular assets is taking. Market specialists admit that this asset is still the most employed collateral unit for the coinage ofDAI. What many find essential is that since last weekend, the amount of this asset locked has lately increased by approximately thirteen percent, while the value of the U.S. dollar hasn’t remained the same and gained nearly sixty percent.
There is an increase in supplied ETH and this is not an unexpected phenomenon or coincidence. As a matter of fact, representatives voted for two differentproposals – their mission was to raise the so-called debt ‘ceiling’ for the asset between in mid-July.
The Demand and Its Roots
All in all, they succeeded in boosting the amount of DAI and this asset could be coined with Ether from one million sixty million to two hundred and twenty million. Several resources refer participants toDaistats.com where it’s stated that the newly created ceiling seems to be filled and now its capacity has reached two hundred and thirteen million and that is what the community has minted with their crypto like ETH.
Since the very beginning of this month, DAI has been the most favored asset to receive COMP tokens. Journalists previously reported that more than eight hundred million USD in DAI was just borrowed. Many sources note that it was while while the total asset’s supply rose to only two hundred million USD.
There is a sort of discrepancy between the two mentioned numbers and it occurred because of the recursive borrowing. On the other hand, COMP farmers are likely to supply DAI to Compound and then borrow seventy-five percent of the tokens they give and, which is logical, will supply them one more time. The process can be repeated as many times as needed to achieve results of around 3x leverage.
Finally, Compound will be able to boost its total value locked. When the process is finished, the most appropriate way to receive more DAI will be by minting it. This would help participants avoid affecting the market price. Many professionals agree that ETH is the most suitable asset to do this thanks to the borrow interest rate which now equals zero percent.
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