MakerDAO Considering Allocating Up to $600,000,000 in DAI in Arthur Hayes-Backed Stablecoin USDe
The decentralized finance (DeFi) protocol Maker (MKR) is contemplating allocating up to $600 million value of its stablecoin DAI into markets for Ethena’s artificial greenback, USDe.
Final week, Maker deployed 100 million DAI to Spark’s sUSDe/DAI and USDe/DAI markets on Morpho Blue, a lending protocol on Ethereum (ETH).
The transfer enabled “overcollateralized scalable liquidity for users interested in increasing their exposure to Ethena’s assets,” in accordance to Maker.
On Monday, a Maker discussion board contributor really useful that the protocol allocate a further 500 million DAI into Morpho’s lending infrastructure in the staked USDe and USDe/DAI markets. The proposal, which was revealed by BA Labs, a member of MakerDAO’s Stability Scope Advisory Council, famous that the allocation might go up to 1 billion DAI in whole.
Some members of the crypto group criticized Maker’s new Ethena DAI proposal as being overly dangerous. Marc Zeller, founding father of the Aave Chan Initiative, and an Aave (AAVE) DAO delegate, called it “the definition of reckless.”
Ethena aims to present a crypto-native answer for cash not reliant on conventional banking system infrastructure through USDe. The protocol additionally affords a dollar-denominated financial savings instrument referred to as “the Internet Bond.” Binance Launchpool rolled out assist for the undertaking’s native asset, ENA, final week.
Ethena raised $14 million in a seed extension spherical earlier this 12 months. The funding spherical’s traders included BitMEX founder Arthur Hayes, funding large Franklin Templeton, digital asset supervisor Galaxy Digital, and Binance Labs.
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