Dai Supply Hits New Highs as Efforts to Restore Peg See Limited Success

The total supply for DAI tripled since June as the community keeps raising the supply limits to bring the peg down to $1. The MakerDAO community approved and executed a vote on Thursday to almost double the total debt ceiling, which indicates how much Dai (DAI) can be minted by its users. An announcement by the Maker Foundation posted on July 29 details the specific proposal to raise the debt ceilings for Ether (ETH), USD Coin (USDC), Wrapped Bitcoin (WBTC) and others. The vote passed at 8 a.m.

CoinDesk Live Recap: Ethereum’s DeFi Luminaries Discuss What’s Next

MakerDAO's Rune Christensen, Compound's Robert Leshner and Uniswap's Hayden Adams discussed the state of the $3.8 billion DeFi market.

Messari: DeFi Can Continue to Grow as ‘Useless’ Top 30 Coins Wither

With the value of funds locked in DeFi almost quadrupling in less than two months, the community is debating whether DeFi is in a bubble. Data published by crypto market analytics firm Messari on July 29 indicates that the collective capitalization of the decentralized finance (DeFi) sector is equal to only 1.5% of the entire crypto capitalization. According to Messari, the collective capitalization of every DeFi project put together is roughly $4.12 billion — less than that of the fifth-ranked crypto asset by market cap, Bitcoin Cash (BCH). Watkins also noted that “literal meme coin” Dogecoin (DOGE) boasts a larger capitalization than every DeFi project with the exception of MakerDAO (MKR). Despite the recent DeFi boom leading to claims the sector is overvalued, analyst Ryan Watkins believes the small size of the DeFi sector means it still has significant room to expand, arguing that it could benefit from a “reallocation” of capital from top 30 projects that are “useless first-gen cryptocurrencies, ghost town ‘ETH killers’, and dead projects.” “DeFi doesn’t need new money flowing into crypto to continue its rise.

Maker's Value Locked Breaches $1B Ceiling, but There's a Caveat

MakerDAO posts records in value locked as yield farmers create new Dai and Ether rallies. MakerDAO (MKR), the foundational protocol of decentralized finance on Ethereum, hit a new all-time high in the total value locked in its vaults. According to data from Defipulse, the value of the collateral locked in MakerDAO vaults is now slightly above $1 billion following a steep ascent that began on July 22. Source: Defipulse.com Most of that growth is due to the powerful price rally of Ether (ETH), which is still the most used collateral asset for minting Dai (DAI).

MakerDAO Passes $1 Billion Milestone in DeFi First

The total value of ether locked in DeFi's oldest project has surpassed $1 billion for the first time.

'A New Class of Attack' In Crypto Is 'Actively Exploited' - Research

The crypto market went through one of its wildest rides with the March market crash, among other events seeing a so-called "zero-bid" attack on MakerDAO, a decentralized lending facility built on the Ethereum (ETH) blockchain and the creator of the DAI stablecoin.

Mempool Manipulation Enabled Theft of $8M in MakerDAO Collateral on Black Thursday: Report

New research suggests March’s “Black Swan” event for Ethereum may have been a sophisticated plan to cash in on a global sell-off.

DeFi Token Rally Pushes Aave (LEND), (SNX) Market Cap Above Maker (MKR)

Aave and Synthetix Network both overtook MakerDAO’s Maker by market capitalization as the DeFi sector continues to surge. Decentralized Finance (DeFi) tokens continue to make drastic moves on the price charts, compensating for Bitcoin’s low volatility which has recently hit a three year high.