Bloomberg’s senior ETF analyst has updated his prediction regarding the launch of ether exchange-traded funds (ETFs), noting delays due to the U.S. Securities and Exchange Commission (SEC)’s review process during the holiday week. Despite the approval of 19b-4 filings for eight ether ETFs in May, the S-1 registration statements are still pending. SEC Chair Gary […]
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Bitwise Investments Updates Ethereum ETF Filing, Reveals $2.5M Seed Interest
Bitwise Investments, a prominent cryptocurrency asset management firm that offers diverse investment products and services focused on digital assets, has updated its ether-based exchange-traded fund (ETF) S-1 filing with the U.S. Securities and Exchange Commission (SEC), revealing .5 million in seed investment interest. Bitwise’s Ether ETF Filing With SEC Highlights Pantera’s Interest As the spot […]
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Metamask Updates Privacy Policy, Explains When It May Process Users’ IP Addresses
Metamask, the popular Ethereum wallet, has updated its privacy policy. The update provides users with greater transparency and control over their personal data, specifically concerning IP address processing. According to the new policy, Metamask may temporarily process a user’s IP address only when required for certain services, depending on the user’s Metamask settings. This is […]
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Dydx Chain Launches New Software Version, Adds Slinky Oracle for Real-Time Price Updates
The decentralized finance (defi) protocol, Dydx, has officially launched version 5.0.0 of its blockchain software, introducing innovative trading features aimed at enhancing market dynamics and user control. This update, approved by the Dydx community, includes the implementation of isolated markets and margins, designed to refine risk management and collateral usage. Dydx Chain Launches Upgrade According […]
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Dubai Financial Services Authority Updates Regulatory Framework for Crypto Tokens
The Dubai Financial Services Authority (DFSA) announced amendments to its crypto token regime on Monday, enhancing the regulatory environment for crypto tokens in the Dubai International Financial Centre (DIFC), a special economic zone. The amendments address investment in recognized and unrecognized crypto tokens, custody and staking of crypto tokens, compliance with financial crime regulations including […]
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Standard Chartered Updates Prediction: Doubts SEC Will Approve Spot Ether ETFs in May
Standard Chartered, which was previously optimistic about the U.S. Securities and Exchange Commission (SEC) approving spot ether exchange-traded fund (ETF) applications in May, has now revised its prediction. The bank still sees a positive long-term future for spot ethereum ETFs. Standard Chartered on Spot Ether ETFs Standard Chartered, previously optimistic about a May approval for […]
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DAI Circulation Approaches 5 Billion As MakerDAO Unleashes Key Updates
In a recent announcement on the social media platform X (formerly Twitter), MakerDAO, the Ethereum-based protocol responsible for issuing the DAI algorithmic stablecoin, provided insights into the performance of the Maker Protocol following recent changes.
Over the past few weeks, MakerDAO has implemented significant updates to the protocol and the DAI stablecoin.
Introducing the Accelerated Proposal and the direct deposit module (D3M) to Spark’s Metamorpho Vault has notably impacted the ecosystem.
Increased DAI Supply And Demand
Looking at key metrics that demonstrate the effects of these changes to the protocol, the DAI supply in circulation currently stands at nearly 5 billion, reflecting a growth of approximately 300 million over the past month. This growth indicates continued demand for the stablecoin.
On the other hand, the Dai Savings Rate has significantly increased since implementing the Accelerated Proposal.
Approximately 1.54 billion DAI are currently deposited in the Dai Savings Rate, of which approximately 976 million DAI are sDAI, representing an increase of roughly 400 million DAI in deposits.
The Maker Protocol’s total value locked (TVL) amounts to approximately .4 billion across various vault types. This TVL growth can be attributed to strategic deployments in D3M modules, significant contributions from Ethereum-based collaterals, and the integration of real-world assets. These developments have enhanced the protocol’s diversification and resilience.
MakerDAO Ethereum Vaults Thrive
A notable addition to the MakerDAO ecosystem is the Morpho DM3, which enables the Morpho Vault to mint DAI. Currently, the lending pool has deployed 200 million DAI.
According to the protocol’s post, this allocation is projected to generate approximately 50 million in annual income for the Maker Protocol, making it the second-largest core vault in terms of annualized fees. It will play a significant role in generating revenue and contributing to the Maker Protocol’s sustainability.
Among the Ethereum vault types within the MakerDAO ecosystem, the ETH-C vault stands out with the largest value locked in crypto collateral at approximately .88 billion.
This vault generates approximately million in annual fees, underscoring its importance within the Maker ecosystem and contribution to the protocol’s revenue streams.
Another important component is the Spark D3M, which is supplied with around 970 million DAI. This module is projected to generate an annual income of approximately 28 million.
These recent changes have positively impacted the Maker Protocol. The increase in DAI supply, growth in the Dai Savings Rate, expansion of collaterals, and introduction of different vault types have contributed to the protocol’s growth and development.
Despite the growth in the MakerDAO ecosystem, the native token MKR has experienced a continuous 5.9% price decline over the past fourteen days.
In the last seven days alone, the token has recorded a significant 17% price drop, resulting in its current trading price of ,355.
However, despite the price decline, Token Terminal data reveals positive trends. The protocol’s market capitalization currently stands at .3 billion, reflecting a notable 28% increase over the past 30 days.
Additionally, trading volume for the MKR token has experienced a substantial surge, reaching .9 billion, representing a 119% increase over the same time frame.
Featured image from Shutterstock, chart from TradingView.com
Cardano Latest Technological Updates Unveiled, Analyst Maintains Bullish Outlook on ADA
Cardano (ADA), the proof-of-stake blockchain platform, has made notable progress in technological advancements, according to Input Output Hong Kong (IOHK), the engineering firm behind the Cardano blockchain.
IOHK’s recent announcement highlights crucial improvements across various aspects of the platform, signaling further growth and development for Cardano.
Cardano Smart Contract Optimization
One significant area of improvement lies within the ledger team, which has reportedly enhanced test frameworks and data quality in the Newconstraints phase3. They achieved this by introducing constraints and new types such as Size, SizeSpec, and Sized.
The engineering company has also noted advancements in wallets and services. The Lace team is preparing to release Lace v.1.9, which promises new features and improvements for Cardano users.
In the realm of smart contracts, the Plutus team has included a guide in the documentation, elucidating how to use AsData functionality to optimize scripts. They have also implemented a UPLC optimization pass to minimize the number of forces and delays in the script.
Mithril Team Releases Major Update
Addressing scalability, the Hydra team has restored test compatibility with all networks and reviewed and merged streaming plugins. They have rectified tutorial instructions for downloading the latest Cardano-node and resolved the observed contesters bug.
The Mithril team has released Mithril distribution 2412.0, encompassing critical updates and enhancements. These include support for the Prometheus metrics endpoint in signer, deprecation of the snapshot command in the client CLI, full Pallas-based implementation of the chain observer, and compatibility with Cardano node v.8.9.0.
Moreover, the team has implemented community-requested features to verify the output folder structure created by the client. They continue to investigate and address any sources of “flakiness” in the CI end-to-end test.
Notable Surge In Token Trading Volume
According to DeFiLlama data, Cardano’s total value locked (TVL) currently stands at 2 million, signifying a slight dip of million following the achievement of the 0 million milestone. Cardano boasts a significant figure of .3 million in terms of stablecoin market capitalization.
Analyzing Token Terminal data reveals several key market indicators for Cardano. The fully diluted market cap, representing the maximum potential market value of all tokens in circulation, is estimated at .20 billion, reflecting a notable 4.9% increase over the past 30 days.
Similarly, the circulating market cap, which considers only the tokens in active circulation, stands at .88 billion, with a 5.2% growth rate over the same period.
Long-Term Outlook Remains Bullish For ADA
Regarding price action, crypto analyst “Trend Rider” recently shared insights on ADA’s latest price action in a post on the social media platform X (formerly Twitter).
According to the analyst, ADA’s price experienced a decline after reaching a yearly high of .811 on March 14. It is currently trading within the range of a parabolic red line and a rider band.
The parabolic red line represents a significant resistance level, while the rider band indicates a potential support region for ADA’s price. This range-bound movement suggests a period of consolidation for ADA, as the cryptocurrency takes a breather before its next significant move.
Furthermore, the analyst notes that the bullish strength of the trend has weakened over the past two weeks. This could indicate a temporary slowdown in ADA’s upward momentum, potentially leading to consolidation or sideways trading.
However, despite this weakening bullish strength, the analyst stated that the overall trend direction remains bullish, suggesting that ADA’s long-term prospects remain positive.
ADA is trading at .652, exhibiting a sideways price action in the last 24 hours. However, over the past seven days, the token has successfully recovered from previous losses and registered a gain of 5.4%.
Featured image from Shutterstock, chart from TradingView.com
TRON DAO Reveals Exciting Updates to Sponsor and Judge List for HackaTRON Season 6
PRESS RELEASE. Geneva, Switzerland, March 28, 2024 – HackaTRON Season 6, co-hosted between TRON DAO, HTX DAO, BitTorrent Chain, and JustLend DAO, introduces an exciting lineup of new sponsors, partners, and judges. Showcasing HackaTRON Sponsors Diamond Sponsors: Ankr: Specializing in decentralized infrastructure services for DApp development, Ankr supports the seamless integration and deployment of blockchain […]
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MakerDAO Stakeholder-Focused Updates Drive MKR Price Up By 10%
Blockchain protocol MakerDAO (MKR) continues to see significant gains, maintaining a strong upward trend throughout the year. MKR has seen significant growth of over 358%, accompanied by positive metrics reflecting increased adoption and usage of the protocol.
In addition, upcoming voting initiatives aim to further increase the platform’s benefits for its stakeholders.
MakerDAO Announces Plans For Rate System Changes
In a recent announcement, MakerDAO stated that it closely monitors developments in the cryptocurrency market and has gained a better understanding of the impact of recent proposals.
As a result, the protocol is recommending the next set of changes to its rate system. MakerDAO emphasized that further adjustments will likely be introduced shortly, contingent upon market dynamics, such as prices, leverage demand, and the external rate environment encompassing centralized finance (CeFi) funding rates and decentralized (DeFi) effective borrowing rates.
The protocol further noted that the Maker rate system will be adjusted accordingly if the external rate environment continues to exhibit signs of decline.
Efforts are underway to update the rate system language within the Stability Scope, including developing a new iteration of the Exposure model. These updates aim to ensure that the system can adjust rates more gradually and effectively in the future.
Based on recommendations from BA Labs, a blockchain infrastructure provider, the Stability Facilitator proposes various parameter changes to the Maker Rate system, which will be subject to an upcoming Executive vote.
As shown in the table above, the proposed changes include reducing the Stability Fee by 2 percentage points for various collateral types such as ETH-A, ETH-B, ETH-C, WSTETH-A, WSTETH-B, WBTC-A, WBTC-B, WBTC-C. In addition, the Dai Savings Rate (DSR) and the Effective DAI Borrowing Rate for Spark will also be reduced by 2 percentage points.
However, one active protocol user offered an alternative viewpoint, suggesting using the demand shock opportunity to expand the net interest margin. While agreeing with the proposed 2% interest rate reduction for borrowers, the user advocates for a larger 4% reduction in the DSR, which he believes will further benefit MakerDAO’s net interest margin.
Ultimately, the outcome of the voting process will determine whether these proposed changes are implemented and benefit the stakeholders of MakerDAO. Further decisions regarding rates and fees will be made based on the results.
Market Cap Skyrockets
According to data from Token Terminal, MakerDAO has demonstrated significant growth and positive performance across various key metrics over the past 30 days.
In terms of market capitalization, MakerDAO’s fully diluted market cap has reached approximately .07 billion, reflecting a notable increase of 40.9% over the past 30 days. The circulating market cap is around .82 billion, showing a similar growth rate of 41.1%.
On another note, the total value locked (TVL) in MakerDAO has increased by 10.1% over the past 30 days to approximately .05 billion.
The token trading volume for MakerDAO has surged 126.6% over the past month, reaching approximately .35 billion. This increase in trading volume suggests heightened market activity and interest in the protocol.
In terms of user activity, MakerDAO has seen an increase in daily active users, with an increase of 32.2% to 193 users. On the other hand, weekly active users decreased by 22.6% to 783 users. However, monthly active users have shown a positive growth rate of 10.0%, reaching 2.88k users.
Short-Term Outlook For MKR
Regarding price action, MKR is currently trading at ,158, reflecting a 4.8% growth in the past 24 hours, 10% in the past seven days, and an impressive 49% increase in the past fourteen and thirty-day time frames.
The token has encountered a support wall for the short term at ,048. This support level is significant for the token’s growth prospects. Another key support level is at ,884, which further contributes to the token’s short-term stability and potential growth.
On the other hand, the nearest resistance level is observed at its 28-month high of ,321. This level represents the highest point reached by the token since November 2021.
Featured image from Shutterstock, chart from TradingView.com