The decentralized finance (DeFi) protocol Maker (MKR) is contemplating allocating as much as $600 million price 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 customers taken with growing their publicity to Ethena’s belongings,” in accordance with Maker.
On Monday, a Maker discussion board contributor beneficial that the protocol allocate an extra 500 million DAI into Morpho’s lending infrastructure within the staked USDe and USDe/DAI markets. The proposal, which was printed by BA Labs, a member of MakerDAO’s Stability Scope Advisory Council, famous that the allocation might go as much as 1 billion DAI in whole.
Some members of the crypto neighborhood 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 offer a crypto-native resolution for cash not reliant on conventional banking system infrastructure through USDe. The protocol additionally gives a dollar-denominated financial savings instrument referred to as “the Web Bond.” Binance Launchpool rolled out support for the venture’s native asset, ENA, final week.
Ethena raised $14 million in a seed extension spherical earlier this yr. The funding spherical’s traders included BitMEX founder Arthur Hayes, funding big Franklin Templeton, digital asset supervisor Galaxy Digital, and Binance Labs.
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