MakerDAO to remove redundant stablecoin vaults: Will MKR be affected?

Leading decentralized finance (DeFi) protocol MakerDAO MKR has scheduled an 8 March date to offboard its redundant stablecoin vaults. This decision came after it obtained approval from members of the protocol's governance team to do the same.

Timeline of Maker

In the midst of an onslaught in the crypto market today, only one crypto made the biggest gain: Maker (MKR). At the time of writing, MKR was trading at $896, notching an impressive 21% increase in the weekly scale, and outperforming the rest of its rivals in the top 100 list of crypto market trackers Coingecko and CoinMarketCap.

Short sellers were forced to cover their bets on Maker [MKR] after the asset experienced a sudden and dramatic price increase. The MVRV has shifted position due to the recent pricing movement, making it overvalued.

Leading DeFi platform MakerDAO [MKR] has proposed changes to some of its vaults, in a bid to better align them with risk and incentivize growth. This move comes as borrowing rates on MakerDAO and other DeFi platforms have risen in recent months due to market bullishness and the surge in risk appetite.

Booming crypto whale activity in one altcoin built on Ethereum (ETH) is hinting at a major trend reversal, according to blockchain analytics firm Santiment. Santiment says that Maker (MKR), a well-established decentralized finance (DeFi) protocol that uses smart contracts to power stablecoin-based loans, has seen its largest whale transaction in more than three months.

According to data from Santiment, MakerDAO [MKR] recorded its largest whale activity in more than three months after two identical transactions worth $17.4 million were made on the network.

Key Points: Jump Crypto and Oasis jointly recovered 120,000 ETH of Wormhole stolen funds through a reverse attack, MakerDAO issued a Twitter statement. The difference between the Maker Protocol and third-party front-end providers.

MakerDAO, one of the first decentralized finance (DeFi) Protocols built and established in the Ethereum blockchain, plans to launch Spark Lend (SL), a lending market focused on “liquid, decentralized, and high market cap assets.

Dai [DAI] is among the front-runners in the stable cryptocurrency market. By market capitalization, CoinMarketCap places it as the fourth-largest stablecoin and the seventeenth-largest cryptocurrency overall.

MakerDAO, through its Governance Facilitator(s) and Starknet Engineering and Protocol Engineering Core Units, has proposed to redeploy its Teleport Layer 2 (L2) Gateways as part of several changes to be implemented to the DeFi protocol.

Key Points: MakerDAO's revenue has dropped dramatically in 2022, with the decision to switch to real assets being the protocol's primary source of income. According to the study, MarkerDAO overall income fell by 42% from 112 million DAI ($112 million) in 2021 to 65 million DAI in 2022.