MakerDAO's spark protocol dominates lending market despite DAI challenges

MakerDAO protocol flourishes despite market challenges. Meanwhile, increased user activity and the success of the money market spark protocol has contributed to its continued growth. Spark protocol is a DAI-focused money market network that collects liquidity from MakerDAO. The latest stats indicated that spark protocol dominated the lending market last month.

Timeline of Multi-collateral-dai, Maker

Story Highlights The live Price of Maker Dao is . Maker price could possibly surge as high as $1,831.61 by the end of 2023. MKR price with a potential surge could go as high as $4,391.63 by the end of 2030.

In a significant milestone for decentralized finance (DeFi), Savings DAI, the yield-bearing iteration of MakerDAO's decentralized stablecoin, has achieved a remarkable total value locked (TVL) of over $1 billion.

Maker (MKR), the native digital currency of the decentralized infrastructure and software services provider, has been charting impressive growth leaps in recent times, and the reason has just been uncovered by Santiment. According to the data analytics service provider, the number of active MKR addresses has hit a 10-week high.

Steakhouse, a decentralized autonomous organization (DAO)-focused financial advisory firm, in collaboration with Phoenix Labs, a research and development company, has put forth a proposal urging the MakerDAO community to consider allocating up to $100 million from its reserves for investment in tokenized US Treasury Bill (T-Bill) products. The proposal, currently in the discussion phase, aims to explore new avenues for financial innovation within the decentralized finance (DeFi) ecosystem.

MakerDAO's native token MKR was seen struggling as the whales contributed to some selling pressure. However, a slight recovery in the whale holdings could mean something positive for the altcoin.

On September 2, Ethereum Co-Founder Vitalik Buterin sold off his 500 MKR holdings for the first time in two years, triggering a 7% price downswing. Amid swirling controversy, on-chain data sleuths have spotted MakerDAO whales swooping in to buy the dip.

Vitalik Buterin, co-founder of Ethereum (CRYPTO: ETH), has offloaded his entire MakerDAO (CRYPTO: MKR) token holdings. What Happened: The move closely follows news from MakerDAO's top brass about a potential pivot towards the Solana (CRYPTO: SOL) blockchain.

Rune Christensen's Proposal to Utilize Solana's Codebase Rune Christensen, co-founder of MakerDAO, has proposed a groundbreaking proposal to develop MakerDAO's upcoming native chain.

In a recent blog post, Rune Christensen, the co-founder and CEO of MakerDAO, outlined the project's long-term vision, which includes a significant shift in its underlying technology. Christensen proposed that MakerDAO could be re-implemented on a new blockchain called NewChain.

Rune Christensen, the co-founder of MakerDAO, proposed a significant shift in the project's technological foundation. Christensen suggested that MakerDAO's upcoming native chain, known as “NewChain,” should be developed using a fork of Solana's codebase rather than the Ethereum Virtual Machine (EVM).