Another huge milestone! Next stop $10B
And remember that we recently celebrated the 1 billion milestone, then the 5 billion milestone.
To quote my grandmother “they grow up so fast”
Wao this rate I predict that even before the end of the year we will reach 10B.
Honestly, who cares when half of this is basically USDC?
And I don’t know why you guys decided to reduce the stability fees so much. At this rate MKR will never burn effectively, will it?
What we need for growth is moving faster, e.g. going into faster chains like solana. Or building effective partnerships.
The PE team is working on a multichain strategy: A Multichain Strategy and Roadmap for Maker and there’s a brand new proposal on bringing the Maker Protocol to StarkNet: MIP39c2-SP19: Adding the StarkNet Engineering Core Unit (SNE-001)
Also the Growth CU is hard at work securing high impact partnerships such as institutional vaults and a PAX PSM: Growth CU weekly update: August 6 - 12
USDC is an asset - will you feel the same when we are putting that capital to work and earning yield higher than the ETH-A and WBTC vaults?
In addition to the links @lollike provided I would recommend reviewing the institutional and long term vault thread as well as the recent threads regarding real world assets - things are heating up
I don’t think we will see MakerDAO running on other chains, simply the security, liquidity and trust of the projects is on Ethereum.
What’s the point of opening Vauls e.g. on BSC, SOL or Poly.
If they are tokens that were passed through a bridge that may be of dubious origin, or that are simply based on coins that are in ETH.
It does not make sense.
Yes we want to cement our position as the largest decentralized stablecoin. Not just make money. Having half our reserves in a centralized stable coin is against our main goal and a massive attack vector. I am not even a purist who would say we should have no centralized stable coins in our reserve. I think the most basic requirement we should have is the ability to comfortably withstand all centralized stable coins in our reserve being frozen without a complete breakdown of the protocol 10% vs 50% would be reasonable.
Ok then MakerDAO will see less and less market share over time. Aave is doing a much better job at attracting users, for example the integration with Polygon proved to be a good move. You can’t deny competition
I understand the criticism of the USDC in the PSM. I’m with you on that. But the reduced stability fees is precisely to stop the USDC in the PSM from growing further and it may even result in a reduction, if DAI drops below $1.
Lower stability fee = more incentive to open vaults = more DAI supply = lower DAI price.
I don’t think moving to another chain helps solve this problem. If anything, it results in a higher demand for DAI, which would only put more USDC into the PSM.
Veiled from this point, DAI is focusing more and more on larger Vaults, going over 10k to 15k, and soon vauls to $150M.
DAI treads heavily on any Sidechain, Chain being EVM or not being EVM as SOL “https://saber.so/#/pools/dai/deposit”
This gives a clear view that the star Product of the DAI protocol is used, and used strongly.
You mentioned Aave, DAI is the 3rd asset with the most deposits in Polygon’s Aave and the 2nd in Stablecoins.
That’s great, it will allow users to deposit WETH, WBTC or USDC and borrow DAI with no minimums and very dynamic interest rates.
It is not that Maker is lagging behind, because DAI is there, people want DAI, because of what DAI represents for DEFIs.
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