DeFi

Maker aims for $100 billion stablecoin despite AI delay – DL News

Published

6 months ago

26 July, 2024

Maker aims for $100 billion stablecoin despite AI delay – DL News

Investors are betting big on an overhaul of the Maker protocol.
Maker’s founder wants to create a stablecoin for the general public.
Any plan to exploit AI will have to wait until the technology improves.
This effort continues a long-standing search for features that will bring cryptography to the mainstream.

While the stablecoin walk booms and the titans of finance launch their own dollar-indexed tokens, Maker’s DAI has lost its momentum.

Stuck with a supply of around 5 billion tokens, DAI has seen new, fast-growing stablecoins fill the gap. Incumbents Tether and Circle, meanwhile, are increasing their lead.

But an ambitious and controversial overhaul proposed by Maker co-founder Rune Christensen is just weeks away from rolling out in stages.

First proposed in 2022, the plan, dubbed “Endgame,” will include a rebranding, new tokens, new ways to generate yield, sub-DAOs, and artificial intelligence, all designed to reinvigorate MakerDAO, the heavyweight cooperative that runs the Maker protocol.

But they are also designed to bring Maker and its new stablecoin to the mainstream.

In his last primerChristensen said the goal is to increase DAI’s supply to “100 billion and beyond” — just below Tether’s $114 billion.

Tether and Circle dominate the stablecoin market, with Maker’s DAI in third place.

“We want to be able to reach a wider audience,” Christensen said.

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While new products are regularly to boast they will “onboard the next billion users,” most DeFi apps only serve a few thousand.

Endgame Controversy

Stablecoins are tokens that are intended to maintain their peg to another asset, usually the US dollar.

They are the closest thing to cash in the crypto economy and one of the few blockchain-based products to have found real world usefulness.

Maker’s DAI was designed as a “decentralized” alternative to USDT and USDC, stablecoins that can be frozen or seized by their issuers, much like money in a bank.

Christensen claims Endgame is a “Trojan horse” that could bring a decentralized currency to the masses. But the proposal has been controversial.

Over the years, it has gone through myriad iterations and sometimes controversial votes in which critics accused Christensen of abusing his outsized influence in MakerDAO.

Endgame also has its supporters.

“Right now, our parents and grandparents aren’t going to log into Maker,” said Mark Phillips, co-founder of Steakhouse Financial, a cryptocurrency advisory firm that works with MakerDAO. DL News. Endgame could change that, he said.

Investors seem to like the plan. MakerDAO’s governance token, MKR, has outperformed this year, rising more than 60%, while the value of the entire crypto ecosystem has increased by 34%.

Manufacturer Brand Change

The first step in Endgame’s “launch season” will be the unveiling of Maker’s new name, as well as the names of its new stablecoin and governance token.

A month later, both will be launched alongside a new mobile app.

Users will have the option to upgrade their DAI and MKR to “NewStable” and “NewGovToken” if they wish to take advantage of Endgame’s key feature: yield farming.

Users can earn interest on the new stablecoin via Maker’s existing savings rate — 7% on Friday — or in the form of governance tokens.

Those who hold the new governance token can “Enable“to earn interest and participate in the governance of the Maker.

The most engaged members of the cooperative can earn even greater rewards by keeping MKR or the new governance token locked on the platform.

“It’s the best place to save and grow your money over the long term,” Christensen said.

The rewards should attract new voters to MakerDAO, which is now dominated by “whales” who own so much MKR that they feel compelled to participate, he said.

Philips agrees.

“One of the general problems in crypto and DeFi is that there are often barriers to participation in governance,” he said.

Artificial intelligence

The final step will be the launch of Maker’s first sub-DAO — a cooperative within the MakerDAO cooperative.

The first sub-DAO will run Spark, a year-old lending protocol inspired by Aave and launched by Phoenix Labs, a company led by Spark founder Sam McPherson.

Sub-DAOs are meant to solve one of MakerDAO’s problems: its bureaucratic burden. By outsourcing some features to subgroups, the volunteers who help run MakerDAO will be less likely to burn out, Christensen said.

However, this plan faces an obstacle.

Christensen initially hoped to launch multiple sub-DAOs simultaneously.

Instead, only the Spark sub-DAO will launch initially, with others to follow as needed, Christensen said.

That’s because Endgame relies heavily on artificial intelligence.

“Things are a little complicated right now,” MacPherson said. DL Newsreferring to MakerDAO governance.

Eventually, AI will be used to crawl MakerDAO’s forums, where members debate proposals and service providers share data and progress reports.

The hope is that AI will be able to distill activity on the forum and help members make informed decisions.

AI “will help the average voter understand in a very simplistic way whether things are going well or not,” MacPherson said.

But AI has not progressed fast enough.

“AI is really great most of the time, but it also has a lot of hidden errors and little glitches that make it unreliable,” Christensen said.

In the meantime, Maker’s co-founder believes that a new, consistent brand and opportunities to generate yield from its tokens will drive mass adoption.

“It’s a bit of an experiment in that sense,” he said. “Maybe what’s missing from cryptocurrencies is a little bit more effort to make them truly accessible.”

Aleks Gilbert is DL News’ DeFi correspondent based in New York. You can reach him at aleks@dlnews.com.

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DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

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DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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