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In the evolving landscape of blockchain technology, Decentralized Autonomous Organizations (DAOs) have emerged as innovative entities that operate without centralized control. DAOs leverage smart contracts on blockchain networks, enabling members to collaborate and govern collectively. This article provides a comprehensive overview of DAOs, their structure, benefits, challenges, and future implications.
Sky, formerly known as MakerDAO, plans to launch its decentralized stablecoin, USDS, on Solana using the Wormhole interoperability protocol. Rune Christensen, Sky’s founder, announced the move during the ongoing Solana Breakpoint conference on Sept. 20. According to DefiLlama data, Sky is the sixth-largest DeFi protocol, with a total value of assets locked on the platform […]
The post Sky, formerly known as MakerDAO, to launch USDS on Solana via Wormhole appeared first on CryptoSlate.
The ZKX shutdown highlights the importance of transparency and accountability in cryptocurrency projects.
One MKR token will be redeemable for 24,000 SKY tokens, making individual tokens more affordable.
Maker Protocol rebrands to Sky, renaming Dai stablecoin as Sky Dollar (USDS). MKR governance token upgraded to Sky (SKY) with a 1:24,000 conversion rate. Maker SubDAOs rebranded as Sky Stars, with Spark as the first live subDAO. In a significant move to make decentralized finance (DeFi) more accessible, the Maker Protocol has rebranded to Sky, […]
The post Maker Protocol rebrands to Sky, Dai stablecoin rebranded to USDS appeared first on CoinJournal.
Maker is also rebranding the worlds largest decentralized stablecoin ahead of the launch of its governance token, SKY.
MakerDAO, the decentralized autonomous organization behind the DeFi protocol Maker, has approved a proposal to halt new borrowing against BitGo’s wrapped Bitcoin (WBTC). On Aug. 15, MakerDAO revealed that it was reducing the debt ceiling for all WBTC vaults to zero. This move effectively prevents any new borrowing from these vaults and lowers WBTC’s loan-to-value […]
The post Crypto investors redeem over $30 million WBTC as MakerDAO halts new loans appeared first on CryptoSlate.
A new cryptocurrency investment fund called MakerDAO Trust has been unveiled by digital asset manager Grayscale. The fund will invest in a single asset and will be launched via private placement. Other crypto-based trusts have also been launched in a similar vein, exposing investors to the market. As a result,
Grayscale Investments Ltd has launched a new fund focusing on investing in MakerDAOs governance token known as MKR.…
Grayscale has launched a crypto investment trust fund for MakerDAO, according to an Aug. 13 statement shared with CryptoSlate. This fund, named the Grayscale MakerDAO Trust, will give investors direct exposure to MakerDAO’s native MKR token. The firm stated: “MKR provides investors exposure to an on-chain credit protocol, stablecoins, real-world assets, and more, through MakerDAOs […]
The post Grayscale unveils MakerDAO-focused trust, enhancing DeFi access for investors appeared first on CryptoSlate.
BitGo CEO Mike Belshe downplays MakerDAOs concerns over Justin Sun's involvement, citing reputation over actual risk.
The patent for oracle-like data storage contained technology that was already in existence, DEF said.
Maker (MKR) has demonstrated remarkable resilience and strength. Over the past 30 days, MKR has surged by nearly 18%, showcasing a robust upward trend. Even more impressive is its performance in the last week, with a 5% increase despite the turbulence in the crypto market, marked by Bitcoin’s (BTC) recent volatility. Currently, Maker is priced […]
Maker is currently in a downward range after rejecting a key level two weeks ago. However, it appeared to have found temporal support and is now gaining traction following a small increase since yesterday. After dropping for almost three months, Maker reached an exhaustion selling point and bounced briefly above […]
Aftercollaborating with legal departments of the world's largest investment banks,Daniel Lo has just joined the Acheron Trading team. As Finance Magnatesexclusively learned, the expert with over 12 years of experience in financiallaw has become the new Chief Legal Officer (CLO) of the crypto market maker,which significantly increased its trading volume in 2024.
Lo Moves From TraditionalFinance to Cryptocurrencies
Lo moved toAcheron from Cake Group, a Web3-related company, where he served as CLO forover two years. Previously, however, he built his experience in the world of"old finance." He worked as Legal Counsel for UBS in Singapore fortwo years and as a Derivatives Negotiator in the Canadian branch of RBC CapitalMarkets.
"AcheronTrading has long stood out to me for its commitment to transparency andaccountability in the fast-evolving crypto market," Lo commentedexclusively for Finance Magnates. "I look forward to building with thistalented team during this significant period of growth and innovation."
Acheron hasbeen operating in the crypto market-making space for six years, collaboratingwith 400 different issuers. The year's first half brought a several-foldincrease in realized volumes, hence the need to hire a new expert inregulatory, legal, and compliance matters.
Acheron Trading Volumes on the Rise
The newappointment comes as the firm expands its team to handle a 369.6% increase inyear-over-year trading volumes for the first half of 2024. The company has alsoadded new staff in its quantitative trading, quantitative development, andsales departments, recruiting from companies such as SpaceX and InteractiveBrokers.
Acheron'sexpansion comes amid a broader surge in the cryptocurrency market. The firmreported that assets brought to market in the first half of 2024 haveoutperformed all of 2023 by 233%. This growth has been fueled by factorsincluding Bitcoin's market cap crossing $1 trillion in February and speculationabout a potential Ethereum ETF.
WesleyPryor, founder of Acheron Trading, noted the company's need to adapt itstraditionally lean operational strategy to scale with the industry and keeppace with increasing trading levels and greater regulatory measures.
Danielsappointment and the many others we have just made underscore Acheron Tradingsunwavering commitment to meet the evolving needs of our clientele. Both theindividual and collective professional experiences of our new hires areinvaluable to our strategy as we rise to this new tide of activity, Pryoradded.
Crypto Sector HighlyConcentrated
The companyalso highlighted changes in market dynamics, including an extension of theinitial price discovery phase for new assets from an average of 1.2 days to 6days. However, the firm noted that the sector remains highly concentrated, withthe top eight largest exchanges accounting for more than 90% of global marketdepth.
"As atrusted principal and designated market maker, we must scale in order to meetthe demands of our clients who are driving the industry forward," added LaurentBenayoun, CEO of Acheron Trading, emphasizing the need to scale operations tomeet client demands. By strengthening our QT, QD, and sales teams, we arecontinuing the provision of a transparent and symbiotic MM offering.
Acheron'srecent growth is also part of a broader initiative that has seen the companymake several key moves in recent years. The firm has diversified its offeringsby introducing a principal market-making service and developing CommandStation, an in-house trading infrastructure platform. Additionally, Acheron hasformed new partnerships, including a collaboration with the tech incubatorforgd.com. The company also bolstered its technological capabilities throughthe acquisition of HedgeTech, a Boston-based firm specializing in algorithmicmarket-making solutions, in 2022.
Also, check out other executive moves recently described by Finance Magnates.
This article was written by Damian Chmiel at www.financemagnates.com.Interest in $MKR has surged recently, primarily due to its robust financial performance and strategic potential. MakerDAO, the project behind $MKR, is generating $85 million in quarterly revenue, reaching an all-time high. With nearly all $MKR coins already in circulation, the project stands out in a market where many are […]
Bitcoin price climbs back above $60,000, opening the door for KAS, MKR, AR and NOT to move higher.
MakerDAO has achieved an impressive milestone, marking five consecutive quarters of revenue growth. Despite this, $MKR continues to trade at historical price-to-sales (P/S) lows, making it an enticing prospect for investors. The anticipation surrounding the rebrand and launch of NewStable further solidifies $MKR as a token too cheap to ignore. […]
The Maker price prediction shows that MKR begins with a steady increase above the $2,400 resistance as it is currently rising and might rally further. [...]
Amidst the crypto market resurgence, the smart contract platform Maker and its native token MKR have experienced a challenging period, with MKR demonstrating a consistent downtrend after reaching a yearly high of $4,070 in April, plummeting to as low as $2,440 just one week later. Dive into the protocols key metrics and observe notable levels [...]
The post Maker Metrics Under The Microscope: Clues To MKRs Price Path Ahead appeared first on Crypto Breaking News.
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