‘MakerDAO will revive traditional financial market’s non functional debt market’

MakerDAO has been one of the most successful Ethereum-based crypto ecosystem, which was established with the motive of providing stability to the unstable cryptoverse. Gregory Di Prisco, the company’s Head of Business Development recently featured in an interview to reiterate his support for the technology. He highlighted how MakerDAO’s in-house crypto, Dai, follows the issuance […]
The post ‘MakerDAO will revive traditional financial market’s non functional debt market’ appeared first on AMBCrypto.
Source: AMB Crypto

Nasdaq Lists New Index for Decentralized Finance Projects Called Defix

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Nasdaq Lists New Index for Decentralized Finance Projects Called Defix
Nasdaq’s Defix index will offer real-time tracking of crypto assets of different blockchain projects like MakerDao, Augur, Gnosis, Numerai, 0x and Amoveo.
Nasdaq Lists New Index for Decentralized Finance Projects Called Defix

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Source: CoinSpeaker

Maker [MKR]: Security Firm Discovers Critical MakerDAO Vulnerability During Security Audit

Zepplin, a blockchain security firm has reported a critical vulnerability that affects MakerDAO system currently in production. The vulnerability which was found in one of the DappHub library contracts during an audit of the Maker Voting Contract being reviewed is said to be fixed and is not a threat to the MKR token contract anymore.
Do MakerDAO holders need to worry?
The discovered vulnerability has been confidentially reported to MakerDAO, according to a Medium post by Zeppelin. The team also says it has been working on a fix and have confirmed a fix. However, Maker holders who participated in the voting portal must be wondering if there is a reason to worry.
The Head of Community Development at Maker Foundation, in a Reddit post, said:
“You are not in danger of losing your MKR if you own one of the ~190 addresses who has staked MKR in the current MakerDAO Governance Voting Contract.” 
However, he encourages participants to move their MKR from the contract to their personal wallets, just in case, while those who did not participate have no reason to worry.
Assurance of safety
The Maker team also assures users of their continuing effort to make participation in the platform activities as safe and seamless as possible.
“The Maker Foundation is committed to ensuring everybody has a seamless experience making this shift, so please join us in our chat at #help. Support will be standing by to help anyone having issues or problems with transferring your MKR,” the announcement read.
Coinbase exchange-listed Maker in December 2018 as one of its traded assets.  The Maker Foundation is currently engaging in an audit of the Maker Voting Contract as part of routine security checks as is practiced by Coinbase. To properly secure the network, the Maker team is doing an urgent upgrade and will give a full account of the development as soon as it is complete, according to the Reddit post.
The post Maker [MKR]: Security Firm Discovers Critical MakerDAO Vulnerability During Security Audit appeared first on Coingape.
Source: CoinGape

DeFi is Growing into the Next Generation of the Crypto Revolution

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DeFi is Growing into the Next Generation of the Crypto Revolution
The movement around decentralized finance (DeFi) is gaining swift traction, and many believe that it’s DeFi that will dominate blockchain space. Let’s find out what it is and why DeFi is such a big deal for the crypto community.
DeFi is Growing into the Next Generation of the Crypto Revolution

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Source: CoinSpeaker

Coinbase Custody clients will be able to participate in MakerDAO’s governance in Q2-2019

Coinbase, a leading cryptocurrency exchange in the United States, has been in the limelight over the past few weeks. The exchange is now in the news after it added new services to its platform. Coinbase announced the launch of staking support for Tezos as well as governance support for MakerDao for their Coinbase Custody clients.
Setting the Tezos baking support aside, the platform will be participating in the governance of Maker and Tezos. The official blog post read,

“In addition to Tezos baking, we’re launching Maker and Tezos voting in Q2–19, pending approval per our internal evaluation process.”

This was followed by the platform remarking that MakerDAO was one of the “fastest growing” projects in the Ethereum ecosystem. The blog further stated that there were over 200 projects that were integrating DAI, Maker’s stablecoin based on Ethereum network. This makes it one of the “most used” decentralized stablecoin and “a core element in the #DeFi movement”, the platform claimed.
The blog further stated,

“The Maker community is known for its passionate commitment to decentralized governance. Until now, institutional investors who used custodians to store their MKR (the governance token for the Maker system) were unable to participate. That changes with Coinbase Custody.”

This was followed by the platform stating that their team was collaborating with the MakerDAO team to “ensure” that the offline storage of the exchange “works seamlessly with VoteProxy smart contract”.
Rune Christensen, the Founder and CEO of MakerDAO, said,
“Decentralized governance is fundamental to the success of the Maker project. Coinbase Custody will provide an essential service by providing a way for institutional holders to participate in the system and vote with their MKR.”
The platform added that they would be launching staking support for any chain its customers’ would invest in moving forward. Further, along with allowing its institutional clients to vote on Maker’s proposal, it will also enable them to validate Cosmos.
The post Coinbase Custody clients will be able to participate in MakerDAO’s governance in Q2-2019 appeared first on AMBCrypto.
Source: AMB Crypto

Ethereum, Augur and MakerDAO together represent the holy trinity of crypto, says CEO of CitizenHex

The CEO of Ether Capital Corp, Benjamin Roberts recently talked about Ethereum, Augur and MakerDAO, on his official Twitter handle. The CEO started the thread by remarking that the three projects are “ingenious independently” and that these three together represent the “holy trinity of crypto.” This was followed by Roberts speculating on the reasons as to how their combined utility will increase the value of Ethereum.
The first point made by the CEO was that the demand for DAI, in turn, increases the price of Ethereum [ETH]. He also stated that this is one of the factors that many people in the community miss about MakerDAO.
“How? DAI demand > supply causes DAI price to exceed $1.00. This creates an incentive for ‘arbitrageurs’ to open CDPs and sell DAI proceeds for greater than $1.00.”
The next point was about the necessity of locking collateral in the Maker System in order to open a CDP. He further added that currently, the collateral is in the form of Ethereum, wherein the token is locked, thereby reducing the supply of the coin and increasing its price. The third point made by the CEO was pertaining to the multi-collateral DAI.
“What about multi-collateral DAI? The same process increases the value of any asset used as collateral. If Ethereum network is securing it, the collateral value increase leads to higher value of the Ethereum network.”
This was followed by Benjamin stating that the demand for the stablecoin “kicks off” the feedback loop, which would result in Augur accelerating the DAI feedback loop. He also remarked that as the cryptocurrency market grows the demand for DAI, it would also grow to near infinity.
“@AugurProject is the Twitter of derivatives. As meaningful to financial engineering as blockchains are to trust, but it’s severely hampered due to a wildly volatile quote currency. 6/ Adoption happens whenever crypto utility exceeds fiat -> crypto friction + crypto volatility. Projects like @veil solve friction, but right now crypto volatility is too high to adopt Augur.”
Benjamin further stated that Augur “acquires an incredible amount of utility” if the volatility of the cryptocurrency market is going to be taken out of the picture. According to him, this is Augur’s goal and the project “will adopt” DAI as the “quote currency for all markets.”
“8/ What happens when Augur adopts DAI? Augur acquires more utility and open interest increases substantially. This creates *a lot* of demand for DAI, putting upward pressure on the ETH price (as described above).”
This was followed by the CEO stating that this would thereby increase the demand of REP and the currency could also be collateral in multi-collateral DAI. “The Ethereum blockchain secures the REP market cap and this creates yet more utility for ETH and further increases value”, he added.
“10/ If all of this doesn’t implode, it’s going to be the greatest financial / social / economic revolution in history. Akin to adoption of the internet…maybe more powerful because of deep synergies within the ecosystem and incentives for modifying behaviour in the real world.”
The post Ethereum, Augur and MakerDAO together represent the holy trinity of crypto, says CEO of CitizenHex appeared first on AMBCrypto.
Source: AMB Crypto

Stablecoins in 2019: Exclusive Comments from 10 Industry Executives

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Stablecoins in 2019: Exclusive Comments from 10 Industry Executives

Kirill Bezverhi, professional marketer, blockchain and crypto enthusiast, shares exclusive comments from representatives of 10 leading stablecoin projects, taking a look into market trends we will most likely see in 2019.

Stablecoins in 2019: Exclusive Comments from 10 Industry Executives

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Source: CoinSpeaker