DaiDai DAI news

Price, 24h
1.00 USD / 0.00011478
0.20% / 0.99%
Volume, 24h
888,593 USD
0.00%
Marketcap
79,973,241 / 0.03%
Emission
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Maker (MKR) at risk of losing over $340 million in DAI collateral. Here’s how

“How to turn $20 million USD into $340 million USD” is the latest call against Decentralized Finance (DeFi) products as posted on a Medium article on December 9th. All of the Maker tokens (MKR), and Dai (DAI) stablecoins held in collateral at risk of being stolen as author unveils a loophole in Maker’s governance protocol. Micha Zoltu wrote, “Anyone with ~40,000 MKR (about 20,000,000 USD) can steal all of the collateral in Maker DAO, both DAI and SAI, along with a good chunk of assets from Compound, Uniswap, and other Maker integrated systems (over 340,000,000 USD).” The Maker protocol at risk of losing all collateral Here is how that happens. First off, you need to understand the how governance on the Maker protocol works – the protocol’s contracts are voted in using a “stake the leader system” whereby the leading contracts with the highest stake are adopted. The ‘executive contract’ currently needs about 80,000 MKR (about $41 million USD) to change the proposal. With control over the ‘executive contract’ the hackers or thieves can easily set a contract that allows them to gain control of all the MKR, DAI and Uniswap collateral, currently worth around $340 million dollars. While any change to the executive proposal (or any proposal) will require a pre-determined delay before approval, Maker has set the delay to a mere 0 (zero) seconds, which gives anyone rich enough power to control the contract.  A $320 million bad decision by Maker While a number of complaints have been sent to Maker in the past, little has been done to change the protocols laws. If a thief can acquire 80,000 MKR by any means possible including buying it from exchanges, forming a private collection fund, gain a hold of MKR governance kitty or az16’s wallet they can; Create an executive contract that is programmed to transfer all collateral from Maker to you. Immediately (in the same transaction) vote on the contract. Immediately (in the same transaction) activate the contract. Ride off into the sunset with 340M USD worth of ETH (don’t bother going back for your MKR, it will be worthless after this). While having slightly above 80,000 MKR gives you power over the ‘executive contract’ out rightly, you can spend slightly above 40,000 MKR and achieved the same result. Here’s how. Once the voting on an executive proposal is done, the MKR are transferred to the new executive protocol from the old protocol in a period of time. During the transaction, there is a very slight window whereby both the contracts hold 40,000 MKR each giving the thief a chance to take over the contract during the window with slightly more than 40,000 MKR ($20 million dollars). It may never happen… However, at this time the hack remains plausible but requires a number of MKR holders to collude in order to make it happen due to the cost of the process. Notwithstanding, the governance protocol can work towards increasing the delay period to give the executives a chance to stop the contract change before the thief gains access to the MKR and DAI collateral. For now, the $340 million USD locked up in collateral remains in the hands of malicious people with $20million dollars at their disposal for a possible 7X gain. The post Maker (MKR) at risk of losing over $340 million in DAI collateral. Here’s how appeared first on Coingape.
CoinGape

DAI Flippens SAI 3 Weeks After Multi Collateral DAI Launch

The total amount of SAI (single collateral DAI) that was converted to DAI has exceeded 50 percent of outstanding supply. At this rate, we could see nearly all SAI migrating to DAI by the end of 2019. Maker has been exceptionally healthy, faring well even as ETH and BAT prices continue to fall, December 9,Read MoreRead More. The post by Ashwath Balakrishnan appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

Stablecoin DAI will not be pegged to USD alone: MakerDAO founder

Last month, MakerDAO rolled out its Multi-Collateral DAI [MCD] which is supported not just by Ethereum but also Brave's Basic Attention Token [BAT], as opposed to its Single-Collateral DAI [SAI] whichThe post Stablecoin DAI will not be pegged to USD alone: MakerDAO founder appeared first on AMBCrypto.
AMBCrypto

Coinbase Card Rolls out DAI as First Supported Stablecoin: Official

Coinbase Card Rolls out DAI as First Supported Stablecoin: Official Coinbase Card, a crypto-powered Visa debit card from major crypto exchange Coinbase, now supports Dai (DAI), a stablecoin pegged to the United States dollar. According to a blog post on Dec. 6, Dai is the first stablecoin that is available on Coinbase Card, alongside major […] Cet article Coinbase Card Rolls out DAI as First Supported Stablecoin: Official est apparu en premier sur Bitcoin Central.
Bitcoin Central
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Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ

Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ China could start its pilot for the central bank digital currency (CBDC) before the end of this year, according to local news outlet Caijing. The article states that the anticipated pilot project “will go out of the central bank system and enter […] Cet article Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ est apparu en premier sur Bitcoin Central.
Bitcoin Central

EOS Price Hit after Getting a C- in Decentralization by Weiss

Blockchain project EOS started this week on a negative note after an independent agency downgraded its rating from B to C-. Weiss Crypto Ratings published a report on December 6 wherein it demoted EOS to lower ranks over its centralization. The agency noted that just 0.01 percent of the EOS token holders control over 68 percent of the voting power on its blockchain. That allows a handful of entities to practice censorship over hundreds of thousands of EOS investors. In comparison, provable decentralized projects like Bitcoin works across 9,300 nodes to confirm and validate transactions atop its blockchain. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 EOS spent a quiet weekend but its value eventually took a toll during the Monday session. The EOS-to-dollar exchange rate was down by $0.083, or 3.02 percent, as of 1658 UTC. Against bitcoin, the cryptocurrency did relatively better, falling about 1.64 percent to trade at 359 sats. The market capitalization likewise took a plunge roughly worth $500 million to settle a low at $2.534 billion. At its December peak, it was $2.613 billion. Ascending Channel The latest move downside brought EOS close to retesting the support of an Ascending Channel. While the lower trendline certainly capped the price from falling further downward, the negative sentiment arising from the Weiss report could weaken it in the near-term. The bearish case prompts EOS to retest to close below the Channel Support and target 304-342 sats area as an accumulation range. In the event of a breakdown, traders could extend their short position towards 284 sats while keeping a stop loss above the level at which they had entered the trade. EOS is trending inside an ascending channel | Source: TradingView.com, Coinbase On the other hand, the price has not failed to reach the upper levels so far. A pullback action from Channel support could push EOS back towards the Channel resistance. Traders with low-risk appetite could use the bounce-back as an opportunity to open a fresh long position 405 sats. Meanwhile, they could minimize risks by maintaining a stop-loss order just below the Channel support. A Consideration From a fundamental point of view, investors who were bullish on EOS might find it hard to digest its centralization issues. The sentiment could prompt some to switch their positions for tokens with more attractive opportunities. Such a scenario could suit the breakdown scenario as discussed above. Meanwhile, traders can look to accumulate EOS ahead of the launch of Voice. EOS creator Block.One on Thursday announced that it would launch the EOS-based social media platform on February 14. While the announcement did not help neutralize trading sentiments immediately, traders can still speculate on the Voice launch to make interim profits. One could watch out for a reversal from Channel resistance – a sign that traders are processing the Voice news – and place his/her upside positions. EOS Price Hit after Getting a C- in Decentralization by Weiss was last modified: December 9th, 2019 by Yashu GolaThe post EOS Price Hit after Getting a C- in Decentralization by Weiss appeared first on NewsBTC.
NewsBTC

EOS Price Hit after Getting a C- in Decentralization by Weiss

Blockchain project EOS started this week on a negative note after an independent agency downgraded its rating from B to C-. Weiss Crypto Ratings published a report on December 6 wherein it demoted EOS to lower ranks over its centralization. The agency noted that just 0.01 percent of the EOS token holders control over 68 percent of the voting power on its blockchain. That allows a handful of entities to practice censorship over hundreds of thousands of EOS investors. In comparison, provable decentralized projects like Bitcoin works across 9,300 nodes to confirm and validate transactions atop its blockchain. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 EOS spent a quiet weekend but its value eventually took a toll during the Monday session. The EOS-to-dollar exchange rate was down by $0.083, or 3.02 percent, as of 1658 UTC. Against bitcoin, the cryptocurrency did relatively better, falling about 1.64 percent to trade at 359 sats. The market capitalization likewise took a plunge roughly worth $500 million to settle a low at $2.534 billion. At its December peak, it was $2.613 billion. Ascending Channel The latest move downside brought EOS close to retesting the support of an Ascending Channel. While the lower trendline certainly capped the price from falling further downward, the negative sentiment arising from the Weiss report could weaken it in the near-term. The bearish case prompts EOS to retest to close below the Channel Support and target 304-342 sats area as an accumulation range. In the event of a breakdown, traders could extend their short position towards 284 sats while keeping a stop loss above the level at which they had entered the trade. EOS is trending inside an ascending channel | Source: TradingView.com, Coinbase On the other hand, the price has not failed to reach the upper levels so far. A pullback action from Channel support could push EOS back towards the Channel resistance. Traders with low-risk appetite could use the bounce-back as an opportunity to open a fresh long position 405 sats. Meanwhile, they could minimize risks by maintaining a stop-loss order just below the Channel support. A Consideration From a fundamental point of view, investors who were bullish on EOS might find it hard to digest its centralization issues. The sentiment could prompt some to switch their positions for tokens with more attractive opportunities. Such a scenario could suit the breakdown scenario as discussed above. Meanwhile, traders can look to accumulate EOS ahead of the launch of Voice. EOS creator Block.One on Thursday announced that it would launch the EOS-based social media platform on February 14. While the announcement did not help neutralize trading sentiments immediately, traders can still speculate on the Voice launch to make interim profits. One could watch out for a reversal from Channel resistance – a sign that traders are processing the Voice news – and place his/her upside positions. EOS Price Hit after Getting a C- in Decentralization by Weiss was last modified: December 9th, 2019 by Yashu GolaThe post EOS Price Hit after Getting a C- in Decentralization by Weiss appeared first on NewsBTC.
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