MakerMaker MKR STO news

Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the U.S. Dollar.
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MakerDAO Token Holders Vote About Whether to Raise DAI Stability Fee by 3%

MakerDAO Token Holders Vote About Whether to Raise DAI Stability Fee by 3% Another vote about whether to raise the so-called stability fee for Maker’s ethereum (ETH)-based DAI decentralized stablecoin by 3% has started on the governance portal of the Decentralized Autonomous Organization (DAO) on April 19. MakerDAO, which issues the USD-pegged aforementioned algorithmic decentralized stablecoin, […] Cet article MakerDAO Token Holders Vote About Whether to Raise DAI Stability Fee by 3% est apparu en premier sur Bitcoin Central.
Bitcoin Central

MakerDAO Voters are Currently Divided on How Much to Hike Fees for DAI Stablecoin

The token holders of the MakerDAO loan system are facing difficult times right now. The stability of their stablecoin is not going great as it is being sold by less than $1 USD in secondary markets. Because of this, the local community has signaled to support the company in order to raise the fees again […]
Bitcoin Exchange Guide

A recap of emerging trends in the cryptoasset space (2019)

Having closed Q1 on a positive note and with the probability of having left the bear trend behind being very real, I wanted to take some time to evaluate the emergent trends within the cryptoasset space, that are likely to define 2019. While external factors, such as institutional onramps and custody are important, I will deliberately avoid focusing on those — as they are to some extent unknowns.PoS is becoming ubiquitousEveryone, and their grandmother are switching to PoS. According to Staked founder, Tim Ogilvie, there is “$25 billion of stake-able crypto that’s coming online in the next 15 months.” Capitalising on this trend, a bunch of venture backed staking as a service providers like Bison Trails, Staked, Chorus One and Figment Networks have sprung up left and right. As expected, more established players such as Coinbase were quick to react too, launching their own lines of staking products, tied in with cryptoasset custody. There is a lot of room to grow here, as this not only makes cryptoassets productive, but also introduces the potential for further experimentation with token models.Some resources- On fair token launches - Worklock: an improved token distribution model - 0x Roadmap 2019 (part 4) — proposal for stake-based liquidity incentives - The basics of Ethereum 2.0 economicsGovernance is a large part of the debateAs these networks mature, it increasingly becomes apparent that good governance is a must-have feature. Ethrereum’s failure to make crucial decisions and take action fast, has highlighted that need. But solving governance is a tough challenge, and on-chain (in its current form) is anything but panacea.Some resources - MakerDAO Governance Call - Coinfund’s governance model proposal - Polkadot’s governance model- An overview of the Politeia system architectureDeFi marches onThe recent addition of Dharma and the appreciation in the price of ETH, have launched the total USD value of assets locked in DeFi to ~$416M. Maker’s dominance stands at 86%, while DEXs have been thrust into the scene by Uniswap, primarily due to the innovative, low-friction, exchange model it employs. The vast majority of the activity is taking place on Ethereum, with Bitcoin being represented by the Lightning Network (contributing a little more than 1% of total assets locked). Expect more experimentation, maturing existing products and less friction on the UX layer.Some resources- DeFi Liquidity Models from Placeholder- Hummingbot vs Uniswap: Two approaches to liquidity- Mapping out Ethereum’s DeFiIEOs are a thing; STOs likely to stick around for longerAlready this year, 12 exchanges have announced IEO platforms and 39 projects have participated in an IEO. IEOs, as popularized by the Binance Launchpad, are a flip on the ICO model, that removes the risk layer that was introduced between ICO and exchange listing. So far, three small exchanges have facilitated two-thirds of all IEOs in 2019, BitTorrent still has the highest return with more than 500%, while only five tokens have actually grown in price since being listed. Now, has this format erased all the regulatory concerns that loomed over the ICO model? Categorically no — and while the exchanges launching those offerings are not necessarily bound to US regulations, some turbulence is to be expected due to — well — gravity! At the same time, while there’s a lot of legal ground to cover, it looks like STOs are picking up some steam — though looking like minor modifications of Reg-A’s and Reg D’s for now.Some resources- The IEO Phenomenon’s Impact on Markets and Token Models- Blockstack Announces SEC Filing for $50M Regulated Token Offering- Provenance.io Blockchain Raises $20 Million in Security Token OfferingGames are gaining tractionSince mid-2018, the blockchain based games catefory has been touted as a potential breakout vertical — not without reason. A quick look at stateofthedapps.com or dappradar.com is enough to see why. Gambling and gaming dapps take the lion’s share in engagement and interestingly, most of that activity is happening on the EOS and Tron blockchains. While this is not the permissionless innovation that we expected, in reality, for this use case there is no real need for total decentralization. That said, it’s hard to imagine a groundbreaking, paradigm shifting Dapp built on blockchains that are so easy to censor and tamper with. However, for the moment, there is no such Dapp and so EOS and Tron take the day.Some resources- The Evolution of the Blockchain Gaming Industry- Hashed’s New Incubator Will Initially Focus on Blockchain Gaming- Forte and Ripple’s Xpring to bring blockchain to gaming- Enjin overviewEcosystem funds will brute force dev adoptionAka, ‘If the mountain will not come to Muhammad, then Muhammad must go to the mountain’. EOS, Tron, Ripple, Algorand — the list goes on. Total capital committed to ecosystem funds among the 4 projects mentioned here, exceeds $500M. Wowzers! While the good people at Ethereum are working to find ways to untangle their thumbs, centralized outfits are investing aggressively. My prediction? Expect some wild winners and spectacular failures here.Some resources- Algo Capital Announces $100 Million Blockchain Fund- Xpring: a Ripple $150 million fund managed by Blockchain Capital- Block.one, SVK Crypto Jointly Launch US$50m EOSIO Fund- TRON unveils TRON Arcade: 100 Million USD Game Fund- ConsenSys Wants to Raise $200 Million from Outside InvestorsEnterprise; wink winkSo while crypto winter hit us hard in 2018, Entreprise was hard at work implementing all sorts of blockchain solutions, in order to capture many of the efficiencies that blockchain tech can bring in settlement, supply chains, contract execution and beyond.Some resources- Blockchain Goes To Work At Walmart, IBM, Amazon, JPMorgan, Cargill +- Thoughts On Blockchain Enterprise Adoption- Ethereum Continues to Lead the Way in Enterprise Blockchain Adoption- Oracle Accelerates Adoption of Enterprise Blockchain WorldwideA recap of emerging trends in the cryptoasset space (2019) was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

Maker Community Votes to Raise Stability Fee as Dai Struggles to Hold $1 Peg

For more than two weeks the dai stablecoin has sat below its $1 peg, and has been trading for roughly $0.97 over the last seven days. This has given concern to the Maker Dao community which has decided to raise the dai stability fee to 11.5% per year. Also read: Exchangewar Lets You Compare Crypto Trading Platforms Maker Community Hopes Increased Stability Fees Will Return Dai to $1 Peg Stablecoins have been extremely popular over the last few years but when the cryptoconomy gets volatile, these assets are prone to slipping from their dollar backing. One such coin that’s overcollateralized with ethereum is the Maker network’s dai, faithfully held its 1:1 ratio with the USD until recently. However, the cryptocurrency has been performing much lower than expected and hasn’t held the $1 ratio since March 26, according to market data. Because of this issue, the creators of the programmatic lending protocol Maker Dao have given the community a few solutions to fix the stability problem. Dai 30-day chart. This week Maker Dao (MKR) token holders, who can be polled to resolve certain issues concerning the dai stablecoin, discussed raising the network’s stability fee. Essentially dai often holds to the 1:1 dollar ratio because it uses a system called the Collateralized Debt Position (CDP), in which people creating dai have to pay into a system that uses overcollaterization and an added stability fee. This means the ratio of ETH collateral needed in order to mint dai is fixed at 1.5:1 at all times. Since the price downturn, however, Maker Dao participants have voted to raise the stability fee to 11.5% per year. Essentially, CDP owners need to pay down their debt to obtain their locked ETH collateral but must also pay a stability fee. Once a debtor pays off the CDP loan plus the stability fee (the fee can only be paid in MKR), the collateralized ETH will be freed from the contract. “Signal your support for a 4% increase to the Stability Fee,” explains the Maker Dao’s poll boards. “Vote for this proposal to signal your support to increase the Stability Fee by 4%, bringing it to 11.5% per year.” After Previous Fee Hikes the Latest 11.5% Increase Per Year Ratified On April 11, the 4% increase proposal was ratified with 50,844.75 MKR according to the poll dashboard. The main reasoning for the stability fee price hike was “exchange price persists below $1,” and “high inventory levels among market makers and prop desks.” Moreover, it is believed there will be “little attributable impact” from the previous increases. Back in February, MKR holders increased the fees twice by 0.5% each time, and then in March, the community added another 6%. The impact of these fractional increases did not muster enough strength within the markets to restore the 1:1 dollar peg. If the increase to 11.5% doesn’t help dai’s stability then concerns as to the asset’s viability will mount, especially if crypto markets continue to stay volatile. The issue is not limited to the dai stablecoin either, as even stablecoins that are reportedly backed by real dollars have seen ups and downs during times of extreme turbulence within the cryptoconomy. Dai tokens themselves are very dependent on excess collateral but if the price of ethereum (ETH) suddenly crashed, critics have said this could raise issues. However, ETH’s price has seen rapid appreciation recently and the increasing dai supply by 3.02 million has shown investors are still making draw actions. Most of the stablecoins backed by fiat have been in the ecosystem for quite some time, but despite this, some cryptocurrency proponents don’t trust stablecoins. Years ago, investors in nubits (USNBT) thought that each token would remain pegged to the USD, and it did up until June 9, 2016. Anyone holding nubits today would be lucky to get $0.06 per USNBT. What do you think about MKR token holders voting to increase stability fees so much over the last two months? Do you think raising the fees will restore the 1:1 peg with the U.S. dollar? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Pixabay, Maker Dao and Dai logos, Etherscan, and Markets.Bitcoin.com. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Markets.Bitcoin.com, another original and free service from Bitcoin.com. The post Maker Community Votes to Raise Stability Fee as Dai Struggles to Hold $1 Peg appeared first on Bitcoin News.
Bitcoin News

MakerDAO to Increase Fees Above 10% Threshold in Bid to Stabilize DAI Stablecoin

Investors who hold tokens in the programmatic lending protocol MakerDAO appear likely to approve a fifth fee increase that would further raise the cost of platform’s US dollar-backed stablecoin DAI. Since Monday, five different options have been presented to MakerDAO token holders, all of which suggested different possible increases to the platform’s “stability fee,” the most extreme […]
CoinDesk

Altcoin Season 2019: Coinbase Pro Adds EOS, Augur REP, and Maker (MKR)

The leading veteran US based exchange Coinbase announced on Monday that it will be adding EOS (EOS), Augur (REP), and Maker (MKR) to the Coinbase Pro platform. Starting from April 8, 12 p.m. (Pacific Standard Time), customers with Coinbase Pro accounts will be able to transfer EOS, REP, and MKR into their respective accounts. Coinbase  said in the blog post that while the EOS and Augur will be available for trading in most jurisdictions they serve, these two assets will not be available for the State of New York. On the other hand, Maker will not be available for trading in the United States, but it will be offered to clients who reside outside of the country. Things You Need to Know About EOS, Augur, and Maker Maker (MKR) is perhaps the most straightforward assets among the three Coinbase Pro will add on Monday. It is basically an Ethereum token and claims to be “a utility token, governance token, and recapitalization resource of the Maker system.” However, the real purpose of MKR is managing another Ethereum token called the DAI stablecoin. Augur is also an Ethereum token that is being used for reporting and disputing forecasting outcomes on various online prediction markets. By contrast, EOS is a cryptocurrency that was originally developed to support large-scale decentralized applications. While there are no transaction fees for transferring EOS, it uses resources like RAM, CPU, and network bandwidth to allow users to transact. The interesting thing about EOS that while it rewards people for running network time to time, the inflation created by the reward acts as a substitution for transaction fees. Coinbase Pro Will Roll Out EOS, Augur, and Maker Trading in Four Stages However, Coinbase said in the announcement that customers of Coinbase Pro will not be able to start trading the newly added assets on the platform. Instead, the rollout of these newly added crypto assets will be done in several stages. In the first stage, customers can only transfer their EOS (EOS), Augur (REP), and Maker (MKR) to their Coinbase Pro account. In the next stage, customers can post limit orders. However, in this stage, their orders will not be matched, which means the orders will not be completed. In this second stage, post only orders will remain for a minimum of one minute. In the third stage, limit orders will be matched, but at this stage, customers still will not be able to trade these assets with market orders. Only in the fourth and final stage customers of Coinbase Pro will be able to enjoy the full range of trading capabilities, including limit, market, and stop orders. The Bottom Line When Coinbase added cold-storage staking for Tezos (XTZ), the smart contract and decentralized application platform, at the end of March, the market price of the altcoin went through the roof. It will be interesting to see what the future would lead with the addition of three new crypto assets.     The post Altcoin Season 2019: Coinbase Pro Adds EOS, Augur REP, and Maker (MKR) appeared first on CryptoPotato.
CryptoPotato

Coinbase Pro announces support for EOS (EOS), Maker (MKR) and Augur (REP)

San Francisco-based cryptocurrency exchange Coinbase announced the addition of EOS (EOS), Maker (MKR), and Augur (REP) to its professional trading platform, Coinbase Pro. Source: Coinbase Blog Coinbase Pro’s new additions EOS (EOS) – EOS is a blockchain protocol that enables horizontal scaling of decentralized applications, allowing developers to efficiently create high performance distributed applications. Maker (MKR) – Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the IMF’s international currency basket SDR. Augur (REP) – Augur is a decentralized oracle and peer-to-peer protocol for prediction markets. Reputation (REP) is a cryptocurrency, used by reporters during market dispute phases of Augur. REP holders must perform work, in the form of staking their REP on correct outcomes, to receive a portion of the markets settlement fees. The next steps Coinbase will roll out the new listings in four stages. Transfer-only. After 12pm PT on Monday April 8, customers will be able to transfer EOS, REP, and MKR into their Coinbase Pro accounts. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours. Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute. Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes. Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders. Recent Coinbase asset listings The announcement comes shortly after Coinbase added a handful of other altcoins including XRP, Stellar Lumens, and Zcash. In May 2018, Coinbase rebranded its professional trading experience to Coinbase Pro, and in the process, introduced simpler withdrawal and deposit features, a new chart system, and access to consolidated portfolio view. The post Coinbase Pro announces support for EOS (EOS), Maker (MKR) and Augur (REP) appeared first on CryptoSlate.
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Biggest weekly losers: XRP, Litecoin [LTC], Stellar Lumens [XLM] fall by 10%; market tanks after Bitfinex-Tether fiasco

The market saw prices of most major cryptocurrencies soar earlier this week. However, the weekend has led to a new turn of events as coins are now being dragged into bearish territory. Among the top-10 coins, the five cryptocurrencies that saw the biggest fall were Stellar Lumens [XLM], EOS, Cardano [ADA], XRP, and Litecoin [LTC]. The fall in prices was a result of the Bitfinex-Tether fiasco. New York State’s Attorney General’s [NYAG] office revealed that iFinex, the company behind the crypto-exchange Bifinex, may be violating New York Law. This announcement was in relation to activities that “may have defrauded” local investors who trade in cryptocurrencies. Stellar Lumens [XLM] Source: Trading View Stellar Lumens [XLM] was valued at $0.1158 on April 20 and fell by 14.68% over the week. At press time, the coin was valued at $0.0990 with a market cap of $1.88 billion. The 24-hour trading volume was noted to be $276 million, as the coin fell by 4.50% over the past day and continued to dip by 0.43% within the past hour. EOS Source: Trading View EOS, at the beginning of the week was valued at $5.47, after which it fell by 13.97% over the past seven days. At press time, the coin was valued at $4.70, with a market cap of $4.43 billion. The 24-hour trading volume of the coin was $2.62 billion as it fell by 1.91% over the past day. The coin, at press time, was falling by 0.14% and failed to recover. Cardano [ADA] Source: Trading View Cardano [ADA] fell by 13.41% over the week, which resulted in its price falling from $0.0769 to $0.0690. The market cap of the coin was reported to be $1.78 billion and the 24-hour trading volume was $108 million. Over the past 24-hours, the coin fell by 4.47% and continued to fall by 1.35% within the past hour. XRP Source: Trading View At the beginning of the week, XRP was valued at $0.3325, after which it slipped by 11.88% and, at press time, was valued at $0.2929. The market cap of the coin was noted to be $12.30 billion and the trading volume of the coin was $1.36 billion. XRP fell by 2.49% over the past day and by 0.50% over the past hour. Litecoin [LTC]  Source: Trading View Litecoin [LTC] noted a fall of 10.79% over the past week, which reduced the price of LTC from $81.33 to $72.64. The market cap of the coin was $4.46 billion with a 24-hour trading volume of $3.15 billion. The price of the coin fell by 0.77% over the past 24-hours and by 0.94% within an hour. The post Biggest weekly losers: XRP, Litecoin [LTC], Stellar Lumens [XLM] fall by 10%; market tanks after Bitfinex-Tether fiasco appeared first on AMBCrypto.
AMBCrypto

Bitfinex: $850M Lost Tether ‘False Assertion’

Following the New York Attorney General’s accusations of a $850M cover-up by Bitfinex, the company has issued its response. Binfinex refutes the claims as ‘riddled with false assertions’ and that the funds are not lost.  The Cover-Up Claims According to the NY Attorney General’s claim, Bitfinex lost $850 million of customer money. This had been sent to, and seized by payment processing firm, Crypto Capital Corp. The allegation goes on to say that Bitfinex used cash reserves from affiliated stablecoin, Tether, to cover the shortfall. The AG, Letitia James, claims this ‘loss of funds’ and movement of reserves was not disclosed by operator of both Bitfinex and Tether, iFinex. Therefore, it had “engaged in a cover-up to hide the apparent loss of $850 million of co-mingled client and corporate funds.” At press time, the price of USD Tether 00 has fallen bellow its $1 peg. Meanwhile, its stablecoin competitors such as USD-Coin 00  and TrueUSD 00 are now trading at a slight premium. This suggests that investors are likely swapping their tethers  to avoid any further surprises. Worth noting, Bitcoinist reported yesterday that the supply of tethers has reachd an all-time high. ‘Bitfinex and Tether are Financially Strong’ Bitfinex responded today by claiming that the AG’s filings: …were written in bad faith and are riddled with false assertions, including as to a purported $850 million “loss” at Crypto Capital. It claimed that these funds were not lost, but had “been, in fact, seized and safeguarded,” and it was actively working to get those funds released. It went on to chastise the AG for not doing more to aid and support its recovery efforts. Both Bitfinex and Tether are financially strong – full stop. And both Bitfinex and Tether are committed to fighting this gross overreach by the New York Attorney General’s office against companies that are good corporate citizens and strong supporters of law enforcement. Bitfinex and Tether will vigorously challenge this, and any and all other actions, by the New York Attorney General’s office. The Double Standards Caitlin Long pointed out on Twitter, that even if the allegations were true, the NY AG was guilty of double standards. From 2009-12, Merrill Lynch, according to the SEC: commingled customer funds, used them to cover its own obligations, & had it failed its customers would have been exposed to a “massive shortfall in the reserve account.” Which is essentially what the AG is accusing iFinex of. But whilst the SEC dealt with the Merrill Lynch case without causing panic and customer withdrawals, the move by the AG has sparked just that for iFinex. 7/ So…#NewYork did good investigative work here but needs to be called to task on why the double standard, and why the "gotcha" approach? Why not do the same to #WallSt firms when they play similar shell games??? — Caitlin Long (@CaitlinLong_) April 26, 2019 She also urged exchanges to clean up their acts regarding transparency and proof of solvency, to avoid such situations. The Problem? The Attorney General’s filing, asserts that the Tether funds were extended as a line of credit, over three years, with a 6.5% interest rate. An iFinex share charge, of 60,000,000 shares, secured the loan. Entrepreneur and commentator, Alistair Milne, Tweeted the situation rather succinctly, concluding that, as long as “Bitfinex trades profitably, no problem.” TL:DR the Tether/Bitfinex news:Bitfinex have borrowed ~700mil from TetherBitfinex pay a 'fair' interest rate on this loan60million shares in Bitfinex were pledged as collateralIf CryptoCapital release the USD, no problemIf Bitfinex trades profitably, no problem — Alistair Milne (@alistairmilne) April 25, 2019 Which brings us back to transparency and disclosure. If iFinex told customers and investors about this alleged ‘seizure’ and ‘loan’, then would they now have a problem? And is the AG’s ‘gotcha’ approach really warranted in any case? Is the NY Generaly Attorney acting in ‘bad faith’? Share your thoughts below! Images via Shutterstock The post Bitfinex: $850M Lost Tether ‘False Assertion’ appeared first on Bitcoinist.com.
Bitcoinist

New York Attorney General’s Office Accuses Bitfinex Of Covering $850 Million Losses Using Tether Funds

If you are our BitcoinExchangeGuide’s regular reader. You should already know about the shady connection between Bitfinex and Tether. This Thursday, a document by the New York Attorney General’s (NYAG) office revealed that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is being sued. In the press release, the attorney general Letitia […]
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