{"id":524497,"date":"2023-03-26T04:15:02","date_gmt":"2023-03-26T04:15:02","guid":{"rendered":"https:\/\/wncen.com\/?p=524497"},"modified":"2024-06-11T14:34:36","modified_gmt":"2024-06-11T14:34:36","slug":"makerdao-maintains-trust-in-usdc-despite-depeg-debacle","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/makerdao-maintains-trust-in-usdc-despite-depeg-debacle\/","title":{"rendered":"MakerDAO Maintains Trust In USDC Despite Depeg Debacle"},"content":{"rendered":"

MakerDAO, the governance community of the popular DeFi lending platform Maker, has decided to keep using USD coin (USDC) as the primary reserve asset for the DAI stablecoin.\u00a0<\/span><\/p>\n

Although USDC experienced a temporary depeg earlier this month, an overwhelming majority of the MakerDAO have chosen to retain their faith in the world\u2019s second-largest stablecoin, dismissing any other viable options.\u00a0<\/span><\/p>\n

USDC Depegged Following SVB\u2019s Collapse\u00a0<\/strong><\/h2>\n

On March 10, news broke out about the collapse<\/a> of the Silicon Valley Bank (SVB), one of America\u2019s largest banks and a major banking partner of Circle, the issuing company of the USDC stablecoin.\u00a0<\/span><\/p>\n

The following day, Circle released a statement<\/a> saying that about $3.3 billion of the USDC reserves were stuck with SVB, leading to much panic among investors.<\/span><\/p>\n

Although Circle provided much assurance that the company would cover all potential shortfalls using personal resources, it was not enough to neutralize the negative sentiment around USDC, causing the stablecoin to depeg from its $1 mark. While USDC soon regained its peg, its value initially fell as low as $0.87, causing much concern for other stablecoins and DeFi protocols, including Maker.\u00a0<\/span><\/p>\n

\"MakerDAO<\/p>\n

USDC De-pegs On March 11 | Source: USDCUSD Chart on Tradingview.com<\/a><\/span><\/pre>\n
Related Reading: Bitcoin Price Action Mirrors Q1 2021, Volatility Ahead?<\/a><\/div>\n
MakerDAO Rejects Plan To Diversify From USDC<\/strong><\/h2>\n
In response to the depegging event, the MakerDAO was forced to review its DAI reserves which were all stored in USDC. This is because the\u00a0 DAI token is considered vital to the multi-collateral lending operation of the Maker. In addition, DAI also serves as the native stablecoin of the protocol.\u00a0<\/span><\/p>\n
To protect investors’ assets from similar depegging debacles in the future, the Risk Core Unit of the Maker protocol proposed on March 17 that the DAI reserves be diversified into other stablecoins, nominating the Gemini Dollar (GUSD) and Paxos Dollar (USDP) as viable alternatives with lower market risks.\u00a0<\/span><\/p>\n
\"MakerDAO<\/p>\n
Source: vote.makerdao.com<\/a><\/span><\/pre>\n
In a poll<\/a> on March 20, the MakerDAO strongly rejected the proposal, with 79.02% voting to \u201cMaintain USDC as the Primary Reserve\u201d as against the mere 20% that voted in favor of diversification. These poll results are highly welcomed, especially during a time when many investors’ confidence in USDC is shaken.<\/span><\/p>\n
The Maker protocol remains the second largest DeFi platform in the market, with a TVL of $7.65 billion. It was launched back in 2017 and is widely regarded as the first-ever successful DeFi project.\u00a0<\/span><\/p>\n
Related Reading: XRP Might Target $0.50 If It Continues To Trade Above This Level<\/a><\/div>\n
State Of The Crypto Market\u00a0<\/strong><\/h3>\n
Currently, the general crypto market appears to be bearish, with most assets recording an overall loss in the last week. For example, data from Coingecko<\/a> shows that Ethereum (ETH), Binance Coin (BNB), and Polygon (MATIC) have all suffered losses to the tune of 1.8%, 4.0% and 9.9% in the last seven days. Meanwhile, Bitcoin has managed to stay afloat, gaining by only 0.9% in the same period.<\/span><\/p>\n
However, some tokens have been able to pull off a remarkable uptrend in the last few days. For example, Ripple (XRP) has recorded an overall profit of 18.0% in the last week as optimism concerning the Ripple vs. SEC court case continues to grow, with a ruling expected in the first half of 2023.<\/span><\/p>\n
Featured image: The Block, Chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
MakerDAO, the governance community of the popular DeFi lending platform Maker, has decided to keep using USD coin (USDC) as the primary reserve asset for the DAI stablecoin.\u00a0 Although USDC experienced a temporary depeg earlier this month, an overwhelming majority of the MakerDAO have chosen to retain their faith in the world\u2019s second-largest stablecoin, dismissing any other viable options.\u00a0 USDC Depegged Following SVB\u2019s Collapse\u00a0 On March 10, news broke out about the collapse of the Silicon Valley Bank (SVB), one of America\u2019s largest banks and a major banking partner of Circle, the issuing company of the USDC stablecoin.\u00a0 The following day, Circle released a statement saying that about $3.3 billion of the USDC reserves were stuck with SVB, leading to much panic among investors. Although Circle provided much assurance that the company would cover all potential shortfalls using personal resources, it was not enough to neutralize the negative sentiment around USDC, causing the stablecoin to depeg from its $1 mark. While USDC soon regained its peg, its value initially fell as low as $0.87, causing much concern for other stablecoins and DeFi protocols, including Maker.\u00a0 USDC De-pegs On March 11 | Source: USDCUSD Chart on Tradingview.com Related Reading: Bitcoin Price Action Mirrors Q1 2021, Volatility Ahead? MakerDAO Rejects Plan To Diversify From USDC In response to the depegging event, the MakerDAO was forced to review its DAI reserves which were all stored in USDC. This is because the\u00a0 DAI token is considered vital to the multi-collateral lending operation of the Maker. In addition, DAI also serves as the native stablecoin of the protocol.\u00a0 To protect investors’ assets from similar depegging debacles in the future, the Risk Core Unit of the Maker protocol proposed on March 17 that the DAI reserves be diversified into other stablecoins, nominating the Gemini Dollar (GUSD) and Paxos Dollar (USDP) as viable alternatives with lower market risks.\u00a0 Source: vote.makerdao.com In a poll on March 20, the MakerDAO strongly rejected the proposal, with 79.02% voting to \u201cMaintain USDC as the Primary Reserve\u201d as against the mere 20% that voted in favor of diversification. These poll results are highly welcomed, especially during a time when many investors’ confidence in USDC is shaken. The Maker protocol remains the second largest DeFi platform in the market, with a TVL of $7.65 billion. It was launched back in 2017 and is widely regarded as the first-ever successful DeFi project.\u00a0 Related Reading: XRP Might Target $0.50 If It Continues To Trade Above This Level State Of The Crypto Market\u00a0 Currently, the general crypto market appears to be bearish, with most assets recording an overall loss in the last week. For example, data from Coingecko shows that Ethereum (ETH), Binance Coin (BNB), and Polygon (MATIC) have all suffered losses to the tune of 1.8%, 4.0% and 9.9% in the last seven days. Meanwhile, Bitcoin has managed to stay afloat, gaining by only 0.9% in the same period. However, some tokens have been able to pull off a remarkable uptrend in the last few days. For example, Ripple (XRP) has recorded an overall profit of 18.0% in the last week as optimism concerning the Ripple vs. SEC court case continues to grow, with a ruling expected in the first half of 2023. Featured image: The Block, Chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":524498,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1336,11920,88036,16218,12532,3542,11164,16680],"class_list":["post-524497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-circle","tag-dai","tag-de-peg","tag-maker","tag-makerdao","tag-proposal","tag-stablecoin","tag-usdc"],"acf":[],"yoast_head":"\nMakerDAO Maintains Trust In USDC Despite Depeg Debacle MakerDAO Maintains Trust In USDC Despite Depeg Debacle<\/title>\n<meta name=\"description\" content=\"MakerDAO, the governance community of the popular DeFi lending platform Maker, has decided to keep using USD coin (USDC) as the primary reserve asset for MakerDAO has voted to keep using USD coin (USDC) 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.","sameAs":["https:\/\/www.linkedin.com\/in\/semilore-faleti-7a9046218","https:\/\/x.com\/https:\/\/twitter.com\/SemiloreFaleti"],"url":"https:\/\/wncen.com\/author\/semilorefaleti\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"MakerDAO Maintains Trust In USDC Despite Depeg Debacle","url":"http:\/\/wncen.com\/news\/makerdao-maintains-trust-in-usdc-despite-depeg-debacle\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/makerdao-maintains-trust-in-usdc-despite-depeg-debacle\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/maker-logo-1200x675-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/maker-logo-1200x675-1.jpg?fit=1200%2C675"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Semilore Faleti"}],"creator":["Semilore Faleti"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["circle","dai","de-peg","maker","makerdao","proposal","stablecoin","usdc"],"dateCreated":"2023-03-26T04:15:02Z","datePublished":"2023-03-26T04:15:02Z","dateModified":"2024-06-11T14:34:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"MakerDAO Maintains Trust In USDC Despite Depeg Debacle\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/makerdao-maintains-trust-in-usdc-despite-depeg-debacle\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/makerdao-maintains-trust-in-usdc-despite-depeg-debacle\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/maker-logo-1200x675-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/maker-logo-1200x675-1.jpg?fit=1200%2C675\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Semilore Faleti\"}],\"creator\":[\"Semilore Faleti\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"circle\",\"dai\",\"de-peg\",\"maker\",\"makerdao\",\"proposal\",\"stablecoin\",\"usdc\"],\"dateCreated\":\"2023-03-26T04:15:02Z\",\"datePublished\":\"2023-03-26T04:15:02Z\",\"dateModified\":\"2024-06-11T14:34:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/maker-logo-1200x675-1.jpg?fit=1200%2C675","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/581"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=524497"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/524498"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=524497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=524497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=524497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}