MakerDAO The Changes Keep on Coming | Crypto Daily Digest July. 6

TI Research

Recently, MakerDAO has made significant purchases of US Treasuries, increased the $DAI savings rate to 3.49%, introduced a new lending protocol and launched a new smart burning mechanism.

MakerDAO, a OG DeFi protocol, has recently undergone a series of radical updates.

In June, MakerDAO Approves Purchase Additional $1.28 Billion in U.S. Government Bonds

With Maker continuing to invest in real world assets over the last year and interest rates on US Treasuries at high levels, Maker has invested over $2 billion in short term US Treasuries earning a stable interest rate of over 5%.

At the same time, the Dai Savings Rate (DAI Saving Rate - DSR) has increased from 1% to 3.49%. DSR allows users to deposit $DAI and earn a stable interest rate.

In May, MakerDAO Launched Spark Protocol, a new Lending Protocol. The Spark Protocol is an end-user, DAI-centered DeFi product that has been deployed on Ethereum and offers supply and borrow features for $ETH, stETH, $DAI, and sDAI. The first version of Spark Protocol, called Spark Lend, is a lending marketplace designed specifically for supplying and borrowing crypto with a focus on $DAI.

In recent days, MakerDAO Deployed $MKR Smart Burn Engine Contracts on chain.

Maker has a Surplus Buffer. Profits from the protocol are stored in the Surplus Buffer as reserves. When the Surplus Buffer exceeded 250 million DAI, MKR's buy-back and burn mechanism was activated.

With the new smart burn mechanism, the cap on the surplus buffer is reduced to 50 million DAI and when this cap is exceeded, MKR is automatically purchased with DAI in a DAI/MKR pool on Uniswap v2 and the resulting MKR and DAI are formed into a pair to provide liquidity on Uniswap v2 as liquidity owned by the protocol. Through this mechanism, the repurchased MKR will be owned by the protocol and the circulating supply of the MKR will be reduced.

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