DAI stablecoin deposits on the MakerDAO protocol have surged as the interest rate for the Dai Savings Rate (DSR) reached 8%. The MakerDAO community approved a temporary increase in annual returns for depositing DAI into the protocol. Since the activation of the Enhanced Dai Savings Rate (EDSR) proposal on 4 August, the total amount of DAI deposited in the DSR contract has skyrocketed by 164% to reach 891 million DAI. The total supply of DAI has also increased by 13% from US$4.44 billion to $5.02 billion.
News Highlights
PayPal is launching a new stablecoin called PYUSD that will be pegged to the US dollar and based on the Ethereum blockchain. PayPal users in the US can transfer PYUSD between PayPal and supported external digital wallets. The stablecoin will be issued by Paxos Trust Company.
Stablecoin issuer Tether unveiled new mining software to improve the efficiency and capacity of Bitcoin mining operations. The software is designed to facilitate the transmission of commands and signals to mining hardware, including WhatsMiner, AvalonMiner, and Antminer.
Steadefi, a DeFi leveraged yield aggregator, has been targeted in an ongoing attack, resulting in a loss of at least $334,000. The attacker gained access to the private key of the team’s deployer wallet, enabling them to perform owner-only functions such as allowing any wallet to borrow available funds from the lending vaults.
Curve Finance has reportedly recovered 73% of the funds stolen in a recent hack. Over $18 million in stolen funds are remaining, with Curve opening up the bounty to the public last Sunday night.
Real-World Assets: Bridging Real-World Value to DeFi: Real World Assets is a promising application for blockchain technology that is gaining traction. We explore notable projects like Centrifuge, Ondo, Tangible, and Toucan.
Alpha Navigator: Quest for Alpha [July 2023]: Risk assets continued their positive price action in July, although BTC dipped slightly. Macro calendar is quiet up until mid-August when we have the US CPI and release of FOMC minutes.
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PayPal to issue a new stablecoin in the US.Tether unveils new software to improve Bitcoin mining.Cypher Protocol suffered an exploit with close to US$1 million in losses.
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