Blockchain Protocol MakerDAO Transfers $250M From Coinbase To Protect DAI Stablecoin Peg
Portfolio Pulse from Khyathi Dalal
MakerDAO has transferred $250 million from its Coinbase custody account to DAI’s peg stability module (PSM) to protect the peg for its DAI stablecoin. The reserves had dropped below $60 million, and the transfer was necessary to keep the DAI price stable. MakerDAO runs on Ethereum with DAI as a stablecoin, maintaining its value close to USD through a system of decentralized participants incentivized by smart contracts.
November 01, 2023 | 4:38 pm
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POSITIVE IMPACT
The transfer of $250 million to DAI’s peg stability module is aimed at protecting the peg for the DAI stablecoin, which could stabilize its price.
The transfer is aimed at protecting the peg for the DAI stablecoin. This could stabilize the price of DAI, which had seen its reserves drop below $60 million.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
MakerDAO's transfer of $250 million from its Coinbase custody account could potentially impact Coinbase's transaction volume.
The transfer of such a large amount from Coinbase could potentially impact the company's transaction volume. However, it's unclear how significant this single transaction is in the context of Coinbase's overall transaction volume.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50