Market observers heralded the SEC Chair Atkins' comments as positive development for the sector, with Binance founder CZ saying that June 9th "will be remembered as DeFi day."
Falling ETH prices also threaten other DeFi loans, with potential liquidations that could further impact the token's price.
The proposal to buy back tokens with protocol revenues is intended as a new value accrual mechanism for tokenholders.
The CeDeFi stablecoin has attracted billions of inflows due to double-digit staking yields.
Sky is offering $500,000 in USDS rewards for early adopters and stablecoin liquidity providers.
Just four MKR whales constituted 98% of the voting power in favor of sticking with the Sky rebrand.
Early polling indicates MKR holders want to keep the SKY brand, though participation in the poll is still low.
An Apollo Crypto report links DeFi resurgence to US Federal Reserve rate cuts, China’s credit expansion and improved DeFi infrastructure.
The vote was passed with 88% in favor of offloading WBTC collateral from the Sky lending platform.
The team behind Sky, formerly Maker, wants to drop WBTC due to what it claimed were recent changes in ownership and control “likely involving Justin Sun or affiliates.”
A “decentralized governance” body could decide the fate of frozen USDS if the stablecoin goes ahead with a freeze feature, says Sky co-founder Rune Christensen.
The plan would create markets for DAI-replacement USDS on Aave.
MakerDAO co-founder Rune Christensen said the feature won't be live when the USDS token goes live and the old DAI token will remain in circulation unchanged.
Maker (MKR) is currently demonstrating bullish moves with a 7% upswing, positioning it for a critical resistance test at $2,662. This surge reflects growing optimistic sentiment as key technical indicators suggest that the cryptocurrency could be on the verge of a significant breakout. As the market turns green, expectations are that the price of Maker maintain this momentum and push through the $2,662 resistance level, potentially setting the stage for further gains. This article tends to offer a clear understanding of Maker’s potential price trajectory by analyzing the recent price movement, exploring technical indicators, and assessing the significance of the $2,662 resistance level. In the past 24 hours, Maker has gone up by 7.01%, reaching around $2,133, with a market capitalization of over $1.9 billion and a trading volume exceeding $114 million at the time of writing. Maker’s market cap has increased by 7.14%, while its trading volume has surged by 66.30%. Understanding The 7% Surge: What’s Driving Maker’s Momentum? Currently, the price of Maker on the 1-hour chart is bullish and is approaching the 100-day Simple Moving Average (SMA) and the $2,662 mark. The digital asset has been on an upward spiral since it failed to break below the key level of $1,731, which indicates that the bulls are gaining control of the market and could drive the price higher. Additionally, an analysis of the 1-hour Relative Strength Index (RSI) shows that the signal line of the indicator has successfully risen above 50% toward 70%, suggesting that buying pressure greatly increases and the asset might experience further upward movement. On the 4-hour, although Maker is still trading below the 100-day SMA, it can be observed that the crypto asset is attempting a bullish move toward the 100-day SMA, printing two bullish momentum candlesticks. After the rebound at $1,731, Maker has shown bullish resilience, keeping its pace above this level. With this recent bullish sentiment, the digital asset could extend its rally toward the $2,662 resistance level. Finally, on the 4-hour chart, the RSI indicator also indicates a rising bullish momentum for the cryptocurrency as the RSI signal line has moved out of the overbought zone and is currently heading toward the 50% level. Breaking Through $2,662: What It Could Mean For The Future Of Maker If the bulls can sustain their strength in the market, the price of Maker will continue to move upward toward the $2,662 resistance level. Should the price break and close above the $2,662 level, it may continue to rally toward the next resistance point at $3,222 and possibly other levels. However, if Maker reverses direction at the $2,662 resistance level, it would begin to drop toward the direction of its previous support range at $1,731. When the price breaches this support range, it could signal a deeper bearish trend, leading to further price declines towards other lower levels. Featured image from Adobe Stock, chart from Tradingview.com
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Ethereum is the home of decentralized finance (DeFi), looking at the over $100 billion in total value locked (TVL). Even though the figure fluctuates, mainly depending on the performance of ETH, it is clear that DeFi has proven revolutionary, opening up new use cases spanning multiple sectors, including finance and insurance. Are Ethereum DeFi Protocols […]