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MakerDAO’s DAI Hits the $1B Market Cap Benchmark

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It was recently reported that on Wednesday, the 11th of November 2020, DAI, a stablecoin had reached a $1 billion market capitalization.

A representative of MakerDAO’s founder, Rune Christensen notes:

“One billion Dai in circulation is a huge milestone and a powerful validation that people around the world want more access, more transparency and more opportunity to maximize their economic potential.”

The representative highlighted that on Wednesday supply surged beautifully by $30 million.

As at press time, the total aggregate for supply is approximately 993 million DAI. 

Another Crypto proponent, Robert Leshner, Founder of DeFi money market Compound also notes:

 “Dai is a pioneer of protocol-created financial instruments – and reaching the milestone of one billion Dai proves that it works, is here to stay, and is the honey badger of Ethereum,” 

It will also interest you to know that just earlier this year (2020), in the month of February, the whole Decentralized Finance subsector struck the $1 billion in total value locked in the sector.

 With DAI hitting the $1 billion mark, this is a huge one for the protocol.

It is no news that one of the most viable forms in which most DAI is used today is in the form of an ERC-20 token; this does not mean that there are no other ways in which the Stablecoin is used.

A Developer at the Maker Foundation, Nik Kunkel, also notes:

“In the Maker system, dai is not an ERC-20 token. Dai is just dai.” 

With a whopping $2.3 billion locked  in assets, Maker is the second largest DeFi App on the Ethereum Blockchain after Uniswap. 

Christensen also highlighted that: 

“MakerDAO was built to help people find a better, less biased and more transparent way to participate in the global financial system.” 

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Cypherpunk Ditches its Investment in Monero and Ether to Purchase BTC 

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A Canada-based investment outfit dubbed Cypherpunk Holdings recently ditched its store of value in two different Altcoins, Monero and Ether and stashed its gains from both into Bitcoin BTC.  

Cypherpunk Holdings revealed on Thursday the 26th of November,  2020 that its store of BTC is now worth 276.479 BTC. Its Bitcoin holdings rose from  72.979 BTC to its current 276.479 BTC estimated to be the remainder for the second quarter of 2020. This stands as a whopping 279% increase.

The holding company liquidated their investments in the privacy coin dubbed Monero, and Ether, one of the most valuable cryptos. They in turn used the money they got to buy more and more BTC. 

Cypherpunk also used monies obtained from the private placement of CA$505,000 which is approximately USD 400,000, a deal closed on the 27th of August to buy BTC. 

Cypherpunk is not the only company that took the BTC route, publicly quoted companies like MicroStrategy and Square have diversified their investments into BTC in 2020.

These trends suggest that BTC is a worthy store of value and an alternative hedge for inflation. 

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China Nabs 102 Masterminds and Accomplices of $4B PlusToken Ponzi Scam

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The Chinese police department recently confiscated cryptocurrencies valued at billions of dollars held by the PlusToken Ponzi scheme (Scam perpetrators) in China. 

The Jiangsu Yancheng Intermediate People’s Court revealed via a court ruling the list of the cryptocurrencies seized by the country’s police department.

The following is an outline of the cryptos:

  1. ETH- 833,083 
  2. XRP- 487 million 
  3. EOS- 27.6 million
  4. DASH- 74,167
  5. DOGE- 6 billion
  6. BTC- 194,775 
  7. BCH- 79,581 
  8. LTC- 1.4 million
  9. USDT- 213,724

The seized crypto assets are worth about $4 billion as at press time.

The court pronounced that:

“The seized digital currencies will be processed pursuant to laws and the proceeds and gains will be forfeited to the national treasury.”

Thanks to the timely seizure of crypto assets, many more unknowing victims would have been defrauded.

The price of BTC has continually been on a constant dip as scammers continue to illicitly sell the asset at frivolous prices.

It is not known yet what the Chinese government would make of the confiscated cryptos. It is hoped that these seizures will not be sold frivolously or at once, as this may just perpetuate the fall in the price of BTC thereby advancing the efforts of the scam operators.

All the masterminds and accomplices of this fraudulent scheme, totalling a whopping 109 suspects have been arrested by the Chinese police department.

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Russia to Change the Face of the Crypto Market and Protect Crypto Traders

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It appears that Russia is headed towards protecting crypto users as the Prime Minister of Russia, Mikhail Mishustin brought the issue of protecting crypto users to the fore on Thursday, 26th of November, 2020.

The Prime Minister admitted the government’s “growing interest in this relatively new tool.” According to him, the Russian government is set to supervise the Crypto Market so as to support it to scale in a “civilized direction”. This way, Crypto users will be able to preserve their “rights and interests” as they navigate their way through the Crypto sector.

Mishustin emphasised that this move will adequately prevent scams and illicit “shadow schemes”.

According to the Russian prime minister, Russia’s Tax Legislation will be modified in a way that will regard crypto assets as actual property. This way, the holders of crypto assets will be able to obtain redress in court should they suffer scams and other illegal perpetuations. 

As at press time, Russia’s Ministry of Finance has made recommendations to the Tax Code, a body of legislations that govern how taxable persons are levied in Russia. One of the recommendations is the duty to register the amount of crypto a holder has when his crypto holding hits a particular threshold. 

Severe penalties have also been recommended for persons and organisations who are not compliant.

The present Prime Minister was elected the head of the Russian terrain very recently. Prior to this time, he had been running the nation’s  federal tax agency for about a decade.  

As at the time of writing this piece, Russia still has no concrete and wholesome legal blueprint as regards cryptocurrencies in its landscape. Nevertheless, the country is still making do with the recently signed legislation by President Vladimir Putin.

This new law regulates the disbursement of digital securities and designated crypto as a taxable asset.

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