![]() This adds continued fuel to Maker’s business model, which Token Terminal has established as being the third most profitable in the entire industry.Įarnings, which Token Terminal defines as a project’s revenue minus its token incentives, for Maker are at $141.4 million since the sound business dashboard began. Coinbase made a similar move earlier in September, offering the DeFi platform 1.5% on its USDC holdings. Recently, the Winklevii-led crypto exchange Gemini proposed depositing its native GUSD stablecoin with MakerDAO to generate a yield of 1.25%. The rise in MKR’s price comes amid several new proposals for the protocol. Its decentralized stablecoin DAI is the third-largest dollar-pegged asset in the crypto market after Circle’s USDC and Tether’s USDT. ![]() Maker is the unofficial central bank for DeFi. The governance token is now trading hands at roughly $840, and the project currently commands a market capitalization of over $758 million. Last but not least, Maker’s MKR token is also in the green today, rising by more than 8%. This, plus the project’s continued dominance in the liquid staking niche, may have played a part in LDO’s recent rise.ĪD Liquid staking market Coinbase in blue, Lido in purple. This is in stark contrast to the whopping 6% depeg which occurred over the summer. For instance, Staked Ethereum (stETH), the token that users receive in return for staking ETH on the platform, has moved closer to price parity with Ethereum.Ĭurrently, Ethereum trades at $1,347, while Staked Ethereum trades at $1,339, marking a discrepancy of roughly 0.6%. There have been fewer technical updates for the staking project, but following the Ethereum merge last month, some of Lido’s fundamentals have improved. LDO is now trading hands at $1.57 following the hefty run-up still, the token is still nearly 80% off from its all-time high of $7.3 set back in August 2021, according to CoinGecko. The LDO token is used to vote on various proposals to improve the project. ![]() LDO, the project’s native governance token, is currently up over 7% over the past 24 hours. “Staking is going to distribute the value the system accrues to the relevant participants-the nodes and the stakers,” he said at SmartCon 2022 in September.īeyond crypto oracles and price feeds, Lido Finance, the highly-popular liquid staking protocol, is also enjoying a bullish uptick. Feeds like this would allow developers to build out more complex NFT-based projects, like indices and lending markets.Ĭhainlink is also undergoing a hefty overhaul, with the project’s co-founder Sergey Nazarov announcing a new staking service to be launched in December. These new oracles will scan various blue-chip NFT prices across various marketplaces to determine the floor price, or lowest purchase price for a jpeg in a collection. Of late, the crypto project and Coinbase Cloud, the San Francisco-based crypto exchange’s API and data service, have tied up to bring a similar offering to the world of non-fungible tokens ( NFTs). Chainlink’s oracles are used throughout the decentralized finance ( DeFi) sector to provide pricing data to various projects.
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