Maker Foundation Dissolves to Give the Community Full Control Over the Protocol and DAO

Maker Foundation Dissolves to Give the Community Full Control Over the Protocol and DAO

Original decentralized finance (DeFi) project Maker has now completely decentralized MakerDAO making the community now responsible for the protocol.

It started as a DAO, then changed into a Foundation which was a temporary solution for the development of the popular lending protocol, an end to having a self-governed self-operating DAO, which it has now achieved.

This week, Rune Christensen, the CEO of Maker Foundation, announced that the DAO is now fully self-sufficient, and the Foundation will formally dissolve within the next few months.

Over the period of the last six years, its stablecoin DAI has grown to become a $5.25 billion market cap crypto-backed stablecoin.


In Q2 of 2021, the supply of DAI grew 76%, producing $43 million in earnings, up 136% since 1Q21 and 21,500% year-over-year.

While DAI has a 5% market share of the stablecoin market, the lending protocol has $5.45 billion in outstanding debt compared to $6.62 billion on Compound and $6.89 billion on Aave.

“MakerDAO continues to provide one of the best demonstrations of profitable growth in DeFi,” noted Ryan Watkins of Messari, adding the project also has a powerful business model having zero infrastructure costs with users paying gas, zero cost of capital with MakerDAO minting DAI, and extremely high margin with very low headcount requirements while having global reach without the hurdle of regional financial regulations.

Currently, the project has over $8 billion in assets locked in smart contracts of the Maker Protocol.

In terms of total value locked (TVL), the protocol has $5.85 billion comprising 2.43 million ETH, nearly 17k BTC, and 61.36 million DAI.

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Author: AnTy

“Don’t Give Me Power in Your Project,” says Ethereum Co-founder on Burning SHIB Tokens

“Don’t Give Me Power in Your Project,” says Ethereum Co-founder on Burning SHIB Tokens

Vitalik Buterin, who simply doesn’t want to be the focus of that kind of power, is in support of those earnestly working on making the world better.

After tanking the prices of Dogecoin-inspired meme coins, Ethereum co-founder Vitalik Buterin has burned a ton of SHIB tokens.

The price of SHIB tokens fell about 58.5% the day Vitalik donated a big chunk of SHIB supply along with other dog-based coins to charity.

After falling in tandem with the broad crypto market over the weekend fueled by Bitcoin sell-off, SHIB is now trading at $0.00001632, but still down 56.4% from its all-time high of $0.00003791 about a week back. BTC -6.28% Bitcoin / USD BTCUSD $ 43,537.51
Volume 74.9 b Change -$2,734.16 Open $43,537.51 Circulating 18.71 m Market Cap 814.7 b
5 h Bitcoin’s Energy Consumption is Half of Gold and the Banking System: Galaxy Digital Mining 6 h Tether (USDT) Launches on Avalanche Which is Burning Fees at Increasing Speed 6 h Galaxy Digital Reports $860M in Net Income in Q1 2021 and Surpasses $1 Billion in AUM

Amidst all this, Vitalik burned about $6 billion worth of SHIB tokens. SHIB -8.34% SHIBA INU / USD SHIBUSD $ 0.00
Volume 3.46 b Change $0.00 Open $0.00 Circulating 10 t Market Cap 6.48 b
10 h “Don’t Give Me Power in Your Project,” says Ethereum Co-founder on Burning SHIB Tokens 4 d Uniswap Collecting More than Double the Fees Daily Generated by Bitcoin 4 d Is Vitalik Buterin a Villain or a Hero for Dumping the Dog Meme Coins?

During this burn, Vitalik had a message embedded in the transaction for the creator of these tokens; he doesn’t want them to send half the supply to him without his consent. Vitalik’s message said,

“For anyone making coins (or DAO’s, or whatever else) in the future, PLEASE DO NOT GIVE ME COINS OR POWER IN YOUR PROJECT WITHOUT MY CONSENT! I don’t want to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first).”

While 90% of the remaining SHIB tokens in his wallet will be burned, Vitalik will be donating the 10% to charity with a more long-term orientation because while Covid-19 is a big problem now, “it’s important to think about the longer term future too.”

Explaining the future course of action he will be taking with these tokens, Vitalik also shared the reason behind his initial move, which was “simply holding the remaining coins in the Oxab58 wallet forever was never an option.”

“For security reasons alone, they would have to be moved to a better wallet eventually, and any transaction I make would get interpreted as an action. So… may as well just do the useful thing immediately.”

Vitalik further stated that he “supports” the SHIB community and who are earnestly working on making the world better.

“I’ve actually been impressed by how the dog token communities have treated the recent donations! Plenty of dog people have shown their generosity and their willingness to not just focus on their own profits but also be interested in making the world as a whole better.”

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Author: AnTy

70% Bitcoin Mining Pools Give Signal to Taproot’s Second Attempt

70% Bitcoin Mining Pools Give Signal to Taproot’s Second Attempt

One of the biggest Bitcoin upgrades, Taproot, is starting its second signaling after the first one failed to materialize.

In order for Taproot to get locked in the protocol upgrade for November, 90% of the blocks mined need to signal their readiness. If activated, this upgrade will bring increased privacy and cheaper transactions to Bitcoin blockchain along with allowing smart contracts to be deployed on it.

This week, as we reported, Bitcoin mining difficulty hit an all-time high at 25.046 trillion after increasing by 21.5%. It was the largest percentage increase in about seven years.

This massive spike in difficulty adjustment came following the Bitcoin mining hash rate hitting a new ATH as well within a month of its 25% drop after some miners went offline due to blackouts in China which had pushed the self-regulating mining difficulty to decrease as well.

But now, the network is back at new highs as miners come back online.

With the latest jump in difficulty adjustment, the previous countdown has ended, and the new Taproot signaling period has started that will last till the next adjustment that occurs every 2,016 blocks, roughly 14 days, to ensure the average interval between blocks remains at 10 minutes.

While 80% of all Bitcoin hash rate is currently signaling for Taproot, less than 10% of blocks has signaled “green” during the last epoch, as per

As of writing, 69.5% of mining pools have given their signal.

The biggest Bitcoin mining pools Antpool, Poolin, and F2Pool have given their signal, while the major ones that have yet to do so include, Binance Pool, OKEx Pool, 1THash, and BTC.Top.

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Author: AnTy

Dollar Hungover, BTC & ETH Give BTD Opportunity; Total Crypto Market Cap Poised to Hit $1T

Dollar Hungover, Bitcoin & Ethereum Give BTD Opportunity; Total Crypto Market Cap Poised to Hit $1 Trillion

While dollar is expected to see more weakness, after the retail buying over the holidays, institutional investors returning to their desks this week are expected to boost BTC prices further.

Over the weekend, Bitcoin hit a new all-time high at $34,865.

The breath BTC BTC -6.72% Bitcoin / USD BTCUSD $ 31,227.25
-$2,098.47 -6.72%
Volume 80.48 b Change -$2,098.47 Open $31,227.25 Circulating 18.59 m Market Cap 580.54 b
4 h Why Does Bitcoin (BTC) Continue to Tear Up Without Ever Stopping? 4 h Ethereum Blockchain Becomes Absolutely Unusable Yet Again as Average Fees Hits ATH at $20 5 h Anthony Scaramucci’s SkyBridge Capital Launches Institutional-Grade Fund to Directly Invest in Bitcoin; Offers GBTC Swap Too
took here after hitting a new record had ETH flying, as well as major altcoins that have been waiting for their turn.

Bitcoin is now consolidating, going just under $28,000 today, as traders and investors take off profits here and rotate them into ETH ETH 5.65% Ethereum / USD ETHUSD $ 1,012.58
$57.21 5.65%
Volume 57.8 b Change $57.21 Open $1,012.58 Circulating 114.12 m Market Cap 115.55 b
4 h Ethereum Blockchain Becomes Absolutely Unusable Yet Again as Average Fees Hits ATH at $20 6 h Too Afraid to Buy the Dips; Too Much FOMO to Resist Buying The All Time Highs 7 h ETH Rips to Jan 2018 High As The Market Rotates Bitcoin Profits into Ethereum
and altcoins.

The momentum over the weekend pushed the market cap of the entire cryptocurrency to over $900 billion. Another small push to the upside and we will hit the $1 trillion mark. Today’s correction meanwhile has it at around $840 billion.

After hitting these highs, the market saw red today, providing the ‘buy the dip’ opportunity the market has been looking for after such highs.

This resulted in $1 billion liquidated in just an hour with $190,000,000 in long positions on Binance within 10 minutes.

Not to mention, the funding has been going berserk, as per Viewbase.


As the digital asset expands beyond speculators and makes its way into investment portfolios, crypto enthusiasts are looking for the next round number.

According to Antoni Trenchev, managing partner and co-founder of Nexo in London, BTC “will be on the road to $50,000 probably in the first quarter of 2021.”

After the retail buying over the holidays, Trenchev sees institutional investors returning to their desks this week and boost prices further.

The world’s largest cryptocurrency rallied strongly in December, eclipsing the 2017 high of $20k as people especially institutions continue to see BTC as a hedge against US dollar weakness and inflation risk.

“The drivers of the crypto rally, if anything, are strengthening amid still low interest rates, political uncertainty” and the prospect of more government stimulus, Julian Emanuel, chief equity and derivatives strategist at BTIG LLC told Bloomberg. But volatility can work both to the upside “as well as to the downside,” he added.

The expiry of $36k Bitcoin call options in over 2 weeks could bring some volatility as well.

After the 870% uptrend since March low, Bitcoin can take some rest. It is anyone’s guess if the Monday correction, which was about 18%, is all we will get or something more.

Unlike the crypto market’s strong 2021 opening, the dollar started the new year by slipping further broadly.

The greenback fell to another low of 89.4, a low not seen since April 2018 — a few inches more and the USD index will go to Dec. 2014 levels.

“The global economy is closer to a more sustainable growth recovery amid unprecedented fiscal and monetary support,” Maybank currency analysts said in a note adding, “On net…the dollar can see its weakness stay further entrenched.”

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Author: AnTy

Cue to Buy BTC: Fed and Bank of England Vows to Do ‘Everything’ to Help their Economy Recover

Markets are flying right now. And the central banks are ready to give them even more reason to continue to do so.

We are less than a week into November, and the S&P 500 has already pumped 7.35% as the US dollar struggles, and yields on US Treasury debt securities remain unchanged.

Gold and Bitcoin particularly enjoy the greens as the precious metal goes back to the $1,950 level, and BTC makes 35-month highs, itching to break $16,000.

While green is splashed across the markets, the Federal Reserve pledged again to do whatever it can use “full range of tools” to sustain the speed at which the US economy is recovering.

Amidst the uncertainty around the still undecided US presidential election, the Fed kept the loose monetary policy intact — asset purchase and interest rate (near zero) remains unchanged.

Chairman Jerome Powell said the Fed has begun to consider whether it needs to extend the emergency credit facilities beyond their expiration on Dec. 31.

But the Fed chief said the economy is now recovering at a slower speed after being boosted earlier in the year by fiscal aid and re-opening of businesses adding the recent rise in coronavirus infections in the US and abroad was “particularly concerning.”

The same day the Bank of England governor also vowed to do “everything we can” to support the economy amidst the resurgence of Covid-19 cases.

As the central bank announced another £150bn of support, Andrew Bailey said it was important policymakers acted “quickly and strongly.”

However, with new restrictions in England and tighter lockdown rules, a slower and bumpier recovery is expected. “We are here to do everything we can to support the people of this country – and we’ll do it and will do it quickly,” said Bailey.

All of this basically, “is code for buy Bitcoin.”

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Author: AnTy

Chamber Of Digital Commerce Launches ‘Crypto for Congress’ Sending $50 in BTC to Every Member

  • CDC plans to give every member of congress a small campaign donation in Bitcoin (BTC).
  • The $27,000-plan aims to introduce digital assets to members of Congress to ease the lobbying process.
  • The U.S. still lags behind its competitors in the blockchain and cryptocurrency field.

In a published post on Monday, the Chamber of Digital Commerce (CDC), a leading trade association in digital asset payments and blockchain innovations, announced the launch of ‘Crypto for Congress’, a program set to send campaign donations in Bitcoin (BTC) to each of the 541 members of Congress. This represents the first time every member of Congress will have an opportunity to fully interact with the technology, leveling the field when making digital asset laws.

The Chamber of Digital Commerce PAC will send $50 donations to the campaign trail to each member, in addition to “providing extensive public online educational training, a toolkit, and resources.” The donation remains trivial but will greatly impact Congress members interacting with Bitcoin and the crypto ecosystem directly.

The post further states that presenting BTC to Congressional members will “foster a deeper understanding of blockchains” to ease the legal procedures and promote “greater participation in the political process” to integrate blockchain benefits to every industry U.S.

Also Read: US Congressional Members Ask the Government to Support Blockchain Tech For Covid-19 Relief

Crypto for Congress is an educational initiative formed by CDC’s PAC, a different entity from CDC, aiming to teach Congressional members from both parties of the benefits and law-making process in the blockchain and crypto ecosystem. Perianne Boring, President of the Chamber of Digital Commerce, emphasized the need for Congress to interest the blockchain field. Boring said,

“Now is the moment for all Members of Congress to learn about and embrace cryptocurrencies and blockchain technology, and the best way to do that is to set up a digital wallet and get started on the blockchain journey.”

Further focusing on the U.S. lagging behind leading nations in digital assets and blockchain technology, she said,

“Many other nations like China, Japan, Singapore, and Switzerland have rapidly embraced blockchain technology and created robust national plans to be global leaders in this area. The United States is falling behind in technological innovation, and this is not a risk we should be willing to take.”

Support from Congress

The initiative is also supported by the Congressional Blockchain Caucus led by Tom Emmer and Darren Soto, who recently sponsored two digital asset bills in the Consumer Protection Act – currently in Senate.

Emmer labeled the Crypto for Congress initiative as a ‘lightbulb moment’ in Congress, finally taking an interest in the digital assets and blockchain developments. He said,

“By embracing the digital asset movement, we have an opportunity to take a significant step forward to ensure America’s leadership position in the future of the global economy.”

Representative. Darren Soto said,

“As lawmakers, it’s our duty to ensure the United States leads in blockchain technology. Understanding how this technology works at a hands-on level is an important step we must take to promote innovation and maximize the potential of cryptocurrencies for the U.S. economy.”

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Author: Lujan Odera

Augur (REP) Delays v2 Prediction Market Launch To June; v1 Cutoff Date Extended

Augur announced its long-awaited version 2 (Augur V2) will be delayed to give the community time to switch from the older V1 versions to the new updates. The team announced most of the work on the new platform is done with a little polishing up and bounty finding hanging in the way.

Augur dev team delays V2 till June

After months of work on the new Augur V2, the dev team announced the new update will launch in the ‘first weeks of June.’ The decentralized betting platform will launch on the Ethereum blockchain bringing fresh aspects in addition to a DAI-denominated coin, a switch from the ERC-20 standard token to the lucky token contract, the ERC-777 and a new tool to focus on the exposure of fake markets.

According to the blog post every REP, the blockchain’s native token, users will need to migrate to the new version before the cut-off date to avoid being left out. The team will offer more information on how to migrate tokens to the new update.

The cut-off time is delayed to the 15th of May (12:00pm UTC), giving users ample time to switch to the new version as soon as it’s launched. Users can continue creating the betting markets at the moment, as the report reads,

“At this time, we’ve decided to extend the v1 cutoff date until May 15th (12:00pm UTC). This allows users to continue to create markets through the UI while also budgeting a good deal of time between then and the anticipated deployment (to ensure resolution).”

Few steps to go

The team is just a few steps from launching the V2 main net as the community works on a few bugs, polishing the Augur user interface and the integration with DeFi product Uniswap V2. The announcement reads,

“The bulk of the remaining engineering work for the initial v2 launch involves polishing the Augur UI, preparing for integration with the launch of Uniswap v2, and performance and end to end testing of the contracts on Mainnet.”

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Author: Lujan Odera

Users Affected By Binance KYC Leak Hack Will Get Free VIP Accounts

Binance has decided to give something to the users who were allegedly hacked. According to a recent blog post, the company will give free VIP accounts to any user related to the Know Your Customer (KYC) leak incident.

While the company disputes that it was hacked and affirms that some of the information was actually stolen from a third-party company, it has chosen to offer some kind of compensation for the incidents, as some of the leaks match actual clients. Most “leaks” are said to missing vital information, though, which is great.

According to the crypto exchange, some of the images stolen from the third-party company overlap with the ones that Binance has in its own KYC. Multiple pictures were photoshopped, though, or do not match the records that the company has. The main reason for the company not to believe that the hack happened was because the images lack the company’s watermark.

The exchange affirmed that it has “robust security” measures which are being used to safeguard the assets of its clients. These measures include AI-verification and all the data is stored with several protections, so the hacker would really need to do a notable job to be able to crack them.

Now, all the potential victims can become VIP customers for their lifetimes. They will get all the advantages without ever having to pay for them.

Binance has also requested that, just in case, everyone affected by the hack should issue new documents in their countries, as there is the risk that some sensitive information might be leaked by the actual hack, the one made on the third-party company hired to handle KYC some time ago.

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Author: Hank Klinger

Bears or Bulls: Will Bitcoin get the “Real Opportunity” to Test $9,500?

Bears or Bulls: Will Bitcoin get the “Real Opportunity” to Test $9,500?
  • A weekly close below $11,510 will give us a real opportunity” to retest $9,532 whiel a close above to retest local highs
  • Easing of tensions with the US and China not hurting BTC price

After seeing a sharp downward move earlier this week, for the past two days, Bitcoin is maintaining above $11,000 and flirting around $12,000 level, unable to make a strong move up yet.

Currently, we are at $11,731, in the green by 0.09% while managing the daily trading volume of $4.87 billion, which kept steady throughout the day.

For the time being, BTC is stuck, giving no signs of the direction it will move in but has the resistant and support levels, as shared by economist and trader Alex Kruger present at,

– R: 12000, 12500, 13000, 13300, 13600, 13900-14000, 15000, 17400, 20000, moon.
– S: 11600-11500, 11300, 10800, 10300, 10000, 9600.

Crypto trader and investor Josh Rager is watching for a weekly close above $11,510 as there’s confluence at that level.

If we close below then, he says, we will get a “real opportunity” to retest $9,532 while a close above lead us to retest local highs at $13,800s.

The Bitcoin Market State

The market is currently ranging around $11,600 that “coincidentally” is the 50% level for the 2017-18 move, explain Kruger. Price, he said should run above $12,500 and below $11,300 that mark yesterday’s highs and lows.

The bullish factor of the current market he says is that weak hands shook off. BitMEX funding has also dropped from 0.32% to 0.01% while margin longs/shorts have dropped drastically since the high. It is currently running at its lowest since May 11th, the day Bitcoin broke above $6,400 and the bull market officially began.

As for the bearish part, the price Kruger says is still overextended, so we are likely to consolidate and catch up with daily EMA 20 that is currently at $10,265.

On the move down, however, we have lots of stops below $10k that makes it an “attractive target for large traders gunning for stops, and make the $9900-$9600 area great for longs.”

Bitfinex-Tether hearing in July may also add downside fireworks, said Kruger.

“I’d be careful with longing here. Closed long for now unless the consecutive 4H candles closes above that wick, only then I’ll re-long,” analsyt Crypto Squeeze said.

Easing Of Tensions With The US And China Not Hurting BTC Price

One of the developments seen today is US President Donald Trump and China’s Xi Jinping agreeing to restart trade talks.

“We’re going to work with China where we left off,” he said, averting an escalation feared by the markets.

While the negotiations continue, Trump said existing US tariffs would remain in place against Chinese imports. But additional tariffs that he threatened to slap on Chinese goods won’t go forward for the “time being.”

The US-China trade war that negatively affected the traditional market, rather worked in favor of Bitcoin, working as a hedge and helping people move money out of China.

Though Trump spoke with Xi in length, doubt still persists about both the nations’ willingness to compromise on long term solutions.

However, it didn’t have any effect on the price of BTC, as noted by Bitcoin bull and Fundstrat’s Tom Lee.

“Easing of tensions with US and China and even the surprise of easing restrictions on huawei does not seem to be hurting bitcoin BTC. After pullback from $14k to $10k (which TA @rsluymer expected and was textbook Fibo), Bitcoin seems to be OK with developments.”

Meanwhile, Barry Silbert of Blockchain Capital took a jab at gold, “how’s gold responding to the news? oh wait, we’ll need to wait until Monday to find out.”

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Author: AnTy