The decentralized finance (DeFi) protocol maker (MKR) is considering allocating up to $600 million worth of stablecoin DAI to the USDe market, Ethena’s synthetic dollar.
last week maker placed 100 million DAI on Spark’s sUSDe/DAI and USDe/DAI markets on Morpho Blue, a lending protocol for Ethereum (ETH).
According to Maker, this move enabled “over-collateralized scalable liquidity for users interested in increasing exposure to Ethena assets.”
On Monday, a Maker Forum contributor recommended that the protocol allocate an additional 500 million DAI to Morpho’s lending infrastructure on staked USDe and USDe/DAI markets. A proposal released by BA Labs, a member of MakerDAO’s Stability Scope Advisory Board, noted that the allocation could total up to 1 billion DAI.
Some members of the cryptocurrency community have criticized Maker’s new Ethena DAI proposal as being overly risky. Marc Zeller, founder of the Aave Chan Initiative and head of the Aave (AAVE) DAO. called That is the “definition of recklessness.”
Through USDe, Ethena aims to provide a cryptocurrency-based solution that does not rely on traditional banking system infrastructure. The protocol also provides dollar-denominated savings vehicles called “Internet Bonds.” Binance Launchpool last week launched support for ENA, the project’s native asset.
Ethena raised $14 million in a seed expansion round earlier this year. Investors in the funding round included BitMEX founder Arthur Hayes, investment giant Franklin Templeton, digital asset manager Galaxy Digital and Binance Labs.
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