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DeFi Platform MakerDAO Hits $1B TVL, Doubles in 1 Month

A quick look at Defipulse shows that the $1 billion TVL on Maker comprises 3.1 million in ETH and about 98,000 in BTC.<br>

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DeFi Platform MakerDAO Hits $1B TVL, Doubles in 1 Month

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  1. DeFi Platform MakerDAO Hits $1B TVL, Doubles in 1 Month A quick look at Defipulse shows that the $1 billion TVL on Maker comprises 3.1 million in ETH and about 98,000 in BTC. Just when you think Bitcoin or Ethereum pump would steal the show from             the DeFi boom making the rounds for a couple of months now, MakerDAO             just hit $1B Total Value Locked – TVL, doubling in just 1 month.                              To begin with, this represents a new all-time high from its previous $764             million Total Value Locked (TVL) of February 14, 2020.                A quick look at Defipulse shows that the $1 billion TVL on Maker comprises               3.1 million in ETH and about 98,000 in BTC. Maker users have locked a             total of 2.4 million ETH in the smart contract protocol as at publication               time. Among other DeFi projects like Compound Finance, Aave, Synthetix,             MakerDAO enjoys 27.4% market dominance.                                                    MakerDAO is a decentralized credit platform on Ethereum that supports           DAI, a stablecoin whose value is pegged to USD. Anyone can use Maker to             open a Vault, lock in collateral such as ETH or BAT, and generate DAI as a               debt against that collateral. DAI debt incurs a stability fee (i.e., continuously             accruing interest), which is paid upon repayment of borrowed DAI.           Borrowers burn the MKR along with the repaid DAI. Users can borrow DAI             up to 66% of their collateral’s value (150% collateralization ratio).                                                                                  Interesting features on MakerDAO driving credibility, transparency and more decentralization Beyond the volume, it recently also ​added four “Light” Feeds into its           protocol. These are Infura, Gitcoin, Etherescan and Kyber Network to the                                    

  2. existing Oracle group to make the protocol even more decentralized.           Obviously, these are reputable firms within the Etherereum’s ecosystem.         They help by providing more credibility to data pooled in the protocol for           users. In turn, users are able to make a better-informed decision on the               assets listed. MakerDAO’s Oracles update prices on the blockchain every         time they change by 0.5% or more                                                              Read More:   https://cryptodose.co/defi-platform-makerdao-hits-1b-tvl-doubles-in-1-mon th/ 

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