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MakerDAO Diversifies Reserves with $700 Million US Bond Acquisition

Andras Crow-Hreidar by Andras Crow-Hreidar
July 3, 2023
in Crypto
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MakerDAO is a prominent decentralized finance (DeFi) protocol known for its decentralized stablecoin (DAI) . It has recently bought $700 million worth of US bonds as part of its strategy to diversify reserves and ensure liquidity pool stability .

 

Engaging the Community and Expanding Debt Ceiling

Before implementing any changes the MakerDAO team engaged with its community of users . In March governance members voted to increase the debt ceiling by $750 million which reflects their collective decision making power .

 

blockdag 70m

This is not MakerDAO’s first venture into acquiring government bonds . In 2022 the DeFi lending protocol made an initial bond purchase of $500 million . With the recent acquisition the total sum of bonds held by MakerDAO now exceeds $1 .2 billion .

 

Partnering for Financial Health

Monetalis who is a trusted partner assisted MakerDAO in achieving its objectives . Allan Pedersen who is the CEO of Monetalis stated that this move is expected to improve the protocol’s financial health by producing a new source of income . He expressed confidence in the bond market’s strength and its potential to provide a reliable and flexible solution that generates additional revenue for MakerDAO .

MakerDAO-Diversifies-Reserves-with-$700-Million-US-Bond-Acquisition-

Securing Constant Income for Financial Services

By acquiring these treasury bonds the DeFi protocol establishes a steady income stream to improve its range of financial services . This announcement follows another recent modification by MakerDAO which increased the annual return of its savings solution for DAI which is known as the DAI Savings Rate (DSR), from 1% to 3 .49% .

 

DeFi’s Rise in Popularity

Decentralized finance experienced a rise in popularity within the cryptocurrency community during 2021 . The total value locked (TVL) representing the funds deposited into various protocols soared to around $160 billion during the previous bull market .

 

The growth of decentralized finance owes much to the involvement of traditional finance players . Despite some bank leaders expressing skepticism financial institutions are keen to explore Web3 technologies to innovate their service offerings for customers .

 

Major Players Recognize Potential

The recent announcement by BlackRock with $9 trillion in assets under management requesting approval from the Securities and Exchange Commission (SEC) to launch a Bitcoin spot exchange-traded fund (ETF) remains a significant development . The participation of these financial giants is crucial for the adoption of blockchain-based solutions as it opens avenues for widespread public use and accessibility .

 

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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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