DAI
DAI is an Ethereum-based stablecoin managed by the Maker Protocol and MakerDAO decentralized autonomous organization. Its price is soft-pegged to the U.S. dollar and is collateralized by a mix of cryptocurrencies deposited into smart-contract vaults when new DAI is minted. There are two versions of DAI: Multi-Collateral DAI (launched in November 2019) and Single-Collateral DAI (SAI). The former can be collateralized by various cryptocurrencies, while SAI could only be backed by one. Unlike SAI, Multi-Collateral DAI supports the DAI Savings Rate, allowing users to earn savings by holding DAI tokens. This innovative approach combines traditional financial mechanisms with decentralized blockchain technology, providing stability and utility in the cryptocurrency space.
MakerDAO Implements Emergency Measures Amid Market Volatility
MakerDAO approves an Executive Vote for crucial changes in response to market conditions, aimed at stabilizing the DAI peg and enhancing the protocol's resilience.
Soundraw: An AI-Powered Music Creator
Soundraw is an AI music generator that simplifies creating custom music for projects. It offers a range of genres, moods, and themes. It's used by content creators, game developers, and Artists.
SBI Holdings to Launch Investment Fund for Emerging Companies like Web3, AI, and Metaverse Startups
SBI Holdings plans to invest 100 billion yen in startups focusing on Web3, AI, and metaverse, with financial institutions supporting Japan's goal to nurture its startup ecosystem and enhance its Asian startup hub position.
Friend.Tech Boosts Security with CoolWallet on Base Chain
Friend.tech, a decentralized social network on Base's Ethereum layer-2 chain, has seen rapid growth but also faces security risks from phishing attacks. To address this, CoolWallet has launched a Web3 Guardian competition to promote its Web3 SmartScan feature, which screens transactions for malicious behavior.
Shiba Inu Shibarium Introduces Wrapped BONE and Hosted Blockscout Explorer
Shibarium has 1 million wallets and near 1 million transactions. It launched a hosted Blockscout explorer and expanded its token bridge to include various tokens. The Wrapped BONE contract has been verified, and Shibarium plans to renounce the Bone contract.
Imperial College London Partners with FluidAI to Address Digital Asset Market Inefficiencies
Imperial College London, a top-ranking UK university, has announced a strategic partnership with the fintech startup FluidAI on August 21. The collaboration aims to address and rectify inefficiencies in the digital asset market using advanced artificial intelligence (AI) technologies.
Tenstorrent Secures $100 Million Led by Hyundai and Samsung
AI chip developer Tenstorrent has closed a $100M round led by Hyundai and Samsung. The funds will accelerate product development and AI chiplet design.
Chinese Media Criticizes OKEx for Illegal Advertisements as Bitcoin Surges Above $30K
On June 27th, the Chinese media outlet Beijing Business Daily published an article titled "Bitcoin's Soaring Market Triggers Illegal Speculation Activities, OKX Resorts to 'Indirect' Marketing."
MakerDAO Keeps USDC as Primary Collateral for Dai
MakerDAO has voted to keep USDC as the primary collateral for Dai, rejecting a proposal to diversify into GUSD and USDP. The decision was made based on reduced risks from a cascading bank run in the US and USDC's return to a $1 peg.
Depegging of USDC and DAI Saves Borrowers $100 Million
The depegging of USD Coin (USDC) and Dai (DAI) from the US dollar resulted in more than $2 billion in loan repayments on decentralized lending protocols Aave and Compound, with borrowers saving a total of over $100 million. USDC and DAI started heading back toward their peg, and repayment activity tapered off in the following days.