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Stablecoins from Circle and MakerDAO have been less stable than those from Tether and Binance in the last couple of years, states a new S&P Global report. Analysts at S&P Global have noted that while all dollar-pegged stablecoins are susceptible to fluctuations, certain ones, like Circle’s USD Coin (USDC) and MakerDAO’s Dai (DAI), have exhibited a greater tendency to depeg compared to others. A comprehensive study conducted in September by Dr. Cristina Polizu, Anoop Garg, and Miguel de la Mata analyzed the valuation and depegging trends of five prominent stablecoins: USDT, BUSD, Paxos (USDP), USDC, and DAI. You might also like: USDC market cap hits two-year low even after Coinbase stake The findings highlighted that USDC and DAI have experienced more frequent depegging incidents than their counterparts, USDT and BUSD, over the past two years. Notably, USDC’s value plummeted below $0.90 for 23 minutes, and DAI’s value dipped for 20 minutes i...

Rune Christensen stated that Solana’s codebase should be the foundation of MakerDAO’s upcoming blockchain, as he highlighted that it’s optimized for building “highly efficient blockchains.” MakerDAO co-founder Rune Christensen has submitted a proposal to build the decentralized finance project’s upcoming native chain off of a fork of Solana’s codebase, and not the Ethereum Virtual Machine despite its long-running ties with Ethereum. MakerDAO’s native chain or what is currently dubbed as “NewChain,” is part of the fifth and final phase of the MakerDAO “Endgame” upgrade announced in May. The final phase is expected to take around three years to complete, and it will see the full re-implementation of the Maker Protocol into a new stand-alone blockchain. In a Sept. 1 X (Twitter) post highlighting the proposal, Christensen stated that: “After some research, I believe the Solana codebase should be considered as the basis for NewChain.” The last phase of Endgame is the launch of a native ...