MakerDAO’s Spark: 8% Dai Yield, Front End VPN Restrictions

MakerDAO has increased the yield on its stablecoin DAI from 3% to 8%, making it one of the highest rates among major stablecoin issuers. Someone moved 14.32 million DAI into MakerDAO to take advantage of this 8% yield. This change is tied to MakerDAO’s lending platform called Spark. Alongside this, Spark has restricted users from certain places, like the United States, from accessing its platform using virtual private networks (VPNs).

Ethereum Community Puzzled by $4.5 Million Ether Burn

An unidentified person sent $4.5 million worth of ether to a burn address (destroying the coins) under the ENS name nd4.eth. This action, done without a clear reason, surprised the crypto community and sparked speculation. Some find humor in the move, seeing it as reducing Ethereum’s supply and echoing the ‘Ethereum’s Ultrasound Money’ concept.

PayPal Unveils Stablecoin for Payments & Transfers.

PayPal has introduced its own cryptocurrency called PayPal USD (PYUSD), in partnership with Paxos Trust Co., a regulated company. This stablecoin is backed by US dollars and similar assets, offering more choices for PayPal’s crypto services.

Why is Hedera (HBAR) trending now?

The Hedera (HBAR) token price rose by 16% in the past week. It partnered with FreshSupplyCoAu for integration with Continuity API, enabling Hedera users to use Mastercard Payment Gateway Services. HBAR has gained attention for its steady price increase since mid-July.

What’s Driving Bitcoin’s Price Surge?

Cryptocurrencies like Bitcoin surged today despite a downbeat stock market due to a negative outlook on US banks by Moody’s. Bitcoin’s price rose 2.3% to $29,903, staying within a $28,000 to $30,000 range for the past two weeks

Russia partners with 13 banks for CBDC.

After Russia invaded Ukraine, Western countries imposed economic sanctions on Russia. To counter these sanctions, Russia turned to cryptocurrencies and started studying them, along with Central Bank Digital Currency (CBDC). Recently, the Central Bank of Russia announced that it will begin testing the digital ruble next week.

Coinbase’s mainnet, Base, is now open to the public.

Cryptocurrencies like Bitcoin surged today despite a downbeat stock market due to a negative outlook on US banks by Moody’s. Bitcoin’s price rose 2.3% to $29,903, staying within a $28,000 to $30,000 range for the past two weeks.

Gemini includes XRP Ledger, becoming its 13th supported blockchain.

The exchange now supports its 13th network, adding blockchain. Soon, users can trade Ripple (XRP) with USD, followed by GBP, EUR, CAD, AUD, HKD, and SGD pairs.

Ripple teams up with Bank for International Settlements for payment taskforce.

On August 9, the Bank for International Settlements (BIS) included Ripple (XRP) as an official member of its ‘cross-border payments taskforce.’ This group is part of the ‘BIS Committee on Payments and Market Infrastructures,’ which consists of 33 entities and is chaired by Ulrich Bindseil from the European Central Bank.

Cardano’s DeFi hits $600M+ ADA lock.

The total value locked in Cardano’s DeFi ecosystem has crossed $600 million ADA. The network’s native tokens locked in DeFi apps have tripled since the year’s start. As per DeFiLlama, the value in USD is nearly $180 million, up from around $49 million in January. ADA tokens briefly surpassed 600 million and remain close after a minor decrease.

https://www.cryptoglobe.com/latest/2023/08/cardanos-defi-ecosystem-hits-new-milestone-with-over-600-million-ada-locked/