2 years ago
Makerdao, the decentralized autonomous enactment (DAO) that issues the stablecoin DAI, approved a governance ballot that provides “collateral integration from a U.S.-based bank.” The Makerdao governance ballot passed by a bulk ballot of much than 87%, and it allows the U.S. fiscal instauration Huntingdon Valley Bank the means to leverage a stablecoin vault.
Huntingdon Valley Bank to Use Makerdao’s Stablecoin Vault System With Off-Chain Loans — RWA-009’s Initial Debt Ceiling Is $100 Million
According to a Makerdao governance canvass breakdown, the assemblage has approved a collateral integration connection with the Pennsylvania-based fiscal instauration Huntingdon Valley Bank. Makerdao discussed the connection connected July 4, 2022, and noted that the RWA-009 conception would beryllium the archetypal of its benignant successful the satellite of decentralized concern (defi). The word “RWA” utilized successful the Makerdao connection stands for “real-world assets.”
“The archetypal collateral integration from a U.S.-based slope successful the defi ecosystem is getting closer,” the project’s authoritative Twitter relationship explained. “The Maker Governance votes to adhd RWA-009, a 100 cardinal DAI indebtedness ceiling information installation projected by the Huntingdon Valley Bank, arsenic a caller collateral benignant successful the Maker Protocol,” the squad added.
In a Twitter thread published astatine the extremity of March 2022, Makerdao elaborate however the strategy would enactment arsenic it would let Huntingdon Valley Bank (HVB) to get DAI by utilizing HVB’s participated loans arsenic collateral. “The exertion besides requested an archetypal indebtedness ceiling of $100 cardinal dollars of Huntingdon Valley Bank Participated Loans diversified crossed each projected indebtedness categories, to beryllium deployed implicit a play of 12 to 24 months from inception,” Makerdao said astatine the time.
Makerdao besides disclosed that portion HVB would beryllium the archetypal to participate the project’s “Master Purchase Agreement,” the task has the afloat “intention to incorporated much banks successful the future.” The project’s stablecoin DAI is the fourth-largest stablecoin task successful presumption of marketplace valuation with $6.48 billion.
During the past 7 days, Makerdao’s autochthonal crypto plus MKR has accrued 2.5% against the U.S. dollar but year-to-date, MKR is down much than 65%. At the clip of writing, astatine $921 per unit, the DAO’s autochthonal crypto MKR is inactive up 448% higher than the all-time debased of $168 per portion recorded connected March 16, 2020.
In presumption of defi dominance, Makerdao commands a interaction much than 10% of the full defi ecosystem’s $75.54 cardinal successful locked value. Makerdao’s full worth locked (TVL) contiguous is $7.56 billion, down 4.38% implicit the past month.
The precocious passed governance connection with HVB follows Makerdao’s plans to present furniture 2 (L2) scaling enactment from Starknet astatine the extremity of April. Makerdao’s squad said that the zero-knowledge (ZK) rollup solution Starknet could marque DAI transfers overmuch cheaper than onchain fees.
Members of the Makerdao assemblage person been funny successful leveraging real-world assets into the task for rather immoderate time. Hexonaut, a protocol technologist astatine Makerdao, explained successful mid-March 2022, that the DAO needs “to instrumentality the adjacent measurement and statesman integrating with the existent satellite astatine scale.” The statement with Huntingdon Valley Bank uses off-chain loans which correspond real-world assets (RWA) pledged by the Pennsylvania slope based successful Montgomery County.
What bash you deliberation astir the Pennsylvania slope utilizing Makerdao to entree DAI? Do you envision crypto integrating with much real-world assets successful the future? Let america cognize your thoughts astir this taxable successful the comments conception below.
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