• MakerDAO [MKR] community voted to keep USDC as the primary reserve.
• The USDC scare caused holders to liquidate their holdings, causing it to lose its peg.
• USDC appears to have recovered from its initial downtime with a market valuation of nearly $34 billion and Maker (DAI) came in fourth with a market worth more than $5 billion.
MakerDAO Community Reinstates Trust in USDC
The MakerDAO community recently held a vote on how the DAI token would be backed in a peg-stability-module proposal (PSM). In the end, 79.02% of the community voted to keep USDC as DAI’s primary reserve, showing that they still trust in Circle’s [USDC].
The USDC Scare
Following the bankruptcy of Silvergate bank, which had significant exposure to many crypto projects including Circle, FUD developed toward USDC. As a result, holders scrambled to liquidate their holdings, causing it to lose its peg. This also impacted DAI due to its high exposure; it lost its peg as well and had 3 billion USDC locked in PSM – over 55% of PSM according to daistats.
Emergency Switch Proposal
In response, the MakerDAO community considered adopting an emergency switch that would halt PSM swaps on its system and stop token purchases necessary for creating fresh DAI tokens.
Current State of USDC & DAI
The exchange reserve for USDC has returned back normal according CoinMarketCap – with a market valuation of nearly $34 billion, it remained the second-largest stablecoin while Maker (DAI) came fourth with a market worth more than $5 billion.
Maker Predictions 2023-24
While there is no guarantee that this trend will continue over time, at present it appears that USDC will remain the primary backing for MakerDAOs [MKR]. If future FUD were ever encountered by Circle again however, then we could see another downturn for both DAI and MKR tokens.
• Binance Coin [BNB] reacted positively in the past four days and gained by 20.5%.
• The daily market structure of BNB is bullish with support at $285-$292 zone.
• Spot CVD surged past February highs while Open Interest dropped, showing weakening bullish sentiment.
Overview of Binance Coin [BNB]
Binance Coin (BNB) has experienced a surge in the past four days, increasing by 20.5%. The daily market structure of BNB is bullish and there is support at $285-$292 zone. Spot CVD surged past February highs while Open Interest dropped, showing weakening bullish sentiment.
Bullish Market Structure for BNB
On the daily timeframe, the market structure for Binance Coin seemed to be bullish once more. The recent lower high at $294 was beaten during the latest reversal, but the $309-mark has posed some resistance over the past 24 hours. A strong confluence of support at $292 was formed on Technical Analysis which showed a 78,6% retracement level lay at $276.7, almost same as Value Area Low ($274.7). Moreover, price action from early March showed that the $285-$292 region was significant support on the lower timeframes. Relative Strength Index (RSI) crossed over above neutral 50-level and indicated that bullish momentum had taken root while On Balance Volume (OBV) also recorded gains which could continue higher if trend remains intact.
Spot CVD & Open Interest
The funding rate had been negative over last two days but it has since slowly climbed above into positive territory implying long positions are dominant once again in market which shows possible flip in sentiment.. At same time spot CVD underlined strong demand but Open Interest dipped over last 48 hours yet price appreciated during this time indicating weakening of bullish sentiment .
Longer-term buyers can wait for a retracement into the $285-$292 zone while more risk-averse traders can wait for positive reaction over three days before looking to buy and trade with trend according to data from Technical Analysis and other indicators like RSI , OBV ,Funding rate etc .
The information presented does not constitute financial , investment , trading or other types of advice and is solely writer’s opinion .
• Bware Labs is launching the mainnet for their blockchain API platform, Blast.
• Blast provides access to a growing number of networks and uses Proof of Quality protocol to ensure reliability and speed.
• Node Providers can stake tokens while other users can earn APY by delegating to a Node Provider.
Bware Labs Launches Blast Mainnet
Bware Labs, a leading blockchain infrastructure provider, is launching today the mainnet of their blockchain API platform, Blast.
What is Blast?
Blast is a blockchain API platform, designed to provide easy blockchain access to the most relevant networks in the blockchain space. Using Blast, developers are able to get RPC, REST, and WebSocket access to an ever-growing number of blockchain networks in just a couple of simple steps.
Proof of Quality Protocol
The speed and reliability of the API platform will rely mainly on the platform’s Proof of Quality protocol, which refers to enabling node owners to permissionlessly join the Blast Protocol as Node Providers, under the condition that their nodes can satisfy the platform’s performance and data integrity standards. To participate in Blast’s protocol, Node Providers will need to stake tokens, while all other users can earn an APY by delegating to a Node Provider using Blast’s delegation explorer.
Token Holder Governance
Blast’s token holders will also play a critical role in governing the platform’s future development initiatives and improvements for the Decentralized Infrastructure Protocol. In addition, token holders have an opportunity to participate in staking pools by delegating INFRA tokens from Bware Labs.
Commitment To Support Developers
The mainnet launch is part of Bware Labs‘ ongoing commitment to support Web3 developers throughout their entire blockchain journey by providing high-quality solutions that can help them scale their products faster and easier.