MakerDAO: What this “Optimistic” proposal may mean for MKR and DAI

  • MakerDAO has provided to combine the Optimism chain on its community topic to group approval
  • Its stablecoin, DAI, has remained high of provide on the protocol, and may be impacted by the mixing

MakerDAO’s [MKR] mission to allow its customers to get higher incentives appears to have taken one other flip with a proposed Optimism [OP] partnership. The undertaking, in a really current communique, famous that the intention of the proposal was to get its stablecoin, DAI customers, deeply the applying on the Optimism community.

Moreover, the proposition centered round Optimism’s help for DAI across the Complete Worth Locked (TVL), bridging, and swapping by way of the community. As an replace to the proposal, Maker reminded its group that, 

“Since July 21’, Dai has been supported within the Optimism ecosystem by means of the Optimism official bridge. Dai is among the most used stable-coins in Optimism with over ~$55M liquidity and it was the primary secure coin to achieve 1M and 50M in TVL on Optimism.”

Learn Maker’s [MKR] value prediction 2023-2024

Staying put nonetheless

Whereas the scheme might sign a constructive improvement for the Maker ecosystem, its TVL hardly reacted to it. In keeping with DeFi Llama, MKR’s TVL was 6.62 billion at press time.

This worth represented a 1.04% improve within the final 24 hours, and a 19% fall-off within the final thirty days. So, this meant that the general crypto property deposited within the Maker protocol has not been so vital. 

MakerDAO Total Value Locked

Supply: DeFi Llama

As for its liquidity pool day by day deposits, DAI had probably the most quantity in response to Dune Analytics. With different property together with Ethereum [ETH] , and USDC forming an element, the Maker protocol addition of Optimism, if permitted, might set off a monumental improve in liquidity pool pledge.

One more reason this is likely to be the case was due to the curiosity Layer-Two (L2) protocols have skilled in 2022. DAI additional proved its significance to the Maker ecosystem with the place of the stablecoin ratio.

In keeping with Dune, the stablecoin ratio for DAI was 65% at press time. For USDC, it was 48%. So, contemplating the attainable integration of Optimism, DAI may improve its dominance.

MakerDAO liquidity pool data

Supply: Dune Analytics

The state of provide

Close to different protocols deposited on Maker, it has been a sideways incidence. In keeping with Santiment, AAVE’s whole provide on Maker improved since 12 November. As of this writing, the entire provide was 33,800.

This might point out extra demand for the market maker and constructive strain from AAVE holders. Alternatively, the Compound [COMP] whole provide stood flat at 874. This was a place that it had maintained since September. Thus, Compound had contributed a lot much less to the Maker protocol.

MakerDAO total supply from Compound and AAVE

Supply: Santiment

Nevertheless, Maker famous that the OP integration won’t occur earlier than this yr involves an finish. In keeping with the protocol, if its group consents, it will occur in a win-win scenario for each tasks.

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