DeFi Friday is Decrypt’s DeFi email newsletter. (art: Grant Kempster)
Last week we dug into some interesting updates around O.G. DeFi protocol Maker.
There were many notable changes, including a new fixed-yield mechanism called “D3M” as well as adding staked Ethereum (stETH) as collateral to the protocol. The project’s native stablecoin, DAI, is also officially decentralized now that Ethereum is the number one asset backing the coin.
These updates were incredibly bullish for MKR, Maker’s governance token. Last Wednesday, the token enjoyed a nice mid-week boost to $3,532, before dropping back down to $2,855 at press time.
Relative to the rest of DeFi, Maker has been around a long-time. It’s faced various ups and downs, governance scandals, and its primary service as crypto’s de-facto decentralized central bank was put to the test during Black Thursday last year. But it has survived.
And since that fateful day in March 2020, DAI has absolutely boomed. The stablecoin