Hello Defiers! Here’s what we are covering today!
Markets News Video DeFi Explainer Podcast Markets OP HITS ATH
A 0.25% Hike Was Widely Expected
Risk assets took flight after Fed chair Jerome Powell announced what had already been broadly predicted — a 25 basis point interest rate hike on Feb. 1.
Ether briefly traded above $1,700 for the first time since September 2022, while Bitcoin hit a five-month high above $24,000.
Layer 2 network Optimism saw activity plummet last week after an incentive program ended, but a new proposal from the Optimism Foundation has seemingly found favour with investors.
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DAI Savings Rate Was Increased To 1% In December
OlympusDAO, which aims to develop what it calls a “decentralized reserve currency” and was the poster child of the ‘DeFi 2.0’ movement, has voted to deposit 77M DAI into MakerDAO’s DAI Savings Rate (DSR) module.
Maker, which issues the DAI stablecoin against overcollateralized debt positions, effectively restarted the DSR when it raised its rate to 1% from 0% in December.
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A Primer on the DeFi Lending Protocol
Alchemix is a DeFi project that enables users to collateralize their loans.
Alchemix’s twist is that it tokenizes collateral as another asset, which is usable in other parts of the market.
That synthetic collateral is then borrowed, automatically paying off the original loan without inducing liquidation risk.
Read the full story in The Defiant Podcast