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💵MakerDAO Attracts $700M With Higher Yields

The Defiant

DeFi Daily

Together with

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GM Defiers!

Happy Friday! A new sensation, friend.tech, is stirring the social space, allowing users to trade shares of themselves, while Base's freshly-launched Layer 2 network sees a spike in on-chain activity.

MakerDAO is seeing results from hiking the DAI Savings Rate, with deposits crossing $1B. Meanwhile, Aave's new stablecoin continues to trade slightly below its peg.

Last but not least, the entertainment frontier is set to expand with Krapopolis, Fox Network's intriguing blend of animation, NFTs, and fan participation.

✍️ In today’s newsletter:

  • Spark Protocol TVL surges 750% on higher DAI yields
  • Aave's GHO stablecoin trades at a discount
  • friend.tech lets degens trade influencer tokens
  • Activity on Base hits ATH
  • Fox animated series featuring NFTs to premiere in September

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DeFi

MakerDAO Attracts $700M In Deposits After Hiking DAI Savings Rate

TLDR Spark Protocol's total value locked (TVL) surged 750% to $440M after MakerDAO raised the DAI Savings Rate (DSR) to 8%. This move has tripled DAI deposits in the DSR to $1B, and intensified competition with other stablecoins.

SO WHAT This move aims to bolster DAI's declining market share. park, a fork of Aave v3, provides new yield opportunities for DAI, and its growth also benefits Aave through a revenue-sharing agreement.


Stablecoins

Aave’s GHO Stablecoin Consistently Trades Under Dollar Peg

TLDR Aave's recently-launched stablecoin is trading below its $1 peg at around $0.97. The interest rate for borrowing GHO is fixed at 1.51%, while lending rates for other stablecoins on Aave are higher, creating arbitrage opportunities. A forthcoming stability module for GHO is being audited, and is expected to contribute to GHO's stability.

SO WHAT Aave has chosen to launch GHO with a low borrowing rate to encourage usage. However, founder Stani Kulechov remains unconcerned, expecting GHO's stability to improve after the initial bootstrapping phase.


Base

New Social Trading App Attracts 12,000 Users In Less Than Two Days

TLDR friend.tech is an invite-only application launched on Aug. 10 that enables users to trade "shares" of themselves, connecting via Twitter. Since launch, it has attracted over 12,500 individual traders and facilitated over 5,500 ETH ($10M) in volume.

SO WHAT friend.tech is the latest attempt to add a new dimension to crypto trading by blending social media interaction and financial speculation.


Layer 2

Base Activity Surges After Public Launch

TLDR Base, Coinbase's Layer 2 network, saw record high activity after its general access launch on Aug. 9. Averaging 8.76 transactions per second (TPS) over the past 24 hours, Base is now the second-most popular Layer 2 network behind zkSync Era.

SO WHAT The recent surge in activity, with 136,000 active wallets, coincides with the network's “Onchain Summer” campaign and the launch of friend.tech, a social networking marketplace.


NFTs

'Krapopolis' To Premiere In September with NFTs and Fan Voting

TLDR Fox Network's "Krapopolis" is an upcoming animated series featuring a blockchain component. The show has launched an NFT collection called "Krap Chickens," allowing fans to vote on plot outcomes and receive daily tokens called "Krap Eggs." The series premieres on September 24.

SO WHATThe integration of blockchain technology with a primetime animated show represents a significant experiment in audience engagement. By combining NFTs, voting mechanisms, and reward systems, Krapopolis offers a new model for interactive entertainment.


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • FTX's Bankman-Fried headed for jail over alleged witness tampering (Reuters)
  • U.S. Senator Lummis, Crypto Lobbyists Urge Court to Dismiss SEC's Coinbase Lawsuit (Coindesk)
  • SEC Delays Decision on ARK 21Shares Bitcoin ETF Filing (Bloomberg)