Maker cuts off Aave's DAI supply as fallout from Celsius continues
The MakerDAO decided to cut off Aave from its direct deposit module as a safeguard in light of the possibility that Celsius folds and crashes the price of stETH. MakerDAO has voted to cut off lending platform Aave’s ability to generate DAI for its lending pool without collateral as the risks of Celsius’s liquidity crisis loom large over the entire crypto ecosystem.The decentralized autonomous organization (DAO) made the decision as a means of mitigating the Maker protocol’s exposure to the beleaguered staking and lending platform in case Celsius goes belly up and implodes the stETH peg as....
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Top decentralized finance (DeFi) coins have undergone a severe correction over the past day. Leading names such as MakerDAO’s Maker (MKR), Aave’s AAVE, Yearn.finance’s YFI, amongst others, are down 10 percent in the past day. Bitcoin, by comparison, is only down by approximately 2% in the past day, having fallen from the low-$19,000s to $18,800 […]
AAVE price rallied to a new high at $520, pushing the DeFi protocol’s TVL to $4.96 billion. Aave (AAVE) price has increased by 76% since the beginning of February and today the DeFi-token hit a new all-time high of $520. Currently Aave is the second-ranked DeFi platform by total value locked (TVL) and the protocol continues to gain users and outperform its competitors. Data from Cointelegraph Markets and TradingView shows that AAVE rose from $284 on Feb. 1 to its current value of $510 as it’s 24-hour trading volume reached $2.4 billion. AAVE/USDT 4-hour chart. Source: TradingViewThe latest....
As Ethereum rallied to new highs, the total value locked in multiple DeFi platforms surged above $10 billion, lifting MKR, AAVE and COMP toward new all-time highs. Analyzing the activity on lending platforms can sometimes be used as a barometer for measuring the sentiment of the cryptocurrency market as a higher number of collateral-backed loans may signal that traders are eager to trade a rising market. The month of April saw the total value locked on Maker (MKR), Aave (AAVE) and Compound (COMP) climb to new highs alongside rising token values and trading volumes. MKR/USDT vs AAVE/USDT vs....
Celsius has been moving more than a quarter of a billion dollars worth of funds from Aave into the FTX exchange for reasons not specified in addition to suspending withdrawals for users. Crypto staking and lending platform Celsius may be dealing with its rumored liquidity crisis by unstaking $247 million worth of Wrapped Bitcoin from Aave and sending it to FTX exchange.Speculations among the crypto community are now flaring as the project has been moving massive amounts of WBTC, ETH, and other crypto assets in addition to pausing withdrawals for users. Celsius users have criticized the....
Celsius Network has been aggressively paying down all of its debt since it first stopped withdrawals, swaps, and transfers on its platform. The lending platform had loans spread across various protocols, some of which were dangerously close to being liquidated. However, Celsius had paid off its debts, pushing the liquidation price further down each time […]