Connect with us

Ethereum

2 Million Ether Held in Maker’s Smart Contract, Numbers Growing by 28% Since November

Published

on

Amidst the bear market, Maker Dao has been growing steadily over the past few months. As Maker continues to grow as its collateralized debt position (CDP) is now holding $77 million in DAO in debt that means more than 2 million, in Ethereum as collateral. Meanwhile, the price of Ethereum has tanked 90 percent from its all-time high.

Maker Dao is one of the most valuable Dapp on the Ethereum network. While it has a complicated smart contract system, it allows users to borrow Dai tokens that are dollar pegged with ETH as collateral.

At the time of writing, 2,039,118.63 Ethereum tokens to be exact, valued at $245 million is held as collateral to issue $76,976,401.73 amount of debt in Dai. This means for every $1 of Dai about $3.2 worth of Eth is locked.

A Steady Rise In Ether Collateralization

January saw the highest rise in ETH collateralization and it has been on a rise since October 2018. Crypto enthusiast Kevin Rook shared, that the numbers are growing about 28 percent since November and with the current growth, it will be able to store about 59 million of Eth in a year while there is only 104 million ETH in circulation today.

Just last month, MakerDao developer, Mariano Conti took to Twitter to share the achievement,

“2,000,021.056 ETH locked in the Dai Credit System. That’s 92.79% of all Wrapped ETH. That’s 1.91% of the ENTIRE ETH SUPPLY in existence. That’s about $218,000,000 Dollars worth of ETH backing more than $75,440,000 worth of Dai.”

Collateralized Debt Position (CDP) is basically a smart contract that helps in generating a specific amount of DAI stable coin which is USD pegged tokens against the ETH collateral that is locked up in the CDP in order to secure the loan ie. DIA generated.

It further states on the website,“the value of ETH locked up is always more than 150% of the DAI stablecoins that you’ve generated. Which means you can only take DAI loan up to 66% of the total ETH collateral value in USD.”

Despite the ongoing prolonged bear market, the numbers have grown from 371 in October to 1867 in January.

Source: https://makerscan.io/

Maker (MKR) ecosystem is comprised of a stablecoin, collateral loans, and decentralized governance. With Dai, an asset-backed stablecoin it offers “freedom from volatility,” and its open platform offers financial services and allows to gain additional liquidity.

Currently, it is at 17th position with a market cap of $465 million, as per the data provided by the Coinmarketcap. At press time, it has been trading at $465 with 24-hours gains of over 2 percent, down 74 percent from its all-time high. In the BTC market as well, it is in the green by 2 percent while in the ETH market, it is in the red by 0.31 percent.

Source.bitcoinexchangeguide

Advertisement
Click to comment

Ethereum

Ethereum (ETH/USD) weekly forecast on February 18 — 24, 2019

Published

on

Cryptocurrency Ethereum (ETH/USD) is trading at 125. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend for Ethereum. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator.

Ethereum (ETH/USD) weekly forecast on February 18 — 24, 2019

As part of the Ethereum course forecast, a test of level 135 is expected. Where should we expect an attempt to continue the fall of ETH/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 85. The conservative area for Ethereum sales is located near the upper border of the Bollinger Bands indicator strip at level 138.

Ethereum (ETH/USD) weekly forecast on February 18 — 24, 2019

Cancellation of the option to continue the decline in the rate of Ethereum will be the breakdown of the area of ​​the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of ​​145. This will indicate a change in the current trend in favor of the bullish for ETH/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Ethereum (ETH/USD) weekly forecast on February 18 — 24, 2019 implies a test level of 135. Further, it is expected to continue falling to the area below the level of 85. The conservative area for selling Ethereum is located area of ​​138. Canceling the option of falling cryptocurrency will break the level of 145. In this case, we can expect continued growth.

News Source:

Continue Reading

Ethereum

Ethereum forecast and analysis ETH/USD for 2019

Published

on

Ethereum ETH/USD are traded at 123 and continue to move within the descending channel. At the moment, we should expect an attempt to reduce and test the support level near the region 75. Where again we should expect a rebound and continued growth of the Ethereum rate with a potential target above the level of 800.

Ethereum forecast and analysis ETH/USD for 2019

An additional signal in favor of the growth of ETH/USD quotes will be a test of the rising trend line on the relative strength index (RSI). As well as a rebound from an important area of ​​support. Cancellation of the Ethereum cryptocurrency lift option in 2019 will be a fall and a breakdown of level 45. This will indicate a breakdown of support and a continued fall in ETH/USD quotes below the level of 12.50. With the breakdown of the upper boundary of the downward channel and the closure of quotes above the level of 210, we should expect confirmation of the development of an upward movement in Ethereum.

Ethereum forecast and analysis ETH/USD for 2019

Ethereum forecast and analysis ETH/USD for 2019 implies an attempt to test the support area near the level of 75. Where should we expect a rebound and continued growth of ETH/USD cryptocurrency to an area above 800. An additional signal in favor of Ethereum rise will be a test of the trend line on the relative strength index (RSI). The breakdown of the growth rate of the digital currency will be the breakdown of the region 45. This will indicate a continuation of the fall with a potential target below the level of 12.50.

Source:

Continue Reading

Cardano [ADA]

Upcoming Implementation Of ProgPow For Ethereum Algorithm Gains Support From Majority Of Voters

Published

on

The current roadmap for Ethereum shows that there are certain upgrades and milestones that the platform aims to reach over a 4-stage plan. The most recent stage is set to include a newly integrated type of PoW (proof of work) algorithm called ProgPoW. The algorithm is resistant to ASIC use and it will be used in place of the current algorithm, ETHhash. A new online vote through Ethereum shows that the majority of their voters are in favor of this change.

Since the algorithm will be ASIC resistant, developers will see a decrease in the efficiency of using ASICs over the generic hardware that could be used to mine, which essentially means that graphics processing units will be used. However, this update does not completely eliminate the use of ASICs.

The numbers on the Ethereum platform indicate that there’s over 76% of votes (628,000 ETH, which is about $76 million). There are 23% of voters, which accounts for 191,000 ETH ($23 million) that were against it.

According to the voting portal, the token holders are the ones that will take on the most impact from the changes made with the algorithm. By allowing ETH holders to vote, the developers can get a clearer idea of what the community wants than taking into account the comments that are anonymously posted in online forums. At this point, there is no timeframe for the end of the voting process, and the election results do not place any requirements on the voters.

A consensus in the implementation of the algorithm was reached earlier last month, determining that the developers would delay the implementation. This delay gave them time to let the algorithm be audited by a third party at the beginning of this month.

Unfortunately, ProgPoW has faced a lot of controversies since it was announced, due to a post from a code contributor at Ethereum that said developers should embrace the use of ASICs. However, other members of Ethereum believe that the algorithm will not give the ASIC resistance that they expect.

Source.bitcoinexchangeguide

Continue Reading
Advertisement
Advertisement
Open

Close