Daily Top Mover — MakerDAO (MKR)
U.S. equities fell as the Fed officials emphasized more about rate hikes on different occasions. The broader cryptocurrency moved up slightly, with Bitcoin and Ether up by 0.28% and 0.84% respectively in the past 24 hours as of the time of writing. The top mover today is MKR, which registered a 24-hour return of 10.8%, outperforming the market following a slew of protocol updates.
MKR is the native token of the largest CDP protocol MakerDAO. MakerDAO offers fully collateralized borrowing to its users where premium assets such as ETH are used to mint DAI, the stablecoin issued by MakerDAO that pegs to $1. The recent outperformance comes as MakerDAO announced a series of updates including MKR collateralization and rETH vaults, among others. However, the plan to use MKR as collateral raises widespread concerns where the community sees risks in DAI pegging stability as the move resembles the mechanism run by the now-defunct Terra-LUNA system.
Check Out the Latest Prices, Charts, and Data for MKR/USDT!
Talk of the Town
Safe Wallet announced to launch Safe{Core}, an open-source stack that enables the Account Abstraction feature on web3 protocols. Safe, previously known as Gnosis Safe, was a spin-off from Genosis, a Layer 1 blockchain project. Account Abstraction is a widely-pursued upgrade on web3 wallets that could help users regain wallet access even after keys are lost. The release of Safe[Core] will empower developers to build web3 applications with the Account Abstraction. Safe will team up with payment giant Stripe, web3 infrastructure firms Gelato and Web3Auth to test Web2-level user experience with this new feature.
Read next: Twitter Employees Are Overburdened As Elon Musk Tries To Run Twitter With Fewer Staff| FXMAG.COM
Check out what else is buzzing in the crypto scene today:
Solana’s core engineers are planning to boost their focus on improving the network’s stability. (Link)
Former FTX engineering director Nishad Singh pleads guilty to criminal charges. (Link)
Chiliz Labs will invest in early-stage Web3 projects in the sports and other entertainment sectors that will build on the layer 1 blockchain. (Link)
Goldman’s Digital-Asset Team Open to Hiring as it Rolls Out Blockchain Platform. (Link)
Source: Bybit Blog | MKR Jumps As Worries Arise; Safe Launches Account Abstraction Feature
