• MakerDAO’s DAI savings rate rose drastically to 8%.
• The network was criticized for not allowing users of VPNs on its Spark Protocol.

The overall DeFi market took a hit over the last week due to the recent Curve exploit. On the contrary, MakerDAO[MKR] observed growth in its protocol and managed to see a surge in its TVL.

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More than meets the DAI

The growth on the MakerDAO protocol could further be exasperated through the rise in its DSR (DAI savings rate). For context, DSR is the interest rate offered to users who hold DAI stablecoins in a specific savings contract within the MakerDAO ecosystem.

It incentivizes users to lock their DAI holdings in the contract, contributing to the stability of the DAI token’s value and the broader decentralized finance (DeFi) ecosystem.

Furthermore, as stated by EmberCN, a significant holder executed a transaction yesterday involving the sale of 5640 ETH in exchange for DAI. This individual then utilized 5400 wstETH to secure a loan of 4 million DAI.

Subsequently depositing an impressive 14.32 million DAI into the MakerDAO platform. As a result, the TVL within the DAI pool surpassed an impressive threshold of $400 million.

Source: MakerDAO

Go to Source to See Full Article
Author: Himalay Patel

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