MakerDAO’s total collateral stands at 15.4%; report says- MakerDAO tweeted that the system’s collateral totals 15.4%.
- The platform commented that there had been no liquidation during the past week.
- It also announced the smooth running of PSM, citing its goal to stabilize DAI.
MakerDAO, the global open source financial system, updated its official Twitter account with updated details on the system claiming that it has a total collateral of 15.4% of $8.6 billion in collateral backing $5.38 billion DAI.
Notably, on March 11, the Maker DAO tweeted a post about the system’s safeguards, confirming that the system always works as expected:
System collateral totaled 154% $8.26 billion collateral backing 5.38 billion DAI, no liquidations over the past week, system is working as expected, and always has been, Maker Protocol code is a DAI stability act. pic.twitter.com/zmuaR2XFXG
– Maker (@MakerDAO) March 11, 2023
In addition, the platform highlighted that “no qualifiers have been launched over the past week.” MakerDAO also noted that the MakerDAO protocol is focused on the stability of DAI.
Ahead of the previous tweet, MakerDAO posted another message regarding the Peg Stability Module (PSM), a decentralized exchange that allows users to exchange US-pegged stablecoins for DAI at a 1:1 ratio:
PSM Runs Smoothly As Expected With $3.15 Billion Reserves Backed By 3.15 Billion DAI 100% Guarantee PSM Token Is Law Of DAI Stability Just Check Maker Protocol Data, Transparent, Real Time → https://t.co / Lp9pPEK9df pic.twitter.com/QqmqE5TgGb
– Maker (@MakerDAO) March 11, 2023
Significantly, MakerDAO announced the smooth running of the exchange, claiming:
PSM is running smoothly as expected with $3.15 billion in reserves backed by 3.15 billion DAI with a 100% guarantee.
Interestingly, the platform tweeted that PSM’s primary agenda is to provide stability to DAI citing “PSM’s code is DAI’s stability law.”
Additionally, the tweet included a screenshot of the system’s warranties list and provided a link to Makerburn’s warranties list.
MakerDAO Warranties List
In response to both tweets, the cryptocurrency community has begun to clarify their skepticism, mainly regarding DAI, which is associated with the “flatcoin.” There were some tweets who commented that “$0.89 is an unacceptable range”.
In comparison, MakerDAO’s discoveries have more likely received challenges and skepticism than negative acceptance. Crypto aspirants denied that stablecoins have already fallen by 5%, so the claim made by the platform that the system is running smoothly is false.
MakerDAO’s total collateral settled after 15.4%; The report first appeared in Coin Edition.
