{"id":103754,"date":"2019-05-06T03:31:46","date_gmt":"2019-05-06T10:31:46","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=103754"},"modified":"2019-05-06T03:31:46","modified_gmt":"2019-05-06T10:31:46","slug":"makers-dai-approaches-1-peg-following-aggressive-interest-rate-hikes-and-tether-fallout","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/makers-dai-approaches-1-peg-following-aggressive-interest-rate-hikes-and-tether-fallout\/","title":{"rendered":"Maker\u2019s Dai approaches $1 peg following aggressive interest rate hikes and Tether fallout"},"content":{"rendered":"

Interest rates for MakerDAO<\/a> have exploded to 19.5 percent over the course of three months to combat its stablecoin Dai<\/a> from trading below its $1 peg. However, the gap has narrowed over the last three weeks, partially from factors entirely outside of Maker.<\/p>\n

Maker is one of the first crypto projects that gained meaningful traction in decentralized finance (DeFi). Thanks to Maker\u2019s innovations in crypto-collateralized loans on the Ethereum<\/a> blockchain, some have even hailed DeFi as \u201cEthereum\u2019s killer app<\/a>.\u201d<\/p>\n

Dai Unable to Maintain Its Peg<\/h2>\n

MakerDAO\u2019s Ethereum-backed stablecoin Dai has had chronic difficulties maintaining its peg. With interest rates initially set at a highly competitive 0.5 percent, borrowers locked up their ether in mass in exchange for the token.<\/p>\n

Within one year, an impressive 2 percent of all circulating ether was locked up in Maker contracts. Yet, the influx of borrowers resulted in another issue\u2014a glut of Dai tokens. Oversupply prevented the coin from trading at its peg since January of 2019.<\/p>\n

\"Dai
DAI\/USDC on Coinbase Pro<\/figcaption><\/figure>\n

Maker, with the vote of MKR holders, hiked rates from 0.5 percent to 19.5 percent over the course of three months. Yet, Maker has said<\/a>, thus far, that the interest rate increases have had \u201clittle attributable impact\u201d on the price of Dai.<\/p>\n

\"Dai
Source:\u00a0Maker Governance Dashboard<\/a><\/figcaption><\/figure>\n

MakerDAO has continued to fight against bloated inventories and it is likely that interest rates will continue to increase so long as Dai trades below its peg. That said, a surprising influx of demand may work to the coin\u2019s advantage.<\/p>\n

Tether Investigation Drives Stablecoin Demand<\/h2>\n

The recent investigation of iFinex and its two subsidiary companies, Bitfinex<\/a> and Tether<\/a>, has resulted in an exodus out of USDT. Following news of the investigation, the price of USDT dropped as low as $0.975 while other stablecoins absorbed fleeing market share.<\/p>\n

The major stablecoins enjoyed large premiums during the fallout, averaging<\/a> 6.5 percent between USDC<\/a>, TUSD<\/a>, and PAX<\/a>. Similarly, Dai enjoyed additional demand as USDT holders swapped their tokens for other stablecoins.<\/p>\n

\"Dai
Dai on CoinMarketCap following news of the iFinex investigation<\/figcaption><\/figure>\n

Yet, the incumbent stablecoin still represents an overwhelming majority of the overall stablecoin market with 2.78 billion tokens in circulation, dominating 75.5 percent of the sector<\/a>. The next closest stablecoin, Coinbase\u2019s<\/a> USD Coin<\/a>, has a circulating supply of 299 million.<\/p>\n

It\u2019s uncertain whether additional demand from Tether\u2019s instability will continue. USDT is once again trading at par while the premium on other fiat-backed stablecoins has diminished to 1 percent or less.<\/p>\n

Although Dai is narrowing the gap with its peg, the discount still fluctuates at a meaningful 1-2 percent; Expect more interest rate increases in the coming weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Interest rates for MakerDAO have exploded to 19.5 percent over the course of three months to combat its stablecoin Dai from trading below its $1 peg. However, the gap has narrowed over the last three weeks, partially from factors entirely outside of Maker. Maker is one of the first crypto projects that gained meaningful traction […]<\/p>\n","protected":false},"author":29,"featured_media":103762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15323,32631],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nMaker\u2019s Dai approaches $1 peg following aggressive interest rate hikes and Tether fallout<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/makers-dai-approaches-1-peg-following-aggressive-interest-rate-hikes-and-tether-fallout\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maker\u2019s Dai approaches $1 peg following aggressive interest rate hikes and Tether fallout\" \/>\n<meta property=\"og:description\" content=\"Interest rates for MakerDAO have exploded to 19.5 percent over the course of three months to combat its stablecoin Dai from trading below its $1 peg. However, the gap has narrowed over the last three weeks, partially from factors entirely outside of Maker. Maker is one of the first crypto projects that gained meaningful traction […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/makers-dai-approaches-1-peg-following-aggressive-interest-rate-hikes-and-tether-fallout\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-06T10:31:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/dai-peg-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mitchell Moos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Maker\u2019s Dai approaches $1 peg following aggressive interest rate hikes and Tether fallout\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mitchell Moos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/makers-dai-approaches-1-peg-following-aggressive-interest-rate-hikes-and-tether-fallout\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/makers-dai-approaches-1-peg-following-aggressive-interest-rate-hikes-and-tether-fallout\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/#person\",\"name\":\"Mitchell Moos\",\"url\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/author-mitchell-moos.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/author-mitchell-moos.jpg\",\"caption\":\"Mitchell Moos\"},\"jobTitle\":\"Contributing Analyst\",\"description\":\"Mitchell is a software enthusiast and entrepreneur. 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