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MakerDAO suffers a fall in annualized fee income, thanks to SVB
MakerDAO’s annualized fee income has been decreasing since SVIB’s collapse.
Waning buying pressure puts MKR’s price at risk of further decline.
The annualized fee income of leading decentralized finance protocol MakerDAO [MKR] has declined since the collapse of Silicon Valley Bank (SVIB) on 10 March, data from MakerBurn revealed.
At 43.23 million DAI tokens at press time, Maker’s fee income has decreased by 11% in the last week.
The exact amount of fee income that MakerDAO generates varies depending on a number of factors, including the demand for DAI, the amount of collateral locked up in the Maker protocol, and the stability fee and liquidation penalty fee rates set by MKR holders.
The steep drop in fee income on the protocol in the last week was attributable to the DAI stablecoin losing its $1 peg after USDC’s issuer confirmed that it held deposits at SVB.
As USDC was a significant collateral backing for DAI, its de-pegging event resulted in a temporary loss of dollar parity for DAI.
Is your portfolio green? Check out the Maker Profit Calculator
This also culminated in a significant drop in MKR’s value forcing the protocol to implement a number of emergency proposals to prevent another black swan event. All of these led to a drop in the protocol’s fee income in the last week.
Following the announcements on 12 March by Federal Regulators to make SVB’s depositors whole, MKR’s price rallied by double digits. According to CoinMarketCap, the DeFi token exchanged hands for as high as $956 in the early trading hours of 13 March.
However, as the week progressed, buying momentum dropped gradually, causing MKR’s price to initiate a downtrend. At press time, the token traded at $739.95, having shed 23% of its value since Monday.
With waning buying pressure, MKR has traded within a tight range in the past two days. An assessment of its price on a daily chart revealed that it has oscillated within the $745 and $740 price range since 16 March.
Read Maker [MKR] Price Prediction 2023-24
At press time, key momentum indicators rested below their respective neutral lines. For example, MKR’s Relative Strength Index (RSI) and its Money Flow Index (MFI) were both positioned at 44.88 and 45.80, respectively.
With the market trading sideways in the past few days, MKR traders have become increasingly skeptical of sudden price swings, and have, as a result, refused to intensify accumulation.
Although the dynamic line (green) of MKR’s Chaikin Money Flow (CMF) was still in the positive territory at press time, in a downtrend position already, a further decline in positive sentiment will push the CMF below the center line. If this happens, it would mark the exit of liquidity needed to initiate any rally in MKR’s price.
Crypto Prices Jump in Q1 Despite Weakened Asset Class Perceptions
Those two worlds, in other words, have decoupled. This quarter, the correlation between bitcoin (BTC) and the S&P 500 declined from 0.91 to 0.59, and got as low as 0.01 on March 22. (A correlation of 1 means the price of two things is moving in lockstep, while minus 1 means a perfectly inverse relationship. Zero means no link at all.) In other words, digital assets have behaved as the diversifying, uncorrelated asset that many investors crave.
Volt Inu Partners With OKX to Enable OKX Wallet Web Extension Users to Access Voltichange – Press release Bitcoin News
PRESS RELEASE. Volt Inu, the innovative crypto project and leading decentralized exchange (DEX) platform, announced a significant partnership with OKX, one of the top exchanges in the crypto industry, on March 27, 2023. Volt Inu’s Twitter announcement revealed that the two companies would be teaming up to leverage their respective Web3 capabilities.
As part of their collaboration, Volt Inu and OKX announced their first step – integrating Voltichange using the OKX Wallet Extension. This integration is a significant development for both platforms, allowing for cross-platform compatibility and seamless trading.
Connect to Voltichange Easily through the OKX Wallet Web Extension
Until recently, VOLT’s community has eagerly awaited Voltichange’s release. Today, this community is also witnessing more and more successes of this project, one of these successes being the new collaboration with OKX announced on the Volt Iau Twitter page. OKX is one of the most popular crypto exchanges, which has gained increasing traction in recent months.
OKX Wallet and Voltichange have collaborated to provide users with a simple and efficient way of accessing decentralized exchange services.
With this partnership, Volt Inu and OKX are working together to push the boundaries of what’s possible in the crypto space. By combining their expertise and resources, they’re creating new user opportunities and paving the way for a more connected and accessible decentralized finance (DeFi) ecosystem. This partnership is an exciting development for crypto enthusiasts and traders, as it opens up new avenues for investment and trading.
To access Voltichange utilizing OKX Wallet Web Extension, users need to follow these simple steps:
Download the OKX Wallet Web Extension;
Create a new OKX Wallet or add an existing wallet;
Add funds to your wallet;
Connect your OKX Wallet Web Extension securely to Voltichange’s official web app to access the platform.
This partnership inspires the Volt Inu community since their cryptocurrency, VOLT, has not yet been launched on the OKX Exchange. This partnership will help build confidence in the project as they see tangible results in a shorter period.
To understand why it has gained so much traction and Voltichange, let’s see what it is. Voltichange is a Decentralized Exchange (DEX) part of the Volt Inu ecosystem. The platform aims to provide crypto enthusiasts with a streamlined and user-friendly experience, allowing for automated, accessible, and permissionless listings for all existing and future crypto projects.
One of the primary features of Voltichange is its multichain support. The platform allows cross-chain trading, meaning users can swap tokens between blockchains without intermediaries. This feature increases the platform’s liquidity and allows users to trade more cryptocurrencies.
Another standout feature of Voltichange is its low trading fee. The platform charges a minimal 0.5% trading fee, which is significantly lower than the fees charged by many centralized exchanges. Moreover, this fee makes every cryptocurrency traded on the exchange deflationary. This deflationary mechanism helps to increase the value of the VOLT token, the native currency of the Volt Inu ecosystem.
To use Voltichange, users must connect their crypto wallets to the platform. The exchange currently supports a range of wallets, including WalletConnect, Coinbase Wallet, and, of course, OKX Wallet. Once connected, users can start trading immediately and use the platform’s automated and permissionless listings.
Discovering Volt Inu
Volt Inu is a crypto project that’s changing the game in the world of decentralized finance (DeFi). It’s a one-stop shop that offers a unique approach to supporting deflationary tokens, which has gained significant popularity since its launch in December 2021. With Volt Inu, crypto projects can list for free and without permission, and the platform helps make them deflationary by burning their supply.
The VOLT token is the primary currency used on the platform.
Volt Inu has also progressed in the NFT field by introducing a 3D NFT collection called VDSC. Additionally, there are two crypto-based games available: Volted Racer and VoltIsland. Volted Racer is a Play-to-Earn (P2E) game that integrates NFTs and offers both free and paid game modes. VoltIsland is a Battle Royale game that uses VDSC NFTs and is set to launch in Q3 2023.
Stay in Touch with Volt Inu Team
For more information on the Volt Inu ecosystem, head over to the official website. You can also stay informed about Volt Inu’s latest updates and growth by following them on various social media channels, including Telegram, Twitter, Facebook, Reddit, YouTube, Medium, TikTok, and Instagram.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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