Leading MakerDAO community participants have proposed creating a new liquidity market called Spark Protocol for lending and borrowing crypto assets focused on DAI, Maker’s $5 billion stablecoin, according to a proposal posted on Wednesday in Maker’s governance forum.

According to a new social post on Feb. 1, Maker decentralized autonomous organization, or MakerDAO, has approved the creation of a new fund dedicated to expenses related to legal defense. 

An early MATIC whale makes an unexpected move by selling millions worth of tokens amid the massive rise of the asset on the market. In exchange for Polygon's token, the whale grabs some DAI. The first MATIC transaction on the whale's wallet occurred when the token was trading at $0.02.

A hacker who stole 120,000 ETH tokens, worth above $321 million at the time, from the Wormhole cross-chain bridge has started moving funds, according to various on-chain analysts. On the 23rd of January, the hacker moved $155 million worth of Ether tokens to 1Inch, a decentralized exchange (DEX).

Fluid Finance submitted a proposal to integrate the DAI decentralized stablecoin directly into the traditional financial system. It would be the first time that a stablecoin could be purchased directly from a bank account.

MakerDAO has begun voting on a pair of governance polls designed to limit exposure of the DAI stablecoin to Gemini as a result of the current liquidity crisis facing the exchange's lending platform called Earn.

French banking giant Societe Generale has used its MakerDAO vault for the first time to withdraw $7 million worth of MakerDAO’s stablecoin DAI.

Chapter five —— Stablecoins

Leading decentralized finance protocol (DeFi) MakerDao [MKR] provided users with an overview of its current state in 2023. The DeFi protocol took to Twitter on 2 January to highlighted the amount of DAI tokens it had in circulation and its total value locked (TVL).

The recent transfers are the latest in a series of funds movements intended to conceal the stolen assets.