June 14 (Cointime) - an arbitrage bot utilized MakerDAO's 'DssFlash' contract to borrow $200 million worth of DAI stablecoin without incurring fees. The bot then used the DAI to borrow $2,300 worth of wrapped ether (WETH) and purchased Threshold Network (T) on Curve before selling it on Balancer. Although the bot made a profit of $33, it incurred almost $30 in transaction and protocol fees, leaving a net profit of $3.24. Flash loans have been used for nefarious purposes in the past, resulting in significant losses on DeFi platforms.

The MakerDAO community has approved a proposal to open a new real-world asset (RWA) vault named BlockTower Andromeda, which will invest up to $1.28 billion in short-dated US Treasury bonds funded by Maker's overcollateralized DAI stablecoin.

According to Glassnode data, BRC-20 tokens are generating significant fees for miners and approaching a market cap of $500 million. Despite Bitcoin's price remaining below $27K, an analyst suggests that it is in an "accumulation phase."

MakerDAO's community has voted to remove $500 million worth of USDP stablecoin from its reserves, dealing a blow to Pax Dollar as it held half of the token supply. The MakerDAO treasury will now invest its vast reserves in yield-generating strategies, including Gemini and a 2.6% yield on the $500 million of USDC it holds from Coinbase Prime.

According to DeFiLlama data, MakerDAO spends $27.66 million annually to maintain its decentralized money market on Ethereum, which allows users to borrow and lend assets such as ETH.

Founder of MakerDAO, Rune Christensen, has expressed his disappointment with the rise of undesirable human behaviour within the decentralised autonomous organisation (DAO). Christensen believes that as the money increases, political forces become more intense, leading to insufferable politics. He plans to rejuvenate the MakerDAO platform with the Endgame update, which uses AI tools to create a governance equilibrium and enable permissionless growth of SubDAOs. Christensen sees creating a successful alternative to centralised governance structures and currencies as critical, stating that centralised currency in the age of blockchains and artificial intelligence is the most powerful tool of slavery.

The amount of Circle's USDC stablecoin backing MakerDAO's DAI has decreased to 23.6%, down from 50% in August 2020. This has reduced concerns over DAI's centralization, as real-world assets are now taking up a larger portion of DAI's backing. MakerDAO currently holds short-term US government bonds worth $1.12 billion, managed by DeFi asset manager Monetalis Clydesdale, and Gemini's GUSD and Paxos's USDP stablecoin account for 20.8% of DAI's collateral share. However, DAI is still exposed to US regulations through companies like Coinbase and BlockTower.

Despite being the largest stablecoin backed by a DAO, DAI is facing challenges in competing with USDC and USDT. Its network growth is declining, indicating reduced interest from new addresses, raising questions about its ability to maintain its position as the leading DAO-backed stablecoin.

The MakerDAO community is preparing for a significant vote on a proposal to increase the Dai stablecoin savings rate to 3.33%, which could have wide-ranging impacts on the DeFi ecosystem. The Dai Savings Rate (DSR) is a key monetary driver in MakerDAO's ecosystem, providing users with a steady interest rate on their deposits. The revenue to fund the DSR comes from stability fees paid by users who lend DAI against collateralized assets. The vote, which is imminent, will also consider adjustments to stability fees on certain collateral classes.

MakerDAO, a decentralized autonomous organization, is set to approve governance proposals that will enforce anonymity for delegates. The proposals have received over 88% of votes in favor of approving the changes.