MakerDAO accepting USDC as collateral, liquidity issues

[-CryptoViking-]

As the topic name says, MakerDAO is accepting USDC now, despite USDC being competitor to MakerDAO’s stablecoin Dai, to fix its liquidity crisis.

Meaning you can use USDC as a collateral to get DAI in return. MakerDAO hopes this will increase the total liquidity within MakerDAO.

Because of this users of some services on top of Compound started getting USDC instead of DAI as payments.

In addition, on March 19 MakerDAO, will be selling of in an auction for cheaper price to alleviate the debt problem they are facing.

https://cryptoiq.co/makerdao-approves-usdc-as-collateral-even-though-it-is-a-competitor-due-to-liquidity-crisis/


Edited to add updates: Regarding auction of MakerDAO, Dharma along with crypto asset investment firm Paradigm pledged to cover as much as the entirety of the shortfall. Which are good news for DeFi and the future of DeFi.

https://cointelegraph.com/news/the-makerdao-auction-is-happening-heres-what-to-expect

https://twitter.com/Dharma_HQ/status/1238334502427975680

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[Daltonik]

MakerDAO CEO Rune Christensen announced that the DeFi platform has "passed a full development cycle" and is now fully decentralized. 6 years have passed since the creation of the first version of Dai, which was then called eDollar. https://blog.makerdao.com/makerdao-has-come-full-circle/