Explore MakerDAO's groundbreaking proposal to leverage Solana for a new blockchain, the latest dip in Bitcoin prices, and OKX's Web3 expansion into India.
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MakerDAO Explores Launching a Solana Fork

MakerDAO Explores Launching a Solana Fork

Explore MakerDAO's groundbreaking proposal to leverage Solana for a new blockchain, the latest dip in Bitcoin prices, and OKX's Web3 expansion into India.

Date:
Sep 2, 2023
| Issue
#
96

Welcome back to another issue of Datawallet Daily, your go-to source for invaluable insights into the crypto world. Ready to explore today's headlines? Let's jump right in to the final edition of the week:

MakerDAO explores launching a Solana fork for “NewChain”

In a groundbreaking move for the DeFi lending protocol, Rune Christensen, co-founder of MakerDAO, has proposed using Solana's codebase to create a new appchain. This novel development is part of MakerDAO's multi-phase "Endgame" plan, aimed at bolstering governance and self-sustainability within the protocol. Having received approval for its "Maker Constitution," the Endgame initiative is advancing towards its final stage—Phase 5—that will introduce a new blockchain hub named "NewChain."

According to Christensen, NewChain will serve as a robust tool to counter severe governance attacks and technical failures. After extensive research, he advocates for Solana as the foundation for NewChain, citing its engineering superiority and well-understood blockchain challenges. If approved by the MakerDAO community, this move could mark the beginning of a symbiotic relationship between MakerDAO and Solana, strengthening the network effect across the entire multichain economy.

However, Solana isn't the only option on the table. Christensen mentioned Cosmos SDK as another viable candidate for Maker's new appchain, although he noted its limitations in efficiency and organizational structure compared to Solana. The potential shift to Solana is likely to significantly impact MakerDAO's future, setting the stage for a more resilient and agile ecosystem.

Bitcoin price dips below $26,000

Bitcoin's price slid from nearly $28,000 to below $26,000 over four days, a drop partially attributed to its failure to break a significant support level, says CryptoQuant analyst Adam Mourad. The Short-Term Holder Realized Price (STH RP), a key market indicator, is at the core of this decline. It measures the average acquisition price for Bitcoin among investors who've held for fewer than 155 days.

Mourad elaborates that when Bitcoin's price is above this line, it often indicates profitability and a bullish trend for short-term holders. However, falling below this level triggers a loss of confidence, increased selling pressure, and potentially a substantial market correction. Mourad noted that Bitcoin's recent dip occurred as it failed to cross this crucial threshold.

This indicator serves as a vital support level and should be closely watched for future market shifts, according to Mourad.

$605.7 million HOOD shares owned by Bankman-Fried bought up

Robinhood, a well-known trading platform (HOOD), has reached an agreement with the United States Marshal Service (USMS) to repurchase $605.7 million worth of stock that was formerly owned by Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX.

Earlier this year, the U.S. government confiscated 55 million shares of HOOD from Bankman-Fried and Gary Wang, co-founder of FTX, through their holding company called Emergent Fidelity Technologies.

USDT slight depeg raises stability concerns

Throughout the majority of August, USDT, the biggest stablecoin in the crypto industry based on market capitalization, has encountered a minor deviation from its peg. Recent research conducted by Kaiko reveals this information.

Stablecoins are cryptocurrencies that are tied to specific assets like the U.S. dollar or British pound. However, during times of significant volatility, they may deviate from their intended peg and experience either an increase or decrease in value compared to the asset they are meant to represent.

OKX planning Web3 foray into India

On Wednesday, the chief marketing officer of OKX, one of the top 10 cryptocurrency exchanges based on trading volume, revealed plans to expand into India and hire local employees to explore potential Web3 applications. Unlike other companies with a central headquarters, OKX operates through regional hubs in Hong Kong, Singapore, Dubai, and the Bahamas. 

By leveraging India's renowned developer community, OKX aims to significantly enhance its wallet services. Haider Rafique expressed intentions to scale up these services "exponentially." Currently, approximately 200k wallet users in India utilize OKX's platform; however this number represents only 5% of the nation's Web3 user base.

Other breaking news

Wrapping up

As September kicks off, the crypto world remains a landscape of innovation and fluctuation. From MakerDAO's exploration of a new blockchain foundation to shifts in Bitcoin's price and OKX's Web3 ambitions in India, change is the only constant. Our mission is to equip you with the insights needed to navigate this ever-evolving market. Thank you for joining us for another issue of Datawallet's daily newsletter, we’ll see you next week!