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MakerDAO Approves Project Ethena

The funds will be sourced from MakerDAO's DAI credit facility and will be used to accept USDe as collateral for DAI.

Quick Take

  • MakerDAO approves Project Ethena.

  • Degen Chain grants program.

  • Angle launches USDA to private beta.

  • Base surpasses $4 billion in TVL.

MakerDAO Approves Project Ethena

MakerDAO governance approved an executive vote that includes the allocation of 600 million DAI into Ethena's USDe stablecoin. The funds, sourced from MakerDAO's DAI credit facility, will be used to accept USDe as collateral through the Morpho lending protocol. The vote also extends the Governance Pause Delay (GSM) to 30 hours and increases the Spark MetaMorpho Vault DDM's maximum debt limit to 1 billion DAI. USDe is an overcollateralized stablecoin backed by stETH and derivative market positions in a cash-and-carry trading strategy. The decision to accept USDe for backing DAI has sparked debate, with concerns that fluctuations in USDe's stability might affect DAI's peg.

Degen Chain Grants Program

Syndicate introduced Deploy On Degen Week, an initiative offering 10 million DEGEN tokens in grants to teams who enhance the Degen Chain ecosystem. The event is scheduled for next week, from April 15-19, and will feature workshops aimed at supporting developers. Teams can now apply for grants through April 12th. The winning grant recipients will be announced on April 25th. Degen Chain is a Layer 3 network built on Arbitrum Orbit and uses the DEGEN community token for gas fees. Syndicate is seeking projects that innovate across exchanges, NFT platforms, gaming, and wallet services. Syndicate is also providing access to transaction APIs and free gas to developers building on Degen Chain.

Angle Launches USDA Private Beta

Angle Protocol launched a private beta for its USDA stablecoin, offering OP token incentives to eligible users who convert USDC into USDA and deposit into Angle's stUSD savings solution. USDA is a stablecoin pegged to the USD that is backed by Real-World Assets (RWA) and DeFi assets. USDA uses the same framework as EURA, Angle's Euro-pegged stablecoin. During the beta phase, stUSD holders will continue to accrue yields on their USDA savings. Following this testing period, USDA is slated for integration with the Morpho Blue lending protocol for lending and borrowing. A broader launch of USDA is anticipated later this month, contingent on approval from Angle governance.

Base Reaches $4 Billion TVL

Base, the L2 rollup by Coinbase, achieved a new peak in transaction activity, averaging 36 transactions per second on Sunday. Data from Growthepie shows that Base saw over 432,000 daily active addresses on the network. Base has also reached its highest total value locked (TVL) at $4.4 billion, positioning it as the third-largest rollup in terms of TVL.

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