Some good #DeFi news. The MIP6 proposal to add GUSD (Gemini USD) as a collateral asset to the Maker Protocol passed unanimously. Thank u to all who voted & showed support. I and the @Gemini team look forward to discussing GUSD on the next available @MakerDAO collateral call. 👍🚀
— Tyler Winklevoss (@tyler) August 31, 2020
Seeing Double
Next up for Winklevoss is a governance call, which has the Maker community seeing double. Tyler showed up on the M1P6 Collateral Onboarding Application forum, which is where user monet-supply first proposed adding GUSD to the mix. One Maker community member hopped over to Twitter to ask the verified Tyler Winklevoss if it was truly him on the forum, which the Gemini co-founder confirmed by saying, “That’s me.”It’s not that GUSD is the most in-demand stablecoin. But fortunately for Gemini, the Maker Governance team is looking for diversification: That appears to be fine with Tyler Winklevoss, who pointed out on the Maker forum that unlike some of its rival stablecoins, GUSD received regulatory approval by the New York State Department of Financial Services. He also noted the coin’s transparency, saying:A wild @tylerwinklevoss spotted on the @MakerDAO forum!
— mariano.eth (@nanexcool) August 31, 2020
(I hope it's the real you!)https://t.co/3KFpiOLkLx pic.twitter.com/3kmJCZp8iJ
GUSD publishes the names of the financial institutions (State Street, Goldman Sachs, etc.) that hold the USD that correspond to GUSD.
DeFi Boom
As previously alluded to, Maker is the one to beat in the DeFi space. It supports cryptocurrency lending and borrowing fueled by its own coins and smart contracts on the Ethereum blockchain. It’s no secret that DeFi is the hottest trend going in the cryptocurrency market currently. According to CoinGecko, the DeFi market cap currently hovers at $18.3 billion. It is still early innings in the DeFi market, whose popularity some people have compared to the days of the ICO craze.Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.