The DeFi Drop Volume 2.0

Volume 2

Each week, we’ll round up the hottest news across the DeFi ecosystem to help you keep up to speed as things continue to move fast.  This is the DeFi Drop, the best way to stay updated on DeFi.

The Maker Foundation Returns Dev Fund Holdings to the DAO

Depending on who you ask, Maker invented DeFi for crypto, let alone for Ethereum. For those that need a catch up, Maker and MakerDAO are OG projects in Ethereum, launched in 2017. The protocol is responsible for minting the popular stablecoin $DAI. $MKR is the native token of the Maker protocol. Last week, in a surprise announcement, the Maker Foundation gifted the MakerDAO 84,000 MKR tokens (worth ~$5,000 each as of writing this). The DAO is governed by MKR holders, and they were given no stipulation or strings attached for the gift. This move marks the beginning of the end for the centralized portion of the Maker team.

14 May 21 Bittrex

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