It’s been an exciting week in decentralized finance! This week, several of the biggest names in the DeFi space announced major upgrades, new projects, and big plans for the future.
Ethereum’s DeFi interface, MakerDAO, put out an impressive round of upgrades to their platform. The update includes increased scalability with faster response times, an improved auction system, and an interactive dashboard. The most notable feature of the update is MakerDAO’s introduction of the Dai Savings rate, an interest-bearing system which allows users to earn rewards for holding their Dai in the platform.
But that’s not all! This week, Compound.finance also announced several major updates to their platform, including the introduction of their Compound Interest Market. This project allows users to take loans against collateral they are holding on the platform, and in exchange they will earn interest on a weekly basis. It also makes Compound one of the first DeFi platforms to offer trading of exchange-backed derivatives.
These updates come at an interesting time, as the DeFi sector is continuing to experience exponential growth. The total value locked into DeFi protocols is nearing $1 billion, with the total number of users continuing to grow each day.
Clearly, this is an exciting time to be a part of the DeFi community! With Ethereum’s MakerDAO introducing their Dai Savings Rate and Compound offering an Interest Market, it is clear that the industry is making great strides towards the future of finance. The potential for DeFi is only continuing to grow in terms of possibilities, and this week showed us just that.
The team at DeFi Watch Co. are continuing to follow all the updates in the DeFi sector, and bringing our readers the latest news and updates. Be sure to follow us on social media and our blog for more updates, analysis and opinions on Decentralized Finance!