- MakerDAO tweeted that the total collateralization of the system is at 15.4%.
- The platform commented that there was no liquidation over the past week.
- It also announced the smooth functioning of PSM pointing out its aim to bring DAI stability.
MakerDAO, the open-source global financial system, updated its official Twitter account with the up-to-date details of the system claiming that its total collateralization is at 15.4% with $8.6 billion worth of the collateral backing $5.38 billion DAI.
Notably, on March 11, Maker DAO tweeted sharing the system’s collateralization, affirming that system has been working always as expected:
In addition, the platform highlighted that “no liquidations have been triggered during the last week”. MakerDAO also pointed out that the protocol of MakerDAO concentrates on the stability of DAI.
Prior to the former tweet, MakerDAO posted another message regarding the Peg Stability Module (PSM), the decentralized exchange allowing users to swap US-pegged stablecoins for DAI at a rate of 1:1:
Significantly, MakerDAO announced the smooth functioning of the exchange, claiming:
PSM working smoothly as expected with reserves standing at $3.15 billion backing 3.15 billion DAI at 100% collateralization.
Interestingly, the platform tweeted that the PSM’s basic agenda is to provide stability to DAI quoting “PSM’s code is the law for DAI stability”.
Additionally, the tweet included a screenshot of the list of the system’s collaterals and provided a link to the makerburn’s collateral list.
Responding to both tweets, the crypto community began clarifying their doubts, basically regarding DAI pegged to an “unstable coin”. There were some tweeters who commented that “$0.89 is an unacceptable range”.
Comparatively, MakerDAO’s revelations presumably received challenges and suspicions rather than passive acceptance. The crypto aspirants refuted that the stablecoins are already down by 5%, and thus the claim put forward by the platform that the system is working smoothly is fallacious.