Aave Proposal To Remove DAI As Collateral
The proposal is in response to MakerDAO's rapid expansion of its DAI credit facility to a potential 1 billion DAI.
Quick Take
- Aave proposal to remove DAI as collateral.
- Arbitrum proposal to activate Stylus.
- Blobstream goes live on Arbitrum One.
- Glo Dollar 2.0 philanthropic stablecoin.
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Aave Proposes To Remove DAI As Collateral
Aave contributor Marc Zeller put forward a governance proposal seeking to reduce the Loan-to-Value (LTV) ratio for DAI to 0% on all Aave deployments. The action is in response to MakerDAO's rapid expansion of its DAI credit facility to a potential 1 billion DAI, with plans to allocate 600 million DAI into Ethena's USDe stablecoin. One Aave community member stated that setting the LTV for DAI to 0% could effectively kill Aave's operations on Gnosis. Ethena's USDe stablecoin, which is backed by LSTs and derivative positions, would underpin the allocated DAI. Therefore, any instability in USDe's value could potentially destabilize DAI's peg.
Proposal To Activate Arbitrum Stylus
Arbitrum introduced a proposal to activate Arbitrum Stylus on Arbitrum One and Arbitrum Nova mainnets. Stylus is a general-purpose programming environment that supports the use of WASM for writing smart contracts. Stylus supports development in high-level programming languages such as Rust, C, and C++. Stylus also reduces gas costs. Coined as EVM+, Stylus acts as an additive enhancement, ensuring seamless compatibility between Stylus and existing EVM contracts. Following community approval and completion of a security audit, a preliminary vote to activate Stylus initially on Arbitrum Sepolia will go live on Snapshot.
Blobstream Goes Live On Arbitrum One
Blobstream is now live on Arbitrum One, allowing developers to deploy Orbit L3 chains that access Celestia for data availability. Blobstream is a one-way data attestation bridge that streams Celestia's DA layer to other chains. Developers can access efficient block space that is independently priced from gas fees on their base chain. The implementation allows L2 and L3 rollups to use Celestia light clients for Data Availability Sampling. Blobstream uses Zero-Knowledge Proofs to authenticate the validity of Celestia block headers for confirmation on targeted EVM chains. The deployment follows last week’s activation of Blobstream on Base.
Glo Dollar 2.0 Philanthropic Stablecoin
Philanthropic stablecoin protocol Glo Dollar announced Glo Dollar 2.0, its roadmap toward unlocking billions in stablecoin yield for public goods. Coined as Automatic Public Goods Funding (AutoPGF), yield generated from USDGLO is automatically directed toward public goods initiatives. Glo Dollar’s roadmap includes credit, payroll, and fiat gateway solutions. USDGLO is a USD-pegged stablecoin backed by cash and U.S. Treasuries.
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