MakerDAO holdings spike via new user-friendly gateway

DeFi applications MakerDAO and Compound have seen dollar-value held on their platforms increase one-hundred fold in just over a week, courtesy of an app that lets users easily access the world of decentralized finance.

- Advertisement -

Anthony Zhang, an executive at cryptocurrency investment tracker Blockfolio, wrote in a tweet that the total value locked on the app in USD had surged from $4.6 million to $40 million, “since launching the Compound finance/MakerDAO bridge just ~10 days ago.”

MakerDAO lets users stake cryptocurrencies on the Ethereum network, which in turn mints a stablecoin called “Dai” and generates interest. Similarly, Compound allows users to earn interest on their Bitcoin holdings. 

These services are smart, but often overly complicated to use. InstaDapp, which bills itself as an “Autonomous Banking Portal on Emerging Blockchain based Financial Protocols,” acts as a gateway to these applications, and aims to streamline the multifold user experience by limiting it to a single interface. 

It’s been a big year for MakerDAO, which has seen a twenty percent growth in users over the past year, according to the company’s own analysis of the public blockchain. 

MakerDAO plays an important role in the ecosystem. By some estimates, some two percent of all Ethereum is locked in MakerDAO smart contracts, and Dai is the currency of choice for a great deal of decentralized applications, or Dapps. Case in point: Augur 2.0, the upcoming second iteration of the closely watched decentralized prediction market, is expected to accept DAI as a tradeable currency.



Source

Previous Articles:

- Advertisement -

Latest News

Coinbase Shares Hit Highest Level Since 2021 Nasdaq Debut

Coinbase stock reached its highest price since its 2021 listing, nearly returning to debut...

BPX Gains FCA Nod to Trade Tokenized Securities in the UK

BPX, a startup focused on trading tokenized securities, received several authorizations from the UK’s...

Shopify, Coinbase Launch USDC Payments; Mastercard Expands Crypto Access

Shopify and Coinbase allow merchants to accept USDC stablecoin payments, making crypto transactions easier...

Coinbase Launches Wrapped ADA and LTC on Base, COIN Hits New High

Coinbase has introduced wrapped versions of Cardano (ADA) and Litecoin (LTC) on its Ethereum...

ClickFix Attacks Surge 517% in 2025, Fake CAPTCHAs Spread Malware

ClickFix attacks using fake CAPTCHA verifications have risen by 517% in early 2025, according...

Must Read

How to Buy Dedicated Hosting With Crypto

In this article I am going to show you how to buy dedicated hosting with crypto from one of the best European hosting providers...