MakerDAO will liquidate its USDC-A, USDP-A, and GUSD-A vault types. MKR’s price has enjoyed a significant bullish momentum in the last week. Leading decentralized finance (DeFi) protocol MakerDAO [MKR] has scheduled an 8 March date to offboard its redundant stablecoin vaults. This decision came after it obtained approval from members of the protocol’s governance team […]
MakerDAO’s PSM is a system implemented to provide a more stable peg to the US dollar for its stablecoin DAI. The PSM works by allowing users to exchange DAI for USDC or other fiat-pegged stablecoins at a fixed exchange rate. This exchange rate is designed to maintain a stable peg to the US dollar and is set slightly above $1 to ensure that the price of DAI remains stable.
According to MakerDAO, the offboarding will involve a maximum debt ceiling of zero, a liquidation penalty of zero percent, a flat kick incentive of zero, and a liquidation ratio of 1500% on all three vault types. These parameter changes will effectively remove the vault types from the protocol and liquidate any remaining debt that is held within them.“It is likely that the corresponding collateral will be liquidated into PSM, which will increase current reserves.
Increased MKR accumulation was also rampant in the current market as key momentum indicators such as the Relative Strength Index and the Money Flow Index were spotted in upward trends at press time. The RSI was 66.34, while the MFI was 63.49.Lastly, the surge in token accumulation in the last month put buyers in control of the MKR market. This position was proved by the Directional Movement Index as the buyers’ strength at 28.42 rested solidly above the sellers’ at 12.89.
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