One stablecoin project to another 💰
MakerDAO, the creators of the DAI stablecoin, is proposing to allocate up to $600M worth of DAI into Ethena Labs' USDe and staked USDe (sUSDe) products.
The allocation will be conducted through Morpho Blue, a DeFi lending product by Morpho Labs.
Although the final decision rests with the MakerDAO community, the move would bolster Ethena's TVL growth to be in line with 'internal expectations,' as mentioned by Ethena's Head of Growth, Seraphim.
Just a week earlier, MakerDAO had already deployed $100M in liquidity on Morpho Blue through their Spark subDAO, allowing users to borrow USDe and sUSDe using DAI as collateral.
The increase in demand for USDe due to Ethena's points program and upcoming ENA token launch has attracted plenty of protocols to integrate the stablecoin in a bid to attract users.
Still, not everyone is pleased with MakerDAO's latest move.
Marc Zeller, the founder of the Aave-chan Initiative, had criticized the proposal on X, stating that deploying an additional billion dollars 'minted out of thin air' into a non-battle-tested protocol is 'reckless,'
Zeller also added that in response, he would be proposing a loan-to-value reduction for DAI on the Aave lending platform.
Editor's Take:
$1B is no small sum by any means and is equivalent to 20% of the current circulating supply of DAI. Should anything unfortunate happen to Ethena and its tokens being used as collateral, MakerDAO may very well experience its own doomsday event, akin to the Luna collapse in 2022.
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