MakerDAO Announces Open Competition for $1 Billion Investment

Bittime - MakerDAO announced a competition to select recipients of an investment of IDR 16.1 trillion (US$1 billion). This investment is in the form of tokenized US government debt securities.

MakerDAO Competition in the Spotlight

This step is in the spotlight because it could be a big injection for the token version of the US government debt market, which is currently worth IDR 29.6 trillion (US$ 1.85 billion). Big players in the crypto industry immediately queued to take part in this competition.

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BlackRock’s BUIDL, Superstate, and Ondo Finance are some of the names interested in getting funds from MakerDAO. Carlos Domingo, boss of Securitize which is a BlackRock publishing partner, said he was very enthusiastic. 

“We think this is a good move from MakerDAO and are ready to collaborate with BlackRock's BUIDL,” he said.

Robert Leshner, founder of Superstate, also expressed interest. “Superstate's USTB is an ideal match for MakerDAO,” he said. 

Meanwhile, Nathan Allman from Ondo Finance sees this opportunity as a step to realize his mission of bringing institutional class financial products to everyone.

The news about the interest of these big players made the price of the MKR token, which is their governance token, immediately rise 5% after the announcement.

MakerDAO's Big Move

For the protocol, this investment represents a major step in their long-term plans. They want to strengthen their position as a leader in the DeFi ecosystem by backing the DAI stablecoin using US government debt securities.

The competition, called "Spark Tokenization Grand Prix", will open registration on August 12. The winner of the competition will receive IDR 16.1 trillion in funds to develop their tokenized version of the US debt securities project.

This investment fund comes from the transfer of reserves from two previous facilities, namely Clydesdale managed by Monetalis and Andromeda managed by BlockTower. This decision was taken after controversy emerged regarding reserve reporting by Monetarists.

Massive investment from this protocol is predicted to drive the growth of the tokenized version of the US debt securities market by up to 55%. This product is increasingly popular because it offers stable returns with low risk for crypto players.

This move by MakerDAO shows the increasingly strong trend of integrating real world assets (RWA) into the crypto ecosystem. Let's wait and see who will be the winner of this competition and what impact it will have on the crypto industry as a whole.

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