MakerDAO Approves $1.6 Billion Coinbase Proposal
Monday, October 24, 2022
MakerDAO governance approves a Coinbase proposal.
Fire releases its transaction simulator.
Apple releases updated App Store guidelines.
Twitter is reportedly working on a crypto wallet.
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MakerDAO Approves Coinbase Proposal
MakerDAO governance approved a proposal from Coinbase, allowing the DAO to deposit up to $1.6 billion USDC into Coinbase Prime. Coinbase is offering MakerDAO 1.5% APY on USDC deposits. The proposal passed with 75% of votes in favor of the offer. MakerDAO proposals only require a majority vote to pass.
According to Coinbase, the funds will always remain accessible to the Peg Stability Module (PSM), a contract that allows users to swap DAI one-to-one with other stablecoins. MakerDAO will also receive authority to mint, burn, withdraw, and settle accounts using USDC. More than a third of DAI is currently backed by USDC collateral.
Fire Releases Transaction Simulator
Fire, a Chrome extension that simulates Ethereum transactions, is now live. The extension allows users to preview what would happen if they execute a transaction. The tool analyzes contract calldata and displays an overview of assets that would leave and enter a wallet as a result of the transaction.
The extension is compatible with any Ethereum wallet. The app aims to address the issue of users unknowingly signing malicious contract interactions leading to loss of funds. Fire is a read-only extension that captures signature requests from a user’s browser. Users can currently mint a Fire NFT on mint.joinfire.xyz.
App Store Keeps 30% NFT Sales Commission
Apple released updated review guidelines for its iOS App Store, adding clarification that Apps are allowed to use in-app purchases to facilitate the sale of NFTs. However, NFTs are still not exempt from the store’s 30% commission on in-app purchases. The guidelines also disallow NFT-gated features to be used within an app.
The new guidelines also state that “apps may not include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.” The App Store’s 30% commission has prevented NFT marketplaces like OpenSea and Rarible from supporting in-app NFT trading features.
Twitter Reportedly Developing Crypto Wallet
Twitter is reportedly working on a wallet prototype that supports crypto deposits and withdrawals, according to Tech Reporter Jane Wong. Twitter first allowed users to add crypto wallets to their profiles in September 2021. In January of this year, the company integrated Ethereum wallet connection for its verified NFT PFP feature. Jane Wong is known for uncovering unannounced features on major tech applications.
Binance Supports Arbitrum And Optimism
Binance U.S. now supports deposits and withdraws on the Arbitrum and Optimism L2 networks. Optimism and Arbitrum are both Optimistic Rollup-based L2 networks aiming to provide increased throughput and low-gas fees to users. According to data from L2Beat, Arbitrum is the leading rollup with $2.42 billion in TVL, followed by Optimism with $1.47 in TVL.