• Bitcoin has broken the $31,000 mark and is shaking off recent slumps.
• Supreme Court sided with Coinbase in a user lawsuit, ordering it to move into arbitration.
• MakerDAO-powered lending platform Spark Protocol onboards Rocket Pool staked ETH as collateral option.
Bitcoin Breaks $31k
Bitcoin has broken the $31,000 mark and is continuing to shake off recent slumps. This progress follows news that the Supreme Court ruled in favor of Coinbase in a user lawsuit, issuing an order to move it into arbitration.
FTX Files Complaint
FTX has also filed a complaint against Bankman-Fried in an effort to retrieve $700M from the “super-networker” who was courted for his connections. Additionally, Stably paused withdrawals and minting after Prime Trust halted deposits while Binance’s legal woes intensified as Brazil lawmaker seeks to question its general manager.
MakerDAO Collaboration With Spark Protocol
In other news, MakerDAO announced its collaboration with Spark Protocol where users will be able to utilize their rETH holdings as collateral to borrow DAI at competitive rates while simultaneously earning staking yield. The addition of rETH as a collateral type on Spark Protocol increases opportunities for users to leverage their digital assets within the DeFi ecosystem.
Increased Borrowing Power For MakerDAO
Furthermore, MakerDAO raised the protocol’s borrowing power by 400%, allowing users more access to funds through loans using DAI stablecoin as collateral. With over 740,000 ETH currently staked in the protocol, this development creates greater liquidity options for users of DeFi services such as Spark Protocol and Rocket Pool (RPL).