Finance Magnates recently spoke with Gustav Arentoft, who works in business development for MakerDAO's European market.
The stablecoin space is more active now than it has ever been. In June of this year, a Binance report entitled The Evolution of Stablecoins found that stablecoins are rapidly tapping into the dominance of Bitcoin and Ethereum pairs, and have grown to represent 60 percent of traded volume. In June of last year, stablecoins represented just 35 percent of market volume.
But is there room in the market for all of these new coins? Recently, Finance Magnates spoke to Gustav Arentoft, a business development representative for MakerDAO’s European initiatives, on the state of the stablecoin space and the different business models that drive the stablecoin industry forward.
Arentoft explained that MakerDAO has “a permissionless lending protocol that allows people to ‘lock-up’ collateral and then basically ‘print’ DAI,” MakerDAO’s stablecoin. “So, every time DAI is issued, there is collateral locked up in a smart contract on the Ethereum blockchain.” Later this year, users will be able to collateralize DAI with other kinds of assets."
“But that basically means that we have all these small positions from all over the world that are backing the protocol. We’ve issued almost 100,000 backing positions,” Arentoft said, adding that MakerDAO doesn’t have very many “consumer-facing products” besides the lending protocol. “So, we really just try to be the base finance and technology layer, and then on top of us, people build new services and business models.”
Arentoft mentioned that some of the most successful examples of these services and businesses including Compound and DIQX. “We have more than 220 partnerships,” he continued, explaining that “a partnership for us is a ‘finished integration’--a project, a platform, or something similar like that where DAI is actually functioning.”
“There’s space for as many tokens or stablecoins as people want to issue...whether or not they gain traction is a completely different thing.”
Arentoft believes that MakerDAO is currently the “biggest and most well-functioning decentralized stablecoin” in the world, as well as “the only one who has gained some real traction” with the partnerships it has formed.
However, he doesn’t see MakerDAO or any other single stablecoin as completing dominating the industry: “there’s space for as many tokens or stablecoins as people want to issue,” Arentoft said. “That’s something that we’ve seen also with regular currencies.” However, “whether or not they gain traction is a completely different thing.”
“Also, the centralized stablecoins--the counterparty to what we’re doing--they put money into an escrow bank account, and then they issue the same amount of money that they have in the bank account [onto the blockchain]--hopefully,” he added, referencing the revelation that Tether had (at times) had less money in its accounts than what it had issued onto its blockchain.
In any case, the fact that any stablecoin operates in this way--keeping fiat money in an account and issuing a corresponding amount of blockchain-based tokens--”means that their business model is very much tied to the interest rate they can generate based on the [amount of] money they have locked in this escrow bank account.”
“So, they actually need to issue quite a lot of money to be able to receive the benefits,” Arentoft said. As such, many of these coins end up fulfilling the same purpose in the same way: “they have the same properties--maybe a different name. But in general, they don’t differentiate themselves a lot.”
“I think that’s also why we see a few very, very dominant centralized stablecoin players, while [the smaller ones] are having a harder time.”
Arentoft has said that this overcrowding of the market has caused some projects that started as stablecoins to have gone into various different directions: “it was impossible [for them] to get a lot of traction.”
”It’s very important to incentivize people to use your currency.”
Meanwhile, MakerDAO’s business model has given it a rather unique position within the stablecoin space. First of all, the fact that MakerDAO’s business model is based on lending allows it to exist with a relatively smaller market cap (at press time, DAI’s market cap was $78,643,210 while, by comparison, Tether’s was over $4 billion).
The other thing is that MakerDAO is a non-profit foundation rather than a for-profit company. Therefore, “as a foundation, we actually don’t make any money.”
“This is another [area] where we can truly see what decentralized protocols can do against centralized ones. We take all of the money that comes through the lending protocol of ours and we give it back to the Maker (MKR) token holders.” MakerDAO is also planning the launch of the DAI savings rate, which will give interest to DAI token holders.
“We truly believe that it’s very important to incentivize people to use your currency. For a lot of people, it doesn’t really matter if you have one DAI or one Tether, unless maybe you believe [strongly] in decentralization.”
“But for example--if [an application] needs to base their whole foundation [on one of these networks],” Arentoft claimed that DAI would be the obvious choice. “DAI is a currency that’s completely separated from political and jurisdictional issues; it’s completely transparent. They know what’s going on with it at all times. That’s something that people want when they are building their future livelihood on, rather than having something that could be shut down due to regulation.”
Prediction for 2020: No more gaming tokens, all blockchain games adopt @MakerDAO's Dai. It's trust-worthy, It's easier to understand by non-crypto-savvy users ($1 = 1 Dai), and Maker will push it hard AF as the second most important vertical after DeFi.
However, Arentoft doesn’t see DAI or any other single stablecoin ever totally dominating the market--”I think there will be space for a handful that will serve different purposes. We also see some of the other [somewhat] decentralized stablecoins focus on very specific markets. And the world is very big, right? If you become big in a few local markets, that’s something that’s completely cool.”
“We’ve seen, for example, Terra, which is a Korean stablecoin that focuses on e-commerce in Southeast Asia and Korea. So, they found a specific use case and they work towards that...I definitely think that there could potentially be a lot of currencies potentially available, but they will end up serving different purposes.
“I also believe that currently, centralized stablecoins are more for trading; they are generally used much more for trading than DAI.”
This was an excerpt. To hear Finance Magnates’ full interview with Gustav Arentoft, please visit Soundcloud or Youtube.
The stablecoin space is more active now than it has ever been. In June of this year, a Binance report entitled The Evolution of Stablecoins found that stablecoins are rapidly tapping into the dominance of Bitcoin and Ethereum pairs, and have grown to represent 60 percent of traded volume. In June of last year, stablecoins represented just 35 percent of market volume.
But is there room in the market for all of these new coins? Recently, Finance Magnates spoke to Gustav Arentoft, a business development representative for MakerDAO’s European initiatives, on the state of the stablecoin space and the different business models that drive the stablecoin industry forward.
Arentoft explained that MakerDAO has “a permissionless lending protocol that allows people to ‘lock-up’ collateral and then basically ‘print’ DAI,” MakerDAO’s stablecoin. “So, every time DAI is issued, there is collateral locked up in a smart contract on the Ethereum blockchain.” Later this year, users will be able to collateralize DAI with other kinds of assets."
“But that basically means that we have all these small positions from all over the world that are backing the protocol. We’ve issued almost 100,000 backing positions,” Arentoft said, adding that MakerDAO doesn’t have very many “consumer-facing products” besides the lending protocol. “So, we really just try to be the base finance and technology layer, and then on top of us, people build new services and business models.”
Arentoft mentioned that some of the most successful examples of these services and businesses including Compound and DIQX. “We have more than 220 partnerships,” he continued, explaining that “a partnership for us is a ‘finished integration’--a project, a platform, or something similar like that where DAI is actually functioning.”
“There’s space for as many tokens or stablecoins as people want to issue...whether or not they gain traction is a completely different thing.”
Arentoft believes that MakerDAO is currently the “biggest and most well-functioning decentralized stablecoin” in the world, as well as “the only one who has gained some real traction” with the partnerships it has formed.
However, he doesn’t see MakerDAO or any other single stablecoin as completing dominating the industry: “there’s space for as many tokens or stablecoins as people want to issue,” Arentoft said. “That’s something that we’ve seen also with regular currencies.” However, “whether or not they gain traction is a completely different thing.”
“Also, the centralized stablecoins--the counterparty to what we’re doing--they put money into an escrow bank account, and then they issue the same amount of money that they have in the bank account [onto the blockchain]--hopefully,” he added, referencing the revelation that Tether had (at times) had less money in its accounts than what it had issued onto its blockchain.
In any case, the fact that any stablecoin operates in this way--keeping fiat money in an account and issuing a corresponding amount of blockchain-based tokens--”means that their business model is very much tied to the interest rate they can generate based on the [amount of] money they have locked in this escrow bank account.”
“So, they actually need to issue quite a lot of money to be able to receive the benefits,” Arentoft said. As such, many of these coins end up fulfilling the same purpose in the same way: “they have the same properties--maybe a different name. But in general, they don’t differentiate themselves a lot.”
“I think that’s also why we see a few very, very dominant centralized stablecoin players, while [the smaller ones] are having a harder time.”
Arentoft has said that this overcrowding of the market has caused some projects that started as stablecoins to have gone into various different directions: “it was impossible [for them] to get a lot of traction.”
”It’s very important to incentivize people to use your currency.”
Meanwhile, MakerDAO’s business model has given it a rather unique position within the stablecoin space. First of all, the fact that MakerDAO’s business model is based on lending allows it to exist with a relatively smaller market cap (at press time, DAI’s market cap was $78,643,210 while, by comparison, Tether’s was over $4 billion).
The other thing is that MakerDAO is a non-profit foundation rather than a for-profit company. Therefore, “as a foundation, we actually don’t make any money.”
“This is another [area] where we can truly see what decentralized protocols can do against centralized ones. We take all of the money that comes through the lending protocol of ours and we give it back to the Maker (MKR) token holders.” MakerDAO is also planning the launch of the DAI savings rate, which will give interest to DAI token holders.
“We truly believe that it’s very important to incentivize people to use your currency. For a lot of people, it doesn’t really matter if you have one DAI or one Tether, unless maybe you believe [strongly] in decentralization.”
“But for example--if [an application] needs to base their whole foundation [on one of these networks],” Arentoft claimed that DAI would be the obvious choice. “DAI is a currency that’s completely separated from political and jurisdictional issues; it’s completely transparent. They know what’s going on with it at all times. That’s something that people want when they are building their future livelihood on, rather than having something that could be shut down due to regulation.”
Prediction for 2020: No more gaming tokens, all blockchain games adopt @MakerDAO's Dai. It's trust-worthy, It's easier to understand by non-crypto-savvy users ($1 = 1 Dai), and Maker will push it hard AF as the second most important vertical after DeFi.
However, Arentoft doesn’t see DAI or any other single stablecoin ever totally dominating the market--”I think there will be space for a handful that will serve different purposes. We also see some of the other [somewhat] decentralized stablecoins focus on very specific markets. And the world is very big, right? If you become big in a few local markets, that’s something that’s completely cool.”
“We’ve seen, for example, Terra, which is a Korean stablecoin that focuses on e-commerce in Southeast Asia and Korea. So, they found a specific use case and they work towards that...I definitely think that there could potentially be a lot of currencies potentially available, but they will end up serving different purposes.
“I also believe that currently, centralized stablecoins are more for trading; they are generally used much more for trading than DAI.”
This was an excerpt. To hear Finance Magnates’ full interview with Gustav Arentoft, please visit Soundcloud or Youtube.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
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Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
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Don't miss out on our latest videos, interviews, and event coverage.
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