On October 31st, Sky (formerly MakerDAO) founder Rune Christensen posted that it is planning to make an additional proposal to change the core token (whether the result is MKR or SKY) to a strict deflationary token economics. Under normal circumstances, no tokens will be issued, and as the destruction engine permanently removes the tokens from circulation, the total supply will only decrease over time. The only exception is in the case of a shortage of collateral, which would put USDS and DAI at risk of bankruptcy. This is the original MKR token economics. At the same time, in addition to the strict economics of deflationary buying and destruction tokens, core tokens (MKR or SKY) can still earn star token rewards through activation, such as Spark SPK. It further stated that if the vote is to retain the Sky brand, the proposal will fully promote the transition of the entire ecosystem from MKR to SKY, MKR will be renamed Wrapped 24k Sky Token (SKY24K); if the vote to reposition the Maker brand is won, Sky will be transformed into a Maker Star similar to Spark. The current SKY token will be changed to OLD_SKY, permanently exchanged back to MKR at a fixed ratio of 1:24000.
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US President Donald Trump has said that countries that treat them badly will calculate the total amount, including non-monetary barriers. The retaliatory rate will be half of their tariff rate, which will not be fully reciprocal.
US Treasury Secretary Bescent: I suggest all countries not to take retaliatory action. We can see if there will be a different tariff floor (compared to the published numbers). Trump's mentality may be to let things stabilize for the time being. I am not involved in the negotiations, we are going to see if there is any negotiation before April 9 (the effective date of the reciprocal tariffs).
International gold continued to set a new high. COMEX gold futures rose 1.41% to $3,190.3 an ounce, a new record high. COMEX silver futures rose 2.01% to $35 an ounce.
Senior White House official: The benchmark tariff rate (10%) will take effect in the early morning of April 5, and the reciprocal tariff will take effect in the early morning of April 9.
The Federal Reserve's Coogler said the latest data suggest progress towards its 2% inflation target may have stalled. Given the stability of economic activity and employment, there is support for holding current policy rates unchanged as long as upside risks to inflation persist. Inflation expectations are rising, and there are upside risks (to inflation) from upcoming policy changes. It is reassuring to note that the increase in long-term inflation expectations has so far been small. Given the ...
Trump announced the US reciprocal tariff plan, saying that he would sign an executive order for reciprocal tariffs, which would take effect at midnight on April 2.
Senior White House official: Trump plans to impose other industry tariffs on semiconductors, pharmaceuticals and potentially critical minerals, which are not covered by the new tariffs. Trump will respond to retaliation from other countries to ensure the emergency order is not disrupted. Exemptions on USMCA-compliant goods from Mexico and Canada will continue.
Trump's chart shows tariffs of 20% on imports from the European Union, 10% on imports from Brazil and the United Kingdom, 31% on imports from Switzerland, 26% on imports from India, 25% on imports from South Korea, 24% on imports from Japan, 32% on imports from Indonesia, and 36% on imports from Thailand.