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Tesla gets $7.8M in real estate financing using MakerDao; Real World Assets meet DeFi

By Avivah Litan | April 13, 2022 | 0 Comments

Tesla just closed $7.8M in financing originating from MakerVault, a MakerDao DeFi protocol. Tesla will use the financing to pay for a new Tesla repair and collision center. This is reportedly the first tranche of a large MakerDao financing deal coming up for Tesla. See MakerDao Tweet

Tesla’s MakerVault’s fully collateralized financing was procured via 6S Capital a lender who is a client of RWA which gives 6S access to MakerDAO vaults.

As noted in the  MakerDao FAQ “The Maker Vault is a core component of the Maker Protocol, which facilitates the generation of Dai against locked up Collateral. Vault usage collectively alters the total supply of Dai. Users create Dai by generating it against their Collateral and in-turn destroy Dai when repaying their generated Dai balance.”

This deal is further evidence of a steady progression of centralized services wrapped around decentralized applications. We called out this key trend in our Hype Cycle for Blockchain, 2021  (See CeDeFi dot). We see this trend manifesting itself more and more every day,  as mainstream corporations start to engage with Web3 and Metaverse business opportunities.

By 2024, 25% of enterprises will integrate their Legacy Apps and Centralized Services with Decentralized Web3 applications.

There are many examples other than the Tesla financing deal of this trend – centralized services wrapped around decentralized applications – which bring much value to organizations. Here are some more that we see in the market.

We expect such use cases and examples to proliferate as Web3 takes hold.  Blockchain and Web3 architectures are maturing quickly, and there are many off-the-shelf services enterprises can now use to participate in the new economy.

 

 

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