In a dynamic market, Maker’s governance token, $MKR, has emerged as a shining star, witnessing an astonishing price surge of over 100% in the last three months. Notably, Intotheblock’s data analysis has revealed substantial capital inflows into the wallets of prominent MKR holders, indicating robust buying activity in the crypto sphere.
MakerDAO’s Enhancements Attract Billions
In a comprehensive report released this week, Intotheblock has delved deep into the realm of DeFi, spotlighting one of its pioneering protocols, MakerDAO. The analysis revolves around the protocol’s recent enhancements, propelling a staggering influx of nearly $1 billion in less than a week.
The surge is driven by DAI’s growth and MKR token accumulation, potentially benefiting the wider crypto space. Regarding blockchains, Bitcoin fees rose 24.5%, reasons unclear, while Ethereum fees fell 21.2% due to lower volatility. Crypto-wise, Bitcoin, and Ether saw $50M outflows, signaling moderate trading.
The pièce de résistance of MakerDAO’s resurgence is its 8% stablecoin yield, rekindling the DeFi flame. Notably, the protocol’s stablecoin, DAI, has gained the capability to earn the DAI Savings Rate (DSR), which recently surged to 8%.
Fueled by Maker’s revenues, a substantial portion stemming from US treasuries collateral, this lucrative yield has far-reaching implications for the protocol and potentially beyond.
Furthermore, the rise of real-world assets, such as treasuries, within DeFi is spotlighted. A substantial upswing in DAI capitalizing on the DSR, nearly $1 billion in a single week, coincided with a corresponding rise in DAI supply at a three-month zenith.
The upward trend of real-world asset integration in DeFi is further exemplified by protocols like Ondo Finance, securing $164 million in tokenized treasury deposits.
The report doesn’t neglect DAI’s resurgence as well. With volumes reaching heights unseen since the Silicon Valley Bank collapse, the potential to earn yield atop this blue-chip stablecoin is now generating ripples of positivity across DeFi.
Lastly, Maker’s governance token, MKR, has exhibited remarkable growth, doubling in value over a mere three months. The significant inflow of MKR into the wallets of major holders underscores a robust appetite for the token, coinciding with a 35% price surge in the past month alone.
The report highlights a pivotal moment last July, linking the spike in large holders’ netflows with Maker’s founder, Rune, who acquired a hefty $24 million worth of MKR tokens over a year.
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