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Maker (MKR)

DeFi Resilience Amidst Crypto Chaos: Maker Emerges As A Beacon of Stability 

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In a recent update from IntoTheBlock, a notable analytics platform, a stark contrast has emerged within the cryptocurrency market. While numerous alternative cryptocurrencies, known as altcoins, have been grappling with substantial losses, with more than 90% of their holders facing negative returns, major Decentralized Finance (DeFi) tokens have exhibited remarkable resilience in the face of market turmoil.

Delving into token holders’ profit and loss profiles over the past year, an intriguing trend has surfaced. Most DeFi token holders find themselves in a relatively similar position to the previous year. 

Nevertheless, the intricate dance of volatility has not left them untouched, leading to notable fluctuations in profitability. In contrast to the broader landscape of altcoins, these DeFi tokens have managed to maintain a more favorable balance between profits and losses.

DeFi Tokens vs. Altcoins: Crypto Profitability Trends

A standout performer within this cluster is Maker, which has not only weathered the storm but has also managed to improve its position. Unlike its counterparts, Maker stands out as the sole asset, where fewer holders are at a loss compared to last year. In a noteworthy accomplishment, Maker has consistently upheld its status as the most profitable asset for its holders over a significant portion of the year.

For a comprehensive understanding, the following table compares the current percentage of holders at a loss for five prominent DeFi tokens:

  • Compound: 92.92%
  • Ox: 85.97%
  • Uniswap: 71.93%
  • AAVE: 76.35%
  • Maker: 52.36%

This data highlights the differing levels of resilience exhibited by these DeFi tokens, with Maker’s notable performance accentuating its position as a beacon of stability and profitability within the often tumultuous realm of cryptocurrencies. 

A recent IntoTheBlock report highlights a growing trend in the DeFi ecosystem where protocols are breaking down into smaller, more versatile components. Examples include UniSwap v2’s Hooks, Eigen Layer’s restaking primitives, and new versions of protocols like Euler. This trend suggests a move towards partitioning protocols into micro-primitives for novel functionalities. 

Despite the decentralized finance sector previously focusing on core financial primitives, the current generation of protocols combines these with application-level features. This complexity could be addressed by adopting an approach similar to micro-services in distributed programming.

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Maker’s MKR Meteoric Surge: $1B Inflows, 8% DAI Yield, & DeFi’s Ripple Effect

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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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MKR Surges: Unprecedented 20% Spike Attributed to…

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Maker (MKR), the governance token of the MakerDAO and Maker Protocol, experienced a sudden and substantial price surge of approximately 20%. The notable increase in value has been primarily linked to recent activities involving venture capital firm Andreessen Horowitz (a16z) and CMS Holdings. Andreessen Horowitz, known for its substantial investments in various technology companies, was observed depositing Maker tokens onto the cryptocurrency exchange Coinbase, presumably with the intention to sell them.

MKR

The depicted chart clearly illustrates the asset’s upward trend. The Relative Strength Index (RSI) indicator confirms a significant surge in buying activity within the asset market. At present, the RSI is positioned in the overbought zone.

The reported amount of MKR deposited by a16z was 12,864, valued at around $12.6 million. Additionally, a separate transfer of 6,900 Maker tokens (equivalent to $8 million) was made to a new address, suggesting potential plans for further deposits on an exchange. As of now, a16z holds 12,396 MKR tokens, which are valued at approximately $14.4 million.

At the same time, CMS Holdings, a private investment firm specializing in blockchain and decentralized finance, decreased its recently accumulated MKR holdings. Just before the surge, the firm deposited 525 Maker (approximately valued at $614,000) to Binance. Prior to this, CMS Holdings had withdrawn 1,325 Maker (worth $1.54 million) from both Binance and Bitget, at an average price of $793. Currently, the firm’s Maker holdings stand at 800 tokens, with an approximate value of $936,000. This sudden adjustment in the holdings of these influential market players likely played a role in the surge of MKR’s price. As significant quantities of Maker were sold, the market reacted, leading to increased trading volume and subsequently driving the price upwards.

Looking ahead, this abrupt increase in MKR’s price can be interpreted in two ways. On one hand, the actions of major investors like a16z and CMS Holdings bring added attention to MKR, potentially attracting new buyers and further pushing the price higher. On the other hand, the decision by these entities to reduce their holdings may raise questions about the token’s long-term value.

MKR Token Holders Celebrate as Majority Turn Profitable

According to data from IntoTheBlock, around 59% of MKR holders were seen to be making gains, while only 35% were facing losses. Furthermore, other important metrics, such as large transaction volume and active addresses, exhibited substantial growth within the past 24 hours.

The network witnessed a remarkable 40% surge in large transaction volume, amounting to $20.22 million. Additionally, there was a notable 22.79% increase in the percentage of active addresses.

Maker (MKR) Soars With A Whopping 45% Weekly Surge – Here’s Why

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Altcoin Maker (MKR) has been on a remarkable bull run in recent days, witnessing an astounding 45% surge over the course of just one week. This impressive performance has placed MKR at the top of the weekly gainers’ list, outshining even the major cryptocurrencies.

According to CoinGecko data, MKR’s price has been steadily climbing, with a notable 42% gain among top performers within the last 30 days. However, in the daily chart, there has been a minor setback of about 3.60%, currently trading at $986.93.

Source: Coinmarketcap

Throughout June, MKR experienced two significant price rallies. On July 1, it surged 21%, soaring past $830 from the previous day’s $687. The token’s value further increased by 8% on July 3, reaching a 3-month high of $929.87, an achievement not seen since March.

Market sentiment appears bullish, corroborated by various technical indicators. The Fear & Greed Index stands at 29.19, signifying extreme fear among investors. 

Nevertheless, on July 4, 2023, most technical analysis indicators leaned towards a bullish outlook, although some hinted at bearish signals, indicating an overall positive sentiment for MKR price predictions.

Based on the current prediction, the value of Maker is anticipated to surge by an impressive 112.21% by the end of July, potentially reaching around $2,091.47. However, the token is presently trading below the 200 simple moving average, and the 50-day simple moving average shows a buy signal.

Further analysis suggests that the 200-day SMA may soon drop, projecting a potential price decrease to $687.52 by the end of December. One essential indicator to watch is the Relative Strength Index (RSI), currently sitting at an undisclosed value, which signals the potential for overselling or overbuying of the cryptocurrency.

Well, Maker (MKR) has seen an incredible rally, outperforming major players in the market. While technical indicators paint a bullish picture, investors should stay vigilant as various factors can influence MKR’s future trajectory.

Maker (MKR) Price Driving Factor

The recent surge in MKR price can be attributed to the proposed multichain strategy of Spark Protocol, a move aimed at expanding its reach and deployment across different blockchain networks. 

On June 30, MakerDAO proposed the Spark Protocol Multichain Strategy, building upon the previous strategy introduced by PECU and continuing the shift of work away from Maker Core.

Phoenix Labs, the driving force behind the proposal, firmly believes that the path to growth lies in reaching out to users on Layer 2 solutions (L2s) and other chains. 

They have put forth a comprehensive framework for expanding into compatible chains, with a focus on strong business cases, scalability, strategic value, and security considerations.

The proposed strategy follows a phased rollout approach to enhance parallelization. Phase 1, designed to be entirely permissionless, involves deploying a fresh instance of Spark Lend on a remote chain in coordination with the chain’s developer team. 

Source: MakerDAO Proposal

Borrow rates will be set manually, and liquidity seeding is encouraged to simulate user demand. The governance relay, technical requirements, and compatibility with cross-chain support are critical considerations during this phase.

Phase 2, referred to as Spark Bridge Deploy, centers around activating the cross-chain Conduit module, allowing AllocatorDAOs to deposit and withdraw funds from the Spark Lend instance. 

The Spark Bridge, serving as the successor to dss-bridge, facilitates smooth transitions and utilizes the most liquid version of DAI through existing token bridges. 

Additionally, the Spark Bridge’s technical requirements are yet to be defined, and assessments of domains and collaterals will be published to assist MKR holders in their decision-making process.

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Maker (MKR) Emerges Victorious Amidst Market Bloodbath, 30% Weekly Rise

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The cryptocurrency market has recently faced a tumultuous time, with major currencies experiencing significant losses in a matter of hours. However, amidst this chaos, Maker (MKR) coin has emerged as the sole winner, experiencing a noteworthy 29.42% growth in the weekly chart.

The overall cryptocurrency market faced a severe downturn, losing as much as $50 billion in market capitalization in just one hour. As market capitalization dropped, currencies such as Bitcoin (BTC) and Ethereum (ETH) saw their values plummet by over 5%. 

Source: CoinMarketcap

The cause of this sudden drop can be attributed to several unfavorable events, including the Silvergate bank crash and Binance FUD. As a result, the crypto market’s total cap went from $1.07 trillion to $1.02 trillion earlier today.

Despite this bearish trend in the cryptocurrency market, MKR was the only currency that showed bullish momentum. While leading currencies such as BTC and ETH were experiencing a downward trend, MKR was making significant gains. 

Source: CoinMarketcap

According to the data from CoinMarketcap, currently trading at $932.97, MKR showed a 5% increase in the last 24 hours, outperforming the rest of the top 100 cryptocurrencies.

Maker (MKR) Price Driving Factor

One of the factors that contributed to MKR’s rise was the recent announcement by MakerDAO that deployed lower fees for the RETH-A vault through the latest Executive Vote. 

The stability fee was reduced from 1.5% to 0.5%, and the debt ceiling was increased from 5 million DAI to 10 million DAI. Additionally, the current liquidation ratio stands at 170%.

The decentralized finance (DeFi) platform, has recently seen significant developments. In February alone, the platform witnessed a number of noteworthy happenings.

Firstly, OlympusDAO approved and executed the largest DSR deposit to date with over 70 million DAI, earning a fixed 1% directly streamed from the core of the Maker Protocol.

Moreover, MakerDAO made a notable presence at the EBlockchainCon event, with MakerGrowth contributing valuable insights during discussions on real-world assets development within the DeFi industry.

According to the latest official report on real-world assets, MakerDAO generated $2.3 million in fees from its various RWA deployments, with the majority generated by the investment of $500 million in US Treasury short-term bond ETFs.

In addition, the Aave D3M was reactivated with an initial debt ceiling of 5 million DAI and a target borrowing rate of 2%. The Maker Protocol is now supplying direct liquidity to the two largest DeFi lending protocols through a wholesale credit line in DAI.

However, these developments demonstrate MakerDAO’s commitment to innovation and growth within the DeFi industry.

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Maker (MKR) Soars With 300% Spike in Trading Volume Fueled by Venom’s Partnership

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In the world of cryptocurrency, Maker (MKR) is making waves. The decentralized platform is seeing a bullish momentum in trading volume, with a surge of 291% following its recent collaboration with Venom, a blockchain ecosystem, and VC firm.

Source: CoinMarketcap

The partnership with DAO Maker, a well-known blockchain growth solutions provider, has solidified Maker’s position in the market as a leading player in the crypto space. 

With DAO Maker’s reputation as its IDO launchpad for cryptocurrency investments, this long-term strategic and infrastructure collaboration is poised to bring even greater success to Maker in the near future.

According to the data from CoinMarketcap, the token was trading at $776.69 earlier today, and it is now trading at $743, with significant gains both on a daily and weekly basis. In the last 24 hours, MKR rose about 10%, and 12% in the previous seven days. 

Source: CoinMarketcap

The upward trend continued, with the token experiencing over 14.5% gains in the past two weeks, rising from $655.17 to a high of $815.77 on February 8th, as per the data from CoinGecko.

Despite some hiccups, MKR is determined to maintain its momentum. The token is struggling to stay above the support level, with the upside trend potentially halting near $850. However, if the market takes a downward turn, the downside trend of MKR is expected to stop near $550.

Source: Tradingview

Furthermore, there has been a notable rise in the value of the DAO Maker (DAO) coin, as evidenced by its upward trend and significant increases, according to CoinMarketCap data. Over a daily period, DAO has increased by approximately 3%, and over a seven-day period, it has risen by 12%. Additionally, the token’s 24-hour trading volume has demonstrated a bullish momentum, with an impressive 500% increase.

Source: CoinMarketcap

Venom & DAO Maker Strike Strategic Partnership for Web3 Incubation

Abu Dhabi-based Venom Foundation has joined forces with DAO Maker, a prominent blockchain growth solutions provider, to incubate promising Web3 startups with a focus on delivering real-world use cases.

This partnership blends their strengths to support Web3 project development. DAO Maker’s renowned Launchpad will actively shape the Venom ecosystem, fueling the success of Web3 projects.

Under the agreement, DAO Maker and Venom Foundation will work together to incubate new projects through the Venom Launchpad. This new initiative will provide promising Web3 projects and developer teams with the resources, guidance, and exposure they need to succeed in the industry.

Integrating the Venom blockchain and Venom Wallet into DAO Maker’s Launchpad will give the incubated projects access to a broader audience and increase their exposure in the blockchain industry.

In addition to the partnership, DAO Maker CEO Christoph Zaknun will be taking on an advisory role within the Venom Foundation team. 

The partnership highlights the two organizations’ commitment to innovation and their dedication to helping new projects succeed in the blockchain space. The future looks bright for both parties as they work together to build a better future for the blockchain industry.

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Maker (MKR) Keeps The Crypto Faith Alive With 24-Hour Gain Of Over 26%

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Maker (MKR), an ERC-20 token native to the Maker Protocol, has seen an optimistic rise of over 20% in the last 24 hours time frame while all other cryptocurrencies faced major losses.

The recent controversies surrounding the FTX crisis and Alameda Research in the crypto-sphere caused chaos for all cryptocurrencies. 

The two biggest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) were both shaken away from their key supports amidst this turmoil. Whereas FTX’s token FTT saw its price tumble nearly 77% yesterday.

The crypto market has a long history of extreme volatility – Bitcoin itself has had multiple price drops throughout its history, most recently on June 18th, when BTC fell to $17,708.62. So this latest drop isn’t anything new.

BTC monthly chart: Source/ Tradingview.com

However, according to CoinMarketCap, the market appears to be on the rise again as of today evening, with the majority of cryptocurrencies turning green and posting modest increases, showing some indications of life. 

The global crypto market cap increased by about 6.39% in 24 hours time frame after three days worth of steady declines. Meanwhile, among other coins, ETH increased by over 7%, ETC increased by more than 5%, Polygon (MATIC) by about 14%; and Avalanche (AVAX) increased by more than 8% over the last 24 hours frame.

Maker (MKR) On The Rise Mode

Maker (MKR) rises to the position of top gainer among the top 100 cryptocurrencies during the current market recovery period. As per CoinGecko, at the time of writing, the token was trading at $840.21.

MKR’s pricing began at a low point today and fluctuated above the $700 mark for a while. As the bullish activity took hold due to the bears’ seeming exhaustion, MKR was pushed up into the $800 range.

Maker (MKR) hourly chart: Source/ Tradingview.com

The price of the token will go farther into the bearish zone if the bulls are unable to maintain this level of trade. On the other hand, if they exhibit signs of stabilization, the price may increase toward its prior high point of $850 after a brief period of stagnation (between $800 and $700).

Maker (MKR) daily chart: Source/ Tradingview.com

However, according to Coinmarketcap’s data, Maker has seen a market cap increase of roughly 26.59% to $803.58 million and a 6.34% increase in its 24-hour trading volume. 

Despite being on an upward trend, the price of the token is currently 86.82% below its all-time high price, which was $6,339.02 on May 3, 2021.

Nevertheless, the most recent price forecast indicates that Maker will be worth a minimum of $857.66 and a maximum of $933.36 price range by the end of the current year.

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Crypto Market Reversal: Aave And MKR Show Promise Amidst Market Decline

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Gains were muted following Monday’s breaking trend, even though the major cryptocurrencies on the market are experiencing instability today. While AAVE and Maker (MKR) are both exhibiting life on daily and weekly charts.

The Aave platform’s native cryptocurrency, AAVE, is up 2.6% over the previous day. But since its latest bottom last week, the token has increased by more than 15.1%, according to CoinGecko Statistics.

More significantly, the second in line of Wednesday’s gainers is MKR, an ERC-20 token native to the Maker protocol that was up 2.0% from yesterday and up 12.8% from last week.

AAVE is currently trading at $81.88 | Source: Tradingview.com

Nevertheless, the past weekend proved unfavorable for the cryptocurrency market, even including the top currencies. Prices began to rise at first this new week, but unfortunately, they started reversing trends again just after.

The global crypto market cap was down at $923.27 billion, a marginally low of about 1.07% in the last 24 hours. While on the other hand, the total trading volume jumped more than 1.11% to $51.74 billion.

Along with other coins, leading coins such as Bitcoin (BTC) and Ethereum (ETH) also lost their Monday gain due to decreased volume and volatility in today’s crypto markets. 

BTC is currently at $19,189, which is 2.10% less than it was yesterday, while Ethereum is also down by about 2.18% at $1,298.65.

Aave And MKR Making Progress Toward Recovery

AAVE was fighting against a crucial trendline of resistance, and this line coincided with its 50-day moving average ranging from $79 to $80.

In September, the token reached a considerable level of $96.11. The token’s price then plunges to new lows and fights to recover its value, floating during the whole month between $70 and $79, according to the data from CoinMarketcap.

After trading at $81.21 for the past 24 hours, it seemed like the token had broken through this key barrier for the first time this month and passed through after struggling for so long. 

In addition, the token’s starting price was $262.21 in 2022. Since the start of the year, the price has dropped by 69%. The predicted token price by the end of 2022 is $95.23, which will increase to $138.08 in 2023.

Furthermore, MKR coin’s market cap rose to over $1 billion, and the token price is now worth $1,070. Although it’s difficult to find the specific reason behind this change. 

The proposal made by Tyler Winklevoss, co-founder of Gemini Exchange, to integrate Gemini’s stablecoin, GUSD, into his company’s platform might have been the trigger for the rise of MRK’s market cap.

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