- Maker (MKR) is the governance token of MakerDAO’s Dai and the Maker Protocol, both built on the Ethereum chain.
- To diversify Maker’s balance sheet, MakerDAO has announced it will be investing $500 million in U.S. Treasurys and corporate bonds.
- Maker could see significant changes in the coming months as founder, Rune Christensen, has proposed changes to improve its decentralization.
- MKR has risen by more than 70% in the last 30 days while other cryptos declined or traded sideways.
Project Review
Maker (MKR) is the governance token of the Maker Decentralized Autonomous Organization (MakerDAO) and the Maker Protocol — both based on the Ethereum blockchain — that allows users to issue and manage the DAI stablecoin.
Maker Protocol uses Maker Vaults for users to deposit their crypto as collateral and mint Dai against it. These users with Vaults can repay their Dai loan and redeem their collateral.
A community of MKR token holders governs the Maker Protocol, the smart contracts that power Dai. The global Maker community is now responsible for every aspect of the Maker Protocol and the DAO including adjusting policies, choosing new collateral types, and improving the governance of the project.
Social Media: Website | Twitter | GitHub | Chat | YouTube | Telegram | Forum
Recent Developments
To fix the dwindling revenue of Maker, the DAO announced that it has allocated $500 million for investing in U.S. Treasurys and corporate bonds. According to MakerDAO, the move will help diversify Maker’s balance sheet and make the backing of its DAI stablecoin more stable.
As per the announcement, MakerDAO revealed that Sygnum, the world’s first digital asset bank, would be the lead partner in the firm’s $500 million treasury diversification into traditional assets.
Maker holders are currently voting on an executive proposal using the MKR. If the proposal passes, the Maker protocol will increase the Maximum Debt Ceiling (line) from 60 million DAI to 500 million DAI.
The proposal also seeks to increase the Target Available Debt (gap) from 10 million DAI to 50 million DAI. If the proposal does not pass within 30 days, then it will expire and can no longer have any effect on the Maker Protocol.
Price Updates
Since bouncing at the support line of the descending wedge (a bullish pattern) in September, the price of Maker (MKR) has been rising.
While most cryptos have either traded sideways or experienced declines, MKR has gained more than 70% in the last 30 days, the third most significant of the top 100 cryptos ranked by market cap.
Source : dailycoin.com/maker-mkr-project-review-recent-developments-future-events-community/ by Milko Trajcevski - October 22, 2022