MakerDAO Stakeholder-Focused Updates Drive MKR Price Up By 10%
2024年3月22日 - 10:00AM
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Blockchain protocol MakerDAO (MKR) continues to see significant
gains, maintaining a strong upward trend throughout the
year. MKR has seen significant growth of over 358%,
accompanied by positive metrics reflecting increased adoption and
usage of the protocol. In addition, upcoming voting initiatives aim
to further increase the platform’s benefits for its stakeholders.
MakerDAO Announces Plans For Rate System Changes In a recent
announcement, MakerDAO stated that it closely monitors developments
in the cryptocurrency market and has gained a better understanding
of the impact of recent proposals. As a result, the protocol
is recommending the next set of changes to its rate system.
MakerDAO emphasized that further adjustments will likely be
introduced shortly, contingent upon market dynamics, such as
prices, leverage demand, and the external rate environment
encompassing centralized finance (CeFi) funding rates and
decentralized (DeFi) effective borrowing rates. Related
Reading: US Spot Bitcoin ETFs Experience Record Outflows, Losing
$740 Million In Three Days The protocol further noted that the
Maker rate system will be adjusted accordingly if the external rate
environment continues to exhibit signs of decline. Efforts are
underway to update the rate system language within the Stability
Scope, including developing a new iteration of the Exposure model.
These updates aim to ensure that the system can adjust rates more
gradually and effectively in the future. Based on recommendations
from BA Labs, a blockchain infrastructure provider, the Stability
Facilitator proposes various parameter changes to the Maker Rate
system, which will be subject to an upcoming Executive vote.
As shown in the table above, the proposed changes include reducing
the Stability Fee by 2 percentage points for various collateral
types such as ETH-A, ETH-B, ETH-C, WSTETH-A, WSTETH-B, WBTC-A,
WBTC-B, WBTC-C. In addition, the Dai Savings Rate (DSR) and the
Effective DAI Borrowing Rate for Spark will also be reduced by 2
percentage points. However, one active protocol user offered an
alternative viewpoint, suggesting using the demand shock
opportunity to expand the net interest margin. While agreeing with
the proposed 2% interest rate reduction for borrowers, the user
advocates for a larger 4% reduction in the DSR, which he believes
will further benefit MakerDAO’s net interest margin. Ultimately,
the outcome of the voting process will determine whether these
proposed changes are implemented and benefit the stakeholders of
MakerDAO. Further decisions regarding rates and fees will be made
based on the results. Market Cap Skyrockets According to data
from Token Terminal, MakerDAO has demonstrated significant growth
and positive performance across various key metrics over the past
30 days. In terms of market capitalization, MakerDAO’s fully
diluted market cap has reached approximately $3.07 billion,
reflecting a notable increase of 40.9% over the past 30 days. The
circulating market cap is around $2.82 billion, showing a similar
growth rate of 41.1%. On another note, the total value locked (TVL)
in MakerDAO has increased by 10.1% over the past 30 days to
approximately $7.05 billion. The token trading volume for
MakerDAO has surged 126.6% over the past month, reaching
approximately $4.35 billion. This increase in trading volume
suggests heightened market activity and interest in the protocol.
In terms of user activity, MakerDAO has seen an increase in daily
active users, with an increase of 32.2% to 193 users. On the other
hand, weekly active users decreased by 22.6% to 783 users. However,
monthly active users have shown a positive growth rate of 10.0%,
reaching 2.88k users. Short-Term Outlook For MKR Regarding price
action, MKR is currently trading at $3,158, reflecting a 4.8%
growth in the past 24 hours, 10% in the past seven days, and an
impressive 49% increase in the past fourteen and thirty-day time
frames. The token has encountered a support wall for the short term
at $3,048. This support level is significant for the token’s growth
prospects. Another key support level is at $2,884, which further
contributes to the token’s short-term stability and potential
growth. Related Reading: Crypto Expert Reveals The Possibility Of
Bitcoin Reaching $500,000 On the other hand, the nearest resistance
level is observed at its 28-month high of $3,321. This level
represents the highest point reached by the token since November
2021. Featured image from Shutterstock, chart from
TradingView.com
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