Amidst the crypto market resurgence, the smart contract platform Maker and its native token MKR have experienced a challenging period, with MKR demonstrating a consistent downtrend after reaching a yearly high of $4,070 in April, plummeting to as low as $2,440 just one week later.
Dive into the protocol’s key metrics and observe notable levels to gain insights into potential price movements and actions for the MKR token in the near term.
Maker Protocol’s Updated Metrics Reveal Positive Growth
The Maker protocol, known for its decentralized stablecoin DAI, recently disclosed updated metrics highlighting its health and growth over the past month in a post on social media site X (formerly Twitter).
DAI, governed by MakerDAO’s decentralized blockchain, enables the borrowing and lending of cryptocurrencies. The current DAI supply, exceeding 5 billion DAI, is a critical metric reflecting the total amount of DAI created and circulating.
Related Reading
Total Value Locked represents the dollar value of assets locked within the Maker Protocol. Despite being live on one chain since its inception, Maker has approximately $8.76 billion locked, making it the fourth-largest decentralized finance (DeFi protocol).
The Maker Protocol allows the minting of DAI by depositing accepted assets into Maker Vaults. The ETH-C Vault type holds the largest share, with approximately $2.07 billion worth of ETH locked.
The system surplus needs to reach 50 million DAI to achieve a complete MKR burn. On the other hand, the Dai Savings Rate (DSR) represents the rate at which the Maker Protocol rewards users for locking their DAI within DSR contracts. Currently, the DSR cost amounts to approximately 153 million DAI.
Currently, the protocol notes that most DAI remains within DeFi, with externally owned Accounts (EOA) and the DSR serving as the top use cases, holding over 2.3 billion and 1.96 billion DAI, respectively.
In terms of revenue generation, SparkLend D3M and Spark’s MetaMorpho D3M lead the way, generating an estimated $155 million in annual revenue based on their deposit APYs. This highlights the significance of various collateral types and revenue streams within the Maker ecosystem.
Potential Catalyst For MKR’s Price?
Despite the growth and investor interest in the Maker ecosystem, the upcoming Endgame Plan, a proposal to revamp its governance and tokenomics, is expected to act as a catalyst for the MKR token, potentially boosting its price.
The proposal aims to establish a self-sustainable equilibrium called the Endgame State, envisioning a resilient ecosystem where Maker Core’s scope and complexity will no longer change.
Related Reading
Currently, MKR is trading at $2,612, experiencing a slight decline of over 2% in the past 24 hours and around 8% in the last 30 days. CoinGecko data also indicates a recent 4.7% decrease in trading volume, totaling only $72 million compared to the token’s $2.4 billion market cap.
If the Endgame plan indeed generates renewed interest in the token and acts as a catalyst for MKR, the next significant obstacles to monitor in the short term are situated around the $2,660 level, which has impeded the token’s ability to surpass higher levels in the past few days.
Additionally, on its potential path to reclaim the $3,000 milestone, resistance levels at $2,710 and $2,760 would need to be overcome before potentially retesting the resistance at $2,845. Moving forward, on the MKR/USD daily chart, the levels at $2,905 and $2,950 act as the final hurdles before reaching the $3,000 milestone.
It remains to be seen whether further developments and growth in key metrics, coupled with the anticipated Endgame proposal, can stimulate a significant bullish momentum for MKR, enabling it to overcome resistance levels and regain its bullish trend.
Featured image from DALL-E, chart from TradingView.com
Amidst the crypto market resurgence, the smart contract platform Maker and its native token MKR have experienced a challenging period, with MKR demonstrating a consistent downtrend after reaching a yearly high of $4,070 in April, plummeting to as low as $2,440 just one week later.
Dive into the protocol’s key metrics and observe notable levels to gain insights into potential price movements and actions for the MKR token in the near term.
Maker Protocol’s Updated Metrics Reveal Positive Growth
The Maker protocol, known for its decentralized stablecoin DAI, recently disclosed updated metrics highlighting its health and growth over the past month in a post on social media site X (formerly Twitter).
DAI, governed by MakerDAO’s decentralized blockchain, enables the borrowing and lending of cryptocurrencies. The current DAI supply, exceeding 5 billion DAI, is a critical metric reflecting the total amount of DAI created and circulating.
Related Reading
Total Value Locked represents the dollar value of assets locked within the Maker Protocol. Despite being live on one chain since its inception, Maker has approximately $8.76 billion locked, making it the fourth-largest decentralized finance (DeFi protocol).
The Maker Protocol allows the minting of DAI by depositing accepted assets into Maker Vaults. The ETH-C Vault type holds the largest share, with approximately $2.07 billion worth of ETH locked.
The system surplus needs to reach 50 million DAI to achieve a complete MKR burn. On the other hand, the Dai Savings Rate (DSR) represents the rate at which the Maker Protocol rewards users for locking their DAI within DSR contracts. Currently, the DSR cost amounts to approximately 153 million DAI.
Currently, the protocol notes that most DAI remains within DeFi, with externally owned Accounts (EOA) and the DSR serving as the top use cases, holding over 2.3 billion and 1.96 billion DAI, respectively.
In terms of revenue generation, SparkLend D3M and Spark’s MetaMorpho D3M lead the way, generating an estimated $155 million in annual revenue based on their deposit APYs. This highlights the significance of various collateral types and revenue streams within the Maker ecosystem.
Potential Catalyst For MKR’s Price?
Despite the growth and investor interest in the Maker ecosystem, the upcoming Endgame Plan, a proposal to revamp its governance and tokenomics, is expected to act as a catalyst for the MKR token, potentially boosting its price.
The proposal aims to establish a self-sustainable equilibrium called the Endgame State, envisioning a resilient ecosystem where Maker Core’s scope and complexity will no longer change.
Related Reading
Currently, MKR is trading at $2,612, experiencing a slight decline of over 2% in the past 24 hours and around 8% in the last 30 days. CoinGecko data also indicates a recent 4.7% decrease in trading volume, totaling only $72 million compared to the token’s $2.4 billion market cap.
If the Endgame plan indeed generates renewed interest in the token and acts as a catalyst for MKR, the next significant obstacles to monitor in the short term are situated around the $2,660 level, which has impeded the token’s ability to surpass higher levels in the past few days.
Additionally, on its potential path to reclaim the $3,000 milestone, resistance levels at $2,710 and $2,760 would need to be overcome before potentially retesting the resistance at $2,845. Moving forward, on the MKR/USD daily chart, the levels at $2,905 and $2,950 act as the final hurdles before reaching the $3,000 milestone.
It remains to be seen whether further developments and growth in key metrics, coupled with the anticipated Endgame proposal, can stimulate a significant bullish momentum for MKR, enabling it to overcome resistance levels and regain its bullish trend.
Featured image from DALL-E, chart from TradingView.com
can i purchase clomid without a prescription how to get clomiphene tablets where buy cheap clomiphene without prescription clomid for low testosterone order clomiphene without a prescription buy generic clomid buy clomid pill
This is the kind of content I take advantage of reading.
The thoroughness in this draft is noteworthy.
azithromycin generic – order sumycin 500mg generic cost flagyl
semaglutide 14 mg pill – buy rybelsus 14mg without prescription purchase periactin generic
oral motilium 10mg – purchase sumycin without prescription buy flexeril
order inderal generic – buy inderal buy methotrexate 5mg without prescription
buy amoxiclav pill – atbio info buy ampicillin for sale
order nexium 20mg online cheap – anexa mate generic esomeprazole
purchase coumadin pill – blood thinner hyzaar price
where to buy mobic without a prescription – tenderness purchase meloxicam pill
purchase deltasone sale – https://apreplson.com/ prednisone 5mg generic
buy generic ed pills over the counter – https://fastedtotake.com/ erection pills
amoxicillin order online – combamoxi.com cheap amoxicillin sale
buy fluconazole 100mg without prescription – click purchase diflucan for sale
order lexapro 10mg online cheap – https://escitapro.com/# order escitalopram 10mg online cheap
cenforce 50mg usa – https://cenforcers.com/ purchase cenforce online
cialis professional ingredients – https://ciltadgn.com/ cialis generic
order ranitidine 150mg pills – site zantac over the counter
cialis usa – https://strongtadafl.com/# side effects cialis
More peace pieces like this would insinuate the web better. donde comprar viagra
I am in truth delighted to glance at this blog posts which consists of tons of of use facts, thanks for providing such data. https://buyfastonl.com/amoxicillin.html
This is the kind of literature I positively appreciate. https://ursxdol.com/ventolin-albuterol/
I couldn’t weather commenting. Well written! https://prohnrg.com/product/omeprazole-20-mg/
This is a topic which is near to my heart… Myriad thanks! Exactly where can I find the connection details in the course of questions? https://aranitidine.com/fr/en_france_xenical/