Decentralized finance pioneer MakerDAO is defying crypto markets at the moment as its MKR token hits a 16-month high.
If the DAI supply can continue to grow, Maker revenue will keep increasing, which most likely will impact the price positively, he observed.
Moreover, the DAI Savings Rate has been surging, which incentivizes users to hold DAI rather than non-interest-bearing stablecoins such as USDT and USDC. The DSR is currently 5%, which is much more than you get on DeFi platforms holding other stablecoins. The MakerDAO roadmap includes an “Endgame Plan,” which will reduce the reliance on centralized collateral such as USDC. The protocol aims to accrue more Ethereum with the ultimate end game of making DAI a free-floating asset.for MakerDAO and DAI are solid, which is why it is defying crypto markets at the moment.MKR was trading up 7% on the day at $1,510 at the time of writing. Moreover, the DeFi asset hit a 16-month high of $1,523 during early Asian trading on Sept. 28.
MKR has gained a whopping 18% since last weekend and 27% in the past fortnight. However, it remains down 76% from its May 2021 all-time high of $6,292, according to CoinGecko.
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