The MakerDAO community passed proposal GOV12.1.2 to introduce the Enhanced Dai Savings Rate (EDSR). While this happened, MKR’s price shot up by 15%.
MKR’s on-chain metrics and market indicators remained in the bulls’ favor.
recently approved a proposal that would bring multiple changes to its ecosystem. The MakerDAO community voted in favor of the proposal GOV12.1.2, which will introduce the Enhanced Dai Savings Rate .The proposal will temporarily increase the effective DSR available to users in the early bootstrapping stage, when DSR utilization is low. Amidst this, MKR bulls entered the market as the token’s price registered massive gains over the last few days.To begin with, the motive of GOV 12.1.
Since the EDSR is a one-time, one-way temporary mechanism, it can only go down over time and never go up again, even if DSR utilization decreases. The introduction of EDRS will also increase DSR utilization.While the community voted for this proposal, the MKR bulls stepped up their game as the token’s price went up. According to, MKR’s price had gone up by 4% and 15% during the last 24 hours and past week, respectively.
At the time of writing, it was trading at $1,280.09 with a market capitalization of more than $1.25 billion. A check on its on-chain metrics gave an idea of what was backing the surge.’s funding rate was green, reflecting its demand in the derivatives market. Its MVRV has also recovered lately.revealed that MakerDAO’s exchange reserve was decreasing, suggesting that the token was not under selling pressure.
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