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MakerDAO's token MKR is challenging the market!
Maker (MKR), which increased by 10 percent despite successively postponed ETF news, made its investors happy.
Maker (MKR), the token of decentralized (DeFi) lending provider MakerDAO, has surged more than 10 percent after adjusting the platform's debt systems. MKR, which made such a price move despite the back-to-back ETF postponement news, managed to garner the appreciation of crypto investors.
A lot of positive data came for MKR
According to data from various analytics platforms, MKR is stated to be the best performing digital asset with over $100 million market cap. It also shows that the CoinDesk Market Index (CMI) has far outperformed its 3.5 percent decline.
Kunal Goel, Messari's senior research analyst, said in an interview that although there were no developments that could kick off the rally, MakerDAO's fundamentals have improved, with the platform returning to profits after a brief increase in incentive spending.
The platform has increased its revenues by investing large reserves of stablecoins in real-world assets such as US government bonds and lending to banks for higher returns on traditional finance as part of a major overhaul called "Endgame."
Earlier this month, the platform temporarily increased rewards for DAI holders by up to 8 percent. But various payouts erased Maker's profit expectations. Goel said the platform reduced rewards and increased borrowing rates, thus becoming profitable again. MKR holders benefit from the platform's profits through the token buyback plan that Maker introduced last month. This reduces the outstanding supply in the market by using the excess revenues of the platform treasury.
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