MakerDAO: Can This Development Maintain MKR’s Continuing Green Line

MakerDAO She was seen experiencing some dominance in DeFI . Market As of October 15th. One of the reasons for this development may be the continuous introduction of new proposals To improve the protocol as a whole.

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over here Predict AMBCrypto prices for MakerDAO for the year 2022-2023.

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The storm is coming!!

according to tweet posted by MakerDAO Twitter account On the 14th of October. Final approval of the executive order means a set of Changes to auction risk parameters For specific vault types. Furthermore, debt ceiling reduction and fee reductions for some protocols are also included.

Despite MAkerDAO’s ongoing efforts to come up with proposals to stimulate growth, things are not looking good yet. MakerDAO Treasury funds continued to decline.

Also, as can be seen from the image below, MakerDAO’s equity has decreased significantly compared to 2021. For MakerDAO to see some growth, it was important for the team to have the funds needed to catalyze progress and positive change.

Source: DeepDAO

However, dwindling coffers have not hampered MakerDAO’s dominance of the DeFi market. According to DeFiLama, MakerDAO ranked No. 1 for TVL compared to other protocols on October 15.

However, it remains to be seen if MakerDAO can continue its reign as it has seen a decline in fees and revenue generated in the past two months. So this could be a concern for the MakerDAO team.

Source: DeFiLlama

Despite lower revenues and fees, the MKR token has managed to maintain its popularity among whales.

according to WhaleOne of the most used smart contracts for the top 500 ETH voters on October 15 was the MKR token, a platform for tracking voting activity. This continued interest from whales could have a positive impact on the MKR token.

Do things get a “DAI”?

MakerDAO’s growth can be seen to match the success of the DAI stablecoin. according to Analytics on the sand dunesDAI ranked second in terms of conversion volume in the last 30 days.

In addition, the DAI stablecoin also accounted for 28.1% of the total exchange volume of the stablecoin, second only to USDC.

Source: Dune Analytics

It was also found that the growth of DAI has an effect on the MKR token. On Oct 15, MKR price increased by 3.66% in the last 24 hours. The market capitalization has increased by 3.00% over the same time period.

However, the volume showed a decrease of 21.15%, which may indicate that the MKR price may take a bearish stance in the near future.

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