MakerDAO increases 30% after voting on ‘real’ loan collateral

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MakerDAO’s price (MKR) has rallied about 30% in the past 24 hours, hitting a new annual high of over USD 720 on some exchanges.

The rally follows a surge of up to around 45% in late May after MKR’s second Coinbase Pro Listing. At the last day’s high, the price was over 100% within two weeks.

MKR / USD on Bitfinex: TradingView

Measured in terms of Bitcoin (BTC), the rally caused Maker to break above its 2020 upper range and climb to a local high of 0.076 BTC before quickly falling back to 0.060 BTC. MKR is currently trying to establish support at around 0.070 BTC.

MKR / USD on Bitfinex

MKR / USD on Bitfinex: TradingView

Corresponding DeFiMarketCap, Maker currently represents nearly a third of the total market cap of $ 2.4 billion for DeFi tokens.

Coinbase Pro lists MKR again

MKR was removed from Coinbase Pro last year after not pulling in significant liquidity, but the leading US one Cryptocurrency exchange is now betting that the growth of DeFi will increase speculation in the markets.

ManufacturerDAO is now in the top 24 crypto assets by market capitalization. At nearly $ 500 million, it accounts for more than 50.5% of the total amount locked in DeFi.

Maker supports ‘real’ asset collateral

MKR’s latest surge comes amid a community vote strong support to support non-crypto-native assets as collateral for creating DAI.

MakerDAO users can currently block Ether (ETH), Wrapped Bitcoin (WBTC), Basic attention marker (BAT) or the Stablecoin USD Coin (USDC) to finance the DAI Loans.

The vote signaled support for a protocol developed by the blockchain startup Centrifuge that would make it possible to tokenize “real assets” as ERC-20 based securities which can be used as security for DAI minting.

The vote also showed a positive sentiment towards the DeFi project, the 0x (ZRX), Decentraland (MANA), Dai Liquidity Token from Uniwswap and tBTC.

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