MakerDAO, a major player in the DeFi ecosystem, is rebranding to
SKY, introducing a new stablecoin and governance token. As part of their innovative strategy, every
MKR token will be converted into 24,000 NGT tokens. The conversion stirred up the market causing MKR price to experience a slight drop, stalling at $1,600. Cryptocurrency experts believe a rebound is likely and project a surge towards $3,000. The firm plans to launch a fully decentralized stablecoin and aims to introduce an ambitious plan of achieving 100 billion DAI in circulation to take on well-established stablecoin Tether.
Despite rebranding's mixed reactions, whales have shown their confidence by accumulating $6 million MKR during a 6% price jump. This growth coincides with Grayscale launching an investment fund for MakerDAO token. The move has led to marked price surges and increased network activity and active addresses post Grayscale news.
Notably,
MakerDAO also announced a grand plan for real-world asset integration via their Spark Tokenization Grand Prix and a $1 billion tokenized treasury investment plan. Both plans have attracted interest from heavyweight firms like BlackRock's
BUIDL and
Ondo. Amid all these developments, BlockDAG Coin, a recent player in the scene, gained attention from
MKR investors.
Bakkt's recent mass delisting of tokens, including Aave, Avalanche, Compound, Filecoin, MakerDAO, and Uniswap was a rare negative incident. However, visibility for
MKR was bolstered by Coinbase Pro listing the token, TradeStation Crypto adding it to their platform, and Venture Capital Firm
a16z selling off $7 million of their MKR tokens.
MKR Coin News Analytics from Wed, 22 Nov 2017 23:55:58 GMT to Sun, 22 Sep 2024 07:00:00 GMT -
Rating 7
- Innovation 8
- Information 8
- Rumor 5
