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Maker (MKR) up 14% as Its New Protocol Goes Live

Thu, 08/31/2023 - 16:38
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Godfrey Benjamin
Maker (MKR) extends lending dominance with new protocol
Maker (MKR) up 14% as Its New Protocol Goes Live
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Decentralized lending protocol Maker (MKR) is stirring a very impressive run on the market today after its emphatic 14% surge in the past 24 hours. Per its current performance, the token is changing hands at a price of $1,178.02, placing it as one of the best altcoins in today’s secondary marketplaces.

MKR Shows Enormous 20% Increase, This Is What Caused It

Maker's dominance as an investment asset is also being showcased in the lending world as it has made a triumphant entry into the South Korean market, where users can gain access to one of its most innovative protocols, dubbed SparkLend. While SparkLend is accessible to more users beyond Korea, it will expose DeFi enthusiasts in the region to a one-of-a-kind product that offers a 5% stable rate for all borrowers.

Maker is one of the legacy DeFi protocols that boost its relevance with the aid of its broad-based innovation and products. The protocol's native token MKR has been ranked consistently as a top flier with an aim to sustain its growth trend at a time when most altcoins are losing their grip amid a tough market masked by a series of economic uncertainties.

As a show of its broad resilience, Maker is now up by more than 11% in the trailing seven-day period, relative growth that keeps it in the lead among its peers.

Maker (MKR) Almost Doubled in 30 Days: Reasons

Maker and pivot point

Maker is a midcap protocol whose growth is at an inflection point that can easily be tipped in favor of visible innovations. Prior MKR growth has been fueled by different reasons, including the optimism surrounding the governance strategy the protocol is embracing to pilot its affairs across the board.

The Maker protocol adheres strictly to the core tenets of the decentralized autonomous organization (DAO) and, thus far, its propositions have been backed by the community, giving them a good sense of the growth that is fueling MKR's price growth in unique ways.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.