MakerDAO increases DAI yield amid stablecoin market slump

MakerDAO, the decentralized autonomous organization behind the stablecoin DAI, recently approved a proposal aimed at increasing interest rates temporarily for DAI token holders. The new mechanism, known as the Enhanced Dai Savings Rate (EDSR), seeks to offer higher yields to users, with rates reaching up to 8%.

Timeline of Multi-collateral-dai, Maker

The mastermind behind this stroke of genius, none other than the illustrious co-founder of MakerDAO, Rune Christensen, expressed the grand vision of the EDSR. This visionary mechanism ensures that Dai holders are rewarded fairly with increased returns, making it an irresistible force for adoption across the digital landscape.

The crypto space has gained enough bullish momentum in the past few hours as the markets have turned slightly bullish. The global crypto market cap regains its position above $1.18 trillion as Bitcoin price heads beyond $29,200.

MakerDAO's (MKR) posted positive moves today even as the broader market saw a slight correction. While top coins painted charts red with bearish moves, MKR added over 3% in the last 24 hours, bringing its price to $1,139.92 at 9:25 am EST.

Maker (MKR) stats show significant deposits, swaps, and accumulations carried out by major players in the crypto market. In recent days, MakerDAO Founder RuneKek has been involved in noteworthy swaps, according to data from Spot on Chain.

Spot On Chain has reported that the renowned venture capital firm Andreessen Horowitz (a16z) transferred a substantial amount of Maker (MKR) tokens to the cryptocurrency exchange Coinbase.

In the past week, Maker (MKR) token has captured significant attention in the crypto market, surging an impressive 26%. This remarkable price action coincides with the introduction of a groundbreaking token buyback program by the leading decentralized finance (DeFi) lending platform, MakerDAO.

The crypto market swiftly turned bearish from yesterday's scarcely bullish outlook, and top coins have receded farther from their new-found support. But interestingly, MarkerDao's MKR appears unperturbed by the market's gloomy sentiment as MKR soared higher with massive gains, adding over 17% to its value on the day.

Maker (MKR), the governance token of the MakerDAO and Maker Protocol, witnessed a sudden surge in price, rocketing by approximately 20%. This dramatic shift in value has been primarily attributed to the recent activities of venture capital firm Andreessen Horowitz (a16z) and CMS Holdings.

Key Points: According to Ember, MakerDAO Lianchuang Rune has been actively acquiring MKR coins since November 2022, resulting in a significant accumulation of holdings. The monitoring data reveals that the two addresses associated with MKR Lianchuang Rune currently possess a combined total of 123,893 MKR coins, equivalent to approximately $122 million USD.

MKR could be considered as one of the best performing cryptocurrencies especially considering its performance in the last seven days. Additionally, whales were seen buying the token too, which negated any chances of a price correction in the near future.