MakerDAO’s governance token MKR outperformed gains last week, trackers show on March 5.
MakerDAO leads weekly gains
MKR roared roughly 27% in the seven days to March 5, taking its market capitalization to more than $942 million. At this level, MKR outperforms the broader crypto market, including bitcoin (BTC) and ethereum (ETH).
By way of illustration, BTC and ETH are down 4.5% and 3.5%, respectively, in the last trading week.
At the time of writing, MKR is changing hands at $963, up around 9 percent over the past 24 hours and flat over the past hour.
There are several factors behind the increase in MKR. Among them is the news that the protocol could soon allow users to borrow DAI, its algorithmic stablecoin that tracks the USD, using MKR.
MakerDAO also reduced fees to as low as 0.5% on its Rocket Pool ETH (rETH)-anchored staking product. The 0.5% annual fee is one of the lowest among competitors.
In addition to the fee change, the protocol also increased its debt ceiling from 5m to 10m DAI. Easing the debt ceiling means the rETH vault liquidation ratio is more attractive, a net positive for MKR.
MakerDAO is a decentralized money exchange and one of the first DeFi platforms. It allows token holders to lend assets in exchange for a return. Meanwhile, borrowers can take out loans through collateral. The protocol remains one of the largest DeFi solutions.
As of March 5, DeFiLlama shows which had a total value locked (TVL) of $7.02 billion, down two percent in the past week.
Even so, it remains TVL’s second largest DeFi protocol only after Lido Finance, a decentralized liquidity provider that allows users to stake, among other proof-of-stake blockchains, Ethereum.
Synthetix among others high performance
In addition to MakerDAO, Synthetix’s native token SNX is in second place, adding 23%.
After a successful security audit, Decentralized Derivatives DEX recently deployed its v3 on the Ethereum mainnet. Synthetix v3 on Ethereum is more efficient and allows developers to create even more complex derivatives.
Meanwhile, the SingularityNet coin, AGIX; ImmutableX, IMX; and XDC Network, XDC, posted double-digit gains, capping the top five by adding 19%, 12.8%, and 12.2%, respectively.
