{"id":611841,"date":"2024-06-07T02:00:04","date_gmt":"2024-06-07T02:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=611841"},"modified":"2024-06-11T08:03:07","modified_gmt":"2024-06-11T08:03:07","slug":"maker-metrics-under-the-microscope-clues-to-mkrs-price-path-ahead","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/maker-metrics-under-the-microscope-clues-to-mkrs-price-path-ahead\/","title":{"rendered":"Maker Metrics Under The Microscope: Clues To MKR’s Price Path Ahead"},"content":{"rendered":"

Amidst the crypto market resurgence, the smart contract platform Maker and its native token MKR have experienced a challenging period, with MKR demonstrating a consistent downtrend after reaching a yearly high of $4,070 in April, plummeting to as low as $2,440 just one week later.\u00a0<\/span><\/p>\n

Dive into the protocol’s key metrics and observe notable levels to gain insights into potential price movements and actions for the MKR token in the near term.\u00a0<\/span><\/p>\n

Maker Protocol’s Updated Metrics Reveal Positive Growth\u00a0<\/span><\/h2>\n

The Maker protocol, known for its decentralized stablecoin DAI, recently disclosed updated metrics highlighting its health and growth over the past month in a <\/span>post <\/span><\/a>on social media site X (formerly Twitter).\u00a0<\/span><\/p>\n

DAI, governed by MakerDAO’s decentralized blockchain, enables the borrowing and lending of cryptocurrencies. The current DAI supply, exceeding 5 billion DAI, is a critical metric reflecting the total amount of DAI created and circulating.\u00a0<\/span><\/p>\n

Related Reading: Shiba Inu Whale Enter Buying Frenzy, 715 Billion SHIB Snapped Up In Days<\/a><\/div>\n

Total Value Locked<\/span><\/a> represents the dollar value of assets locked within the Maker Protocol. Despite being live on one chain since its inception, Maker has approximately $8.76 billion locked, making it the fourth-largest decentralized finance (DeFi protocol).\u00a0<\/span><\/p>\n

The Maker Protocol allows the minting of DAI by depositing accepted assets into Maker Vaults. The ETH-C Vault type holds the largest share, with approximately $2.07 billion worth of ETH locked.\u00a0<\/span><\/p>\n

The system surplus needs to reach 50 million DAI to achieve a complete MKR burn<\/a>. On the other hand, the Dai Savings Rate (DSR) represents the rate at which the Maker Protocol rewards users for locking their DAI within DSR contracts. Currently, the DSR cost amounts to approximately 153 million DAI.<\/span><\/p>\n

Currently, the protocol notes that most DAI remains within DeFi, with externally owned Accounts (EOA) and the DSR serving as the top use cases, holding over 2.3 billion and 1.96 billion DAI, respectively.\u00a0<\/span><\/p>\n

In terms of revenue generation, SparkLend D3M and Spark’s MetaMorpho D3M lead the way, generating an estimated $155 million in <\/span>annual revenue <\/span><\/a>based on their deposit APYs. This highlights the significance of various collateral types and revenue streams within the Maker ecosystem.<\/span><\/p>\n

Potential Catalyst For MKR\u2019s Price?<\/span><\/h2>\n

Despite the growth and investor interest in the Maker ecosystem, the upcoming <\/span>Endgame Plan<\/span><\/a>, a proposal to revamp its governance and tokenomics, is expected to act as a catalyst for the MKR token, potentially boosting its price.\u00a0<\/span><\/p>\n

The proposal aims to establish a self-sustainable equilibrium called the Endgame State, envisioning a resilient ecosystem where Maker Core’s scope and complexity will no longer change.<\/span><\/p>\n

Related Reading: Bitcoin Approaching All-Time Highs: Why Is Retail Interest Rapidly Declining?<\/a><\/div>\n

Currently, MKR is trading at $2,612, experiencing a slight decline of over 2% in the past 24 hours and around 8% in the last 30 days. CoinGecko <\/span>data <\/span><\/a>also indicates a recent 4.7% decrease in trading volume, totaling only $72 million compared to the token’s $2.4 billion market cap.<\/span><\/p>\n

If the Endgame plan indeed generates renewed interest in the token and acts as a catalyst for MKR, the next significant obstacles to monitor in the short term are situated around the $2,660 level, which has impeded the token’s ability to surpass higher levels in the past few days.\u00a0<\/span><\/p>\n

Additionally, on its potential path to reclaim the $3,000 milestone, resistance levels at $2,710 and $2,760 would need to be overcome before potentially retesting the resistance at $2,845. Moving forward, on the MKR\/USD daily chart, the levels at $2,905 and $2,950 act as the final hurdles before reaching the $3,000 milestone.<\/span><\/p>\n

\"Maker\"
The 1-D chart shows MKR’s price trending downwards since April 2024. Source: MKRUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

It remains to be seen whether further <\/span>developments <\/span><\/a>and growth in key metrics, coupled with the anticipated Endgame proposal, can stimulate a significant bullish momentum for MKR, enabling it to overcome resistance levels and regain its bullish trend.<\/span><\/p>\n

Featured image from DALL-E, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Amidst the crypto market resurgence, the smart contract platform Maker and its native token MKR have experienced a challenging period, with MKR demonstrating a consistent downtrend after reaching a yearly high of $4,070 in April, plummeting to as low as $2,440 just one week later.\u00a0 Dive into the protocol’s key metrics and observe notable levels to gain insights into potential price movements and actions for the MKR token in the near term.\u00a0 Maker Protocol’s Updated Metrics Reveal Positive Growth\u00a0 The Maker protocol, known for its decentralized stablecoin DAI, recently disclosed updated metrics highlighting its health and growth over the past month in a post on social media site X (formerly Twitter).\u00a0 DAI, governed by MakerDAO’s decentralized blockchain, enables the borrowing and lending of cryptocurrencies. The current DAI supply, exceeding 5 billion DAI, is a critical metric reflecting the total amount of DAI created and circulating.\u00a0 Related Reading: Shiba Inu Whale Enter Buying Frenzy, 715 Billion SHIB Snapped Up In Days Total Value Locked represents the dollar value of assets locked within the Maker Protocol. Despite being live on one chain since its inception, Maker has approximately $8.76 billion locked, making it the fourth-largest decentralized finance (DeFi protocol).\u00a0 The Maker Protocol allows the minting of DAI by depositing accepted assets into Maker Vaults. The ETH-C Vault type holds the largest share, with approximately $2.07 billion worth of ETH locked.\u00a0 The system surplus needs to reach 50 million DAI to achieve a complete MKR burn. On the other hand, the Dai Savings Rate (DSR) represents the rate at which the Maker Protocol rewards users for locking their DAI within DSR contracts. Currently, the DSR cost amounts to approximately 153 million DAI. Currently, the protocol notes that most DAI remains within DeFi, with externally owned Accounts (EOA) and the DSR serving as the top use cases, holding over 2.3 billion and 1.96 billion DAI, respectively.\u00a0 In terms of revenue generation, SparkLend D3M and Spark’s MetaMorpho D3M lead the way, generating an estimated $155 million in annual revenue based on their deposit APYs. This highlights the significance of various collateral types and revenue streams within the Maker ecosystem. Potential Catalyst For MKR\u2019s Price? Despite the growth and investor interest in the Maker ecosystem, the upcoming Endgame Plan, a proposal to revamp its governance and tokenomics, is expected to act as a catalyst for the MKR token, potentially boosting its price.\u00a0 The proposal aims to establish a self-sustainable equilibrium called the Endgame State, envisioning a resilient ecosystem where Maker Core’s scope and complexity will no longer change. Related Reading: Bitcoin Approaching All-Time Highs: Why Is Retail Interest Rapidly Declining? Currently, MKR is trading at $2,612, experiencing a slight decline of over 2% in the past 24 hours and around 8% in the last 30 days. CoinGecko data also indicates a recent 4.7% decrease in trading volume, totaling only $72 million compared to the token’s $2.4 billion market cap. If the Endgame plan indeed generates renewed interest in the token and acts as a catalyst for MKR, the next significant obstacles to monitor in the short term are situated around the $2,660 level, which has impeded the token’s ability to surpass higher levels in the past few days.\u00a0 Additionally, on its potential path to reclaim the $3,000 milestone, resistance levels at $2,710 and $2,760 would need to be overcome before potentially retesting the resistance at $2,845. Moving forward, on the MKR\/USD daily chart, the levels at $2,905 and $2,950 act as the final hurdles before reaching the $3,000 milestone. It remains to be seen whether further developments and growth in key metrics, coupled with the anticipated Endgame proposal, can stimulate a significant bullish momentum for MKR, enabling it to overcome resistance levels and regain its bullish trend. Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":611842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,14690,87072,87938,88426,12532,92062,79657,79658],"class_list":["post-611841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-crypto-news","tag-maker-mkr","tag-maker-analysis","tag-maker-price","tag-makerdao","tag-makerdao-news","tag-mkrusd","tag-mkrusdt"],"acf":[],"yoast_head":"\nMaker Metrics Under The Microscope: Clues To MKR's Price Path Ahead<\/title>\n<meta name=\"description\" content=\"Maker and its native token MKR have experienced a challenging period, with MKR demonstrating a consistent downtrend.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. 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