- Maker spikes for the second time in less than a month, pushing the price to a year-to-date high.
- The community vote allowed the tokenization of “real-world assets” to be used as collateral for DAI loans.
Maker (MKR) spiked incredibly after the community gave the go-ahead for the introduction of tokenized “real-world’ assets. The rally on Tuesday saw the price surge over 30% to trade at yearly highs around $720 on selected exchanges. This is the second rally in less than a month. In May the token spiked by over 45% at the time riding on the listing on Coinbase Pro.
At the time of writing, Maker is up 20% in the last 24 hours following the minor retreat from the new yearly highs. In the last seven days, the crypto has surged roughly 58%. Its trading volume in the last 24 hours stands at $31 million. MKR currently holds the 23rd spot in the marker and boasting of a market cap of $687 million. At the time of writing, MKR is trading at $670 (on Bitfinex). On the downside, short term support has been established at $640 while $680 is the initial resistance. For now, the focus is to pull above $680 and then trend towards the yearly highs past $720.
The ‘real-world’ asset collateral
The surge comes in the wake of a community vote that supported non-crypto assets used as collateral for DAI loans. At the moment, users of MakerDAO have been allowed to use Ethereum (ETH), Wrapped Bitcoin (WBTC), USD Coin (USDC), and Basic Attention Token (BAT) as collateral for the loans.
The vote comes after a protocol created by Centrifuge, a blockchain startup that supports the tokenization of “real-world assets” to ERC20-based securities. On a larger scope, the vote cast light on the decentralized finance (DeFi) project 0that currently supports Ox (ZRX), tBTC, and Decentraland (MANA) among others.
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