Maker has yielded 16% gains for holders over the past week, emerging as one of the best performing altcoins in the ecosystem. The Ethereum-based DeFi
MKR price gains are likely sustainable as the supply of the token on exchanges is unchanged between September 6 and early on Wednesday.Maker outperforms most altcoins, MKR holders expect doubling of revenue soon
Maker’s lending platform allows users to lock their Ethereum tokens into smart contracts and mint the stablecoin DAI. As DAI supply increases, it increases revenue for Maker and acts as a bullish catalyst for the MKR token.. Meanwhile the stablecoin DAI’s supply climbed 23%, by $1 billion. A large part of Maker’s revenue is spent on growing the supply of the stablecoin. The current supply of DAI puts Maker’s annualized revenue at $181 million.
Analysts will closely monitor MKR revenue and the token’s gains over the next few months, to identify further catalysts for the ecosystem. Between September 6 and 20, MKR token’s supply on exchanges remained largely unchanged. Over the same time period, MKR held by top addresses as % of the total supply increased from 45.11% to 45.65%.
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens.
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