MakerDAO was seen witnessing some dominance in the The FI Market from October 15. And one of the reasons for this development would be the constant introduction of new proposals to improve the protocol as a whole.

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Here is AMBCrypto’s price prediction for MakerDAO for 2022-2023.

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Thunderstorm approaching!!

According to an tweet that was posted by MakerDAO’s Twitter account on October 14, the adoption of the latest executive proposal would require a series of: parameter changes auction risk for specific safe types. In addition, this also included a reduction in the debt ceiling and a reduction in fees for certain protocols.

Despite MAkerDAO’s constant efforts to make proposals to drive growth, things still didn’t look great. MakerDAO’s Treasury funds continued to fall.

In addition, as can be seen in the image below, MakerDAO’s Treasury Funds have decreased significantly in value compared to 2021. So in order for MakerDAO to see some growth, it was essential for the team to have the necessary funds to progress and encourage positive change.

Source: DeepDAO

However, declining Treasury funds were no barrier to MakerDAO’s control of the DeFi market. According to DeFiLama, MakerDAO was ranked number one in TVL on October 15 compared to other protocols.

However, it remains to be seen whether MakerDAO can continue its reign as a decline has been observed in the past two months in terms of fees and revenue. So this could be a concern for the MakerDAO team.

Source: DeFiLlama

Despite the decline in revenues and fees, the MKR token managed to remain popular among the whales.

According to Whale Statistics, a whale tracking platform, the MKR token was one of the most widely used smart contracts among the top 500 ETH whales on Oct. 15. This continued interest from whales could have a positive effect on the MKR token.

Do things become “DAI”cy?

MakerDAO’s growth can be seen as congruent with the success of the DAI stablecoin. According to analyzes on DuneDAI has been in second place in terms of transfer volume for the past 30 days.

In addition, the DAI stablecoin also accounted for 28.1% of the total stablecoin transfer volume, second only to USDC.

Source: Dune Analytics

It also turned out that the growth of DAI did influence the MKR token. As of October 15, the price of MKR has increased by 3.66% in the past 24 hours. Market capitalization also increased by 3.00% over the same period.

However, the volume witnessed a 21.15% decline in value, which could mean that the price of MKR could take a bearish position in the near future.





This post MakerDAO: Can These Developments Keep MKR’s Continued Green Line?

was published first on https://ambcrypto.com/makerdao-can-these-developments-maintain-mkrs-ongoing-green-streak/

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