Social maker

Maker launches new protocol with gaga whales, but this problem persists

MakerDAO, September 1, job an announcement regarding a new leadership proposal. The proposed executive proposal was for DAO members to vote while making important decisions.

The first decision being the levy of 25 million DAI dollars for HVbank. The second decision concerns the launch of the Teleport Maker (technology that helps users trade DAI from L2 to L1) on Optimism and Arbitrum.

With the upcoming launch of teleportation technology on Optimism and Arbitrum, their stablecoins will be able to scale further and gain mass adoption much faster. This decision seems to have caught the attention not only of traders, but also of some whales.

What’s all the buzz

According to a recent tweet from Sanimentwhales have shown massive interest in the MKR token with a huge increase in transactions of over $100,000 on the network since August 11.

But that’s not the only thing the MKR token has going for it. The number of addresses has also been steadily increasing since last month.

Source: Messari

Along with the increase in the number of addresses, the volume has also seen some growth over the past month. He managed to reach new heights in mid-August.

Source: Santiment

MKR has also gained traction on social media. However. his social media mentions and social engagements over the past week haven’t been very impressive.

Source: Lunar Crush

Much of the credit for the token’s seemingly bright future could be attributed to the folks at MakerDAO who have worked hard behind the scenes.

In a recent updateMakerDAO mentioned that the organization was working with a bank for the first participation in a commercial loan between a regulated financial institution in the United States and a decentralized digital currency.

However, the journey has not been perfect for the MKR token and there are some other factors that traders should keep in mind as well. Market capitalization has been falling since the beginning of August.

Additionally, MKR has lost much of its market capitalization dominance. The metric has fallen 20% since August.

Source: Messari