- Grayscale, a leading digital asset manager, announced the launch of the MakerDAO investment fund on August 13, 2024.
- MakerDAO was founded in 2014 with an aim to create a decentralized stablecoin. Now, the DAO has DAI and MKR as significant tokens.
- There are 101,159 addresses that MKR tokens, leading to 100 addresses collectively holding 75.59% of the circulating supply.
MakerDAO debuted in the cryptocurrency market in 2014. Rune Christensen founded it with the aim of developing a decentralized stablecoin pegged with the United States dollar.
Since its development, it has marked several milestones, including the launch of a whitepaper in 20215 and an ICO launch in 2017 that raised $12 Million in funding.
The decentralized autonomous organization launched 1st version of DAI stablecoin in 2018 and is constantly upgrading its DAI to multiple- collateral versions.
As per recent information, Grayscale is a digital assets management fund for the governance token of MakerDAO.
“The trust offers investors the opportunity to to gain exposure to MKR, the utility and governance token of MakerDAO,” according to the press releases dated August 13, 2024.
Market watchers primarily claim that the launch will lead to a surge in the trading price of the MKR token and the adoption of the MakerDAO ecosystem.
Following the launch of the investment fund, Rayhaneh Sharif-Askary, the head of product & research at Grayscale, notes that “ As demand for crypto exposure continues to grow, Grayscale is committed to expanding our suite of products and providing innovative investment opportunities.”
“The launch of Grayscale MakerDAO investment trust will allow investors to experience the growth of the entire MakerDAO ecosystem, aiming to remove DeFi’s dependency on traditional finance infrastructure by providinfg a permissionless, decentralized and open stablecoin system,” Rayhaneh concluded noting.
More Glimpse About MakerDAO
According to on-chain information, there are 101,159 addresses that MKR tokens, leading to 100 addresses collectively holding 75.59% of the circulating supply. UniSwap, Aave, Binance, and Kraken are among the holders with significant amounts.
MKR token price grew over 7% in the past 24 hours, reaching $2,143; speculation is that the token might soon surpass the resistance of $2,200. Since the past 52 weeks, the Maker token price enjoyed more significant highs, achieving the highest trading price of $4,064.
Despite intraday growth and yearly growth in trading price, the MKR token is trading below the 20,50,100, and 200-day EMA (exponential moving average) as of writing.
In July 2024, MakerDAO announced it would invest $1 billion of its reserves in tokenized U.S. Treasury products. The investment is announced in a joint collaboration with BUIDL, Superstate, and Ondo Finance.
Crypto Market Price Alert
Market price actions failed to impress crypto investors and enthusiasts in August 2024; similarly, the market capitalization registered a decline of -4.36% in the past 30 days. When writing the borders, market capitalization is $2.14 Trillion, with a growth of 2.21% intraday.
Source: TradingView
Bitcoin prices constantly fail to sustain above the mark of $60k; in a quarter, its price blended -8.16%. Despite the volatility, Bitcoin is luring more and more adopters, and U.S. election campaigns are pumping enthusiasm.
