MakerDAO (MAKER) Soars 4%, Why Is The Crypto Rising?

The Maker (MKR) crypto has gained notable traction lately from the crypto market enthusiasts, as evident by the significant gains in its price. Meanwhile, the recent gains in the crypto price also made it one of the top gainers in the market on Tuesday, September 26. However, the traders are keeping a close watch on the MKR price, amid a volatile trading in the broader decentralized finance (DeFi) market.

Potential Catalyst Behind Maker (MKR) Crypto’s Rising

Several analysts have claimed that the growing focus on interest-bearing stablecoins, such as DAI from MakerDAO, is rising in the world of decentralized finance (DeFi). Unlike traditional stablecoins, DAI derives its yield from unique sources like the stability fee generated within Maker Vaults and real-world assets like US Treasuries.

This trend could have a significant positive impact on MakerDAO’s position in the DeFi landscape. Additionally, MakerDAO is exploring opportunities to expand its ecosystem, including deploying the Spark Protocol on zkSync Era Mainnet, aiming to enhance liquidity and further fuel its growth.

Meanwhile, interest-bearing stablecoins like DAI provide users with the opportunity to earn returns similar to a traditional savings account while keeping their funds readily available. However, it’s important to note that depositing funds into these accounts may limit immediate access to liquidity.

So, it is anticipated that the growing interest in stablecoins could have a substantial positive impact on the MakerDAO protocol.

MakerDAO Crypto Price & Performance

Despite the hovering uncertainties in the market, which have wiped off gains from most of the major cryptos, Maker maintained a stable momentum. As of writing, the Maker price was up 4.43% over the last 24 hours, and traded at $1,335.73, while its one-day volume jumped 64.63% to $81.41 million.

Looking at its performance in recent days, the Maker price jumped over 5% over the last seven days, and about 25% in one month. On a year-over-year (YoY) basis, the crypto soared nearly 92% as of writing.

However, the Dai price was down 0.08% to $0.9997 during writing on September 26, and its volume rose 31% to $97.12 million from yesterday.

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