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MakerDAO’s MKR Token Jumps 10%, Defying Crypto Market Slump

Maker (MKR), the governance token of decentralized finance (DeFi) lender MakerDAO, jumped more than 10% Thursday, defying slumping cryptocurrency prices as the platform has turned profitable again after tweaking its lending rates. The token is the best performing digital asset above $100 million market capitalization, CoinDesk price data shows, vastly outperforming the broader crypto market proxy CoinDesk Market Index’s (CMI) 3.5% decline. MakerDAO is one of the largest crypto lending protocols and issuer of the $5 billion stablecoin DAI. MKR holders are benefiting from the platform’s profits via Maker’s token buyback scheme introduced last month.

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