The popular decentralized finance (DeFi) project Maker (MKR) is seeing strong gains in the crypto market today, after a community vote showed support for expanding the range of collateral assets on the platform, and crypto exchange Coinbase Pro appears to have changed its mind about the token.
As of press time on Wednesday (10:51 UTC), MKR, ranked 23rd by market capitalization, was up by 24% over the past 24 hours, trading at USD 697 per token. The rise in price comes after what has been a strong week for the token, gaining 66% over the past 7 days. MKR is also up by 114% in a month, erasing almost all its losses over the past 12 months (-1%).
Today’s gains for MKR comes as a community vote showed strong support for the addition of more assets to be used as collateral for users who want to mint DAI, the stablecoin that the entire Maker platform centers around.
The new assets that were proposed as DAI collateral includes both crypto and tokenized real-world assets. Among them were crypto tokens such as MANA and ZRX, as well as certain real-world assets that will be tokenized as ERC20 tokens by a blockchain startup known as Centrifuge.
The addition of new assets is a major step forward for the stablecoin, which currently only supports ethereum (ETH), wrapped bitcoin (WBTC), basic attention token (BAT), and USD coin (USDC) as collateral when minting new coins.
In addition to what was widely seen as a positive outcome of the community vote, however, the Maker project also scored another win after the MKR token got re-listed on Coinbase Pro yesterday. The token originally got de-listed from the exchange back in April of 2019 after it failed to attract sufficient trading volume, but the exchange is now betting that interest in Maker has picked up among traders.
For now, MKR can only be traded on the professionally-focused Coinbase Pro, with the exchange saying it will come out with another announcement if and when a listing on Coinbase occurs.