As a seasoned crypto investor with a strong background in decentralized finance (DeFi), I’ve been closely monitoring the recent developments surrounding MakerDAO and its native token, MKR. The 9% surge in the MKR price, making it one of the top gainers among the top 100 cryptocurrencies, has certainly piqued my interest.
The price of MKR, the native cryptocurrency for the Maker protocol, has experienced a significant increase of approximately 9%. This puts MKR among the leading percentage gainers within the top 100 digital currencies.
As a crypto investor, I’m observing that MKR is currently priced at $2,522 in the market. The trading volume for this token has significantly increased by 23% to hit $107 million in a day. Moreover, the market capitalization of MKR has surged by 8%, resulting in a total value of $2.34 billion. This places MKR as the 39th largest crypto asset based on the latest data from CoinMarketCap.
As a researcher studying the decentralized finance (DeFi) sector, I’ve noticed an uptick in interest around the MKR token, which can be attributed to a recent announcement from MakerDAO – a leading DeFi lending platform and creator of the stablecoin DAI. On June 25th, they unveiled a $1.35 million audit competition through a community post, making it the largest contest of its kind in the DeFi space.
Announcing the major “Find the Bug” competition on @sherlockdefi, open to all DeFi developers! With a massive prize pool of 1,350,000 DAI up for grabs, this event lasts from July 8th to August 5th, 2024.
— Maker (@MakerDAO) June 25, 2024
The audit competition will take place on Sherlock Platform, a top supplier of audit contests within the Web3 realm.
The significant $1.35 million Sherlock audit competition plays a crucial role in MakerDAO’s Debut Period, marking the initial stage of the Final Act, slated to unfold later this summer.
In the grand scheme of things, Endgame marks the mature phase of MakerDAO’s strategic plan. Its primary goal is to overhaul governance and create an autonomous balance, referred to as the Endgame State, that can sustain itself indefinitely.
Rune Christensen, the co-founder of MakerDAO, emphasized the importance of the Endgame launch by pointing out that “security has been a top priority for MakerDAO since its inception.”
I noted that this collaboration with Sherlock has emerged as a significant aspect of our project. It made perfect sense for us to team up and develop a tool to scrutinize our system further, as MakerDAO moves closer to its ultimate goal.
The open-invitation bug-finding contest welcomes leading security professionals and budding researchers to discover vulnerabilities promptly.
From July 8 to August 5, 2024, I’m involved in a contest where my role is to contribute my expertise in the field of cybersecurity. The goal is to thoroughly examine the codebase during this period prior to its official launch.
Participants will have four weeks to scrutinize every line of the codebase.
As a crypto investor in MakerDAO, I can’t help but be impressed by the unwavering dedication to security demonstrated through the initiation of the biggest audit contest ever. (Jack Sanford, co-founder of Sherlock spoke about this.)
As a researcher, I’ve observed that Sherlock has enlisted the services of renowned security professionals for this competition. Furthermore, I expect impressive showings from emerging talents in the field.
In 2024, Sherlock has conducted over 70 audit contests with major Layer-1 and Layer-2 networks.
As a crypto investor eagerly anticipating the upcoming contest, I’m excited to share that during the week of July 1, you’ll find an abundance of educational content designed to help you enhance your understanding of MakerDAO. You’ll get valuable insights from top bug bounty hunters who’ve made significant contributions to the MakerDAO ecosystem. Additionally, the MakerDAO team and influential figures in the crypto space will provide a comprehensive code walkthrough, offering an enlightening experience for anyone interested in this innovative decentralized finance project.
One possible explanation for the increase in the Maker protocol could be substantial purchases made by “whales,” as indicated by the data from the cryptocurrency analysis tool iCrypto.
In a span of three hours, a whale named “Thiswillmakeyouloveagain” purchased approximately 37.35 million Krona (MKR), equating to around $94,562, from a price band of $2,521 to $2,526. At present, the wallet contains a total of 452.76 MKR, representing a value of roughly $1.15 million.
Another whale, identified by the wallet name “twofoldcap.eth,” purchased 66.55 MKR for approximately $165,000 at a price of $2,447. At present, this wallet holds about 100.81 MKR, equivalent to around $256,860 in value.
Based on my analysis of MKR‘s price action over the past 12 hours, there are signs that it could be forming a falling wedge pattern. If this holds true, we might be on the verge of a significant breakout from this chart formation.
Read More
Sorry. No data so far.
2024-06-27 12:38