MakerDAO [MKR] received a proposal revolving around a partnership from leading cryptocurrency exchange Gemini on 29 September. In a tweet by the decentralized stablecoin creator, Gemini offered to have GUSD run on the protocol’s ecosystem. GUSD acts as a fiat-backed stablecoin of the Gemini exchange. A look at the original proposal showed that Gemini’s co-founder, […]
As for on-chain events, MKR investors may have reasons to sell off some of their holdings., the MVRV ratio was 4.165%. At this rate, MKR could potentially be trading at the top.As per its volume, MKR had risen above $30 million within the same period. With this condition, MKR investors seemed to have increased their participation in using the protocol’s token.In the short term, MKR investors could remain comfortable with fewer expectations of a massive loss of their holdings.
While an increased interest means positive news for investors, expecting a likely fade was not out of the possibilitiesFinally, comments from the MKR community showed that many supported the Gemini proposals. In the same vein, Tyler made efforts to address some of the questions raised. Responding to a question about MKR or DAI reward selection, Tyler said,
“Customers are able to select DAI and MKR as their reward to earn instant crypto rewards on the Gemini Credit Card.”Subscribe to get it daily in your inbox.
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