MakerDAO's native token, MKR, has demonstrated impressive resilience following the market crash in May 2022, which was triggered by TerraUST. The token has rallied by an outstanding 185% year-to-date (YTD), surpassing both Bitcoin and Ether in YTD gains. This success is largely attributed to the MakerDAO team's swift implementation of measures to overhaul the collateral mechanism supporting the DAI stablecoin, transitioning to a hybrid mechanism that has proven to be a major catalyst for the ecosystem.
MKR's network activity has also soared, with active addresses hitting a 10-week high and transaction volume reaching levels not seen since last May. This indicates increased user participation as the market improves. The successful implementation of incentive schemes aimed at increasing the supply of Dai, such as increasing the Dai Savings Rate and capitalizing on the allocation of US T-Bills by the DAO, has further contributed to MKR's value surge.
MKR's network activity has also soared, with active addresses hitting a 10-week high and transaction volume reaching levels not seen since last May. This indicates increased user participation as the market improves. The successful implementation of incentive schemes aimed at increasing the supply of Dai, such as increasing the Dai Savings Rate and capitalizing on the allocation of US T-Bills by the DAO, has further contributed to MKR's value surge.