Despite dropping off some this morning, MakerDAO’s native governance token has enjoyed hefty growth this week even amid the latest rate hikes from the Fed.

Maker enables the minting of U.S. dollar-pegged DAI against over-collateralized deposits of other cryptocurrencies, like Ethereum or Uniswap’s UNI token.

The U.S. Federal Reserve opted to lift rates again on Wednesday as part of its ongoing battle to quell inflation. The latest 25-basis-point hike now brings the federal funds rate to a range of 5.25% to 5.50%.

At roughly the same time, MKR jumped from $1,119 on Wednesday to $1,266 on Thursday, marking a hefty 13% rise. Today, it’s shed some of those gains and is now trading at $1,167, per CoinGecko.

The reasons behind the increase are manyfold, but users have been quick to point to the protocol’s recent onboarding of Treasury Bills. Daistats, a platform monitoring the types of assets in the protocol,

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Author: Nivesh Rustgi

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