MakerDAO Spikes Over 20% Following Real-world Asset Vote

MakerDAO Spikes Over 20% Following Real-world Asset Vote

By Abhimanyu Krishnan | News | 10 Jun 2020


The MKR token of the MakerDAO ecosystem has rallied by more than 20% following a recent vote that enabled new types of token backed by real world assets to act as collateral for DAI generation. 

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MKR's value jumped by over 20% on June 9.

On June 9, MKR’s value was sitting at roughly $561, but over 24 hours, the price shot up to a 90 day high oif $708, before dropping to $689 at the time of publishing. 

The MakerDAO governance community voted on June 7 to approve the addition of PaperChain and ConsolFreight, which respectively tokenize music royalties and trade invoices. This effort has been led by Centrifuge, a project that converts real world securities into ERC-20 tokens.

Businesses will now be able to use invoices and music royalties to generate cash loans. This makes the two assets a part of a select group of tokens that can generate the DAI stablecoin, with the others being Ethereum (ETH), Basic Attention (BAT), USD Coin (USDC) and Wrapped Bitcoin.


Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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