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.
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.