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Maker (MKR), the governance token of decentralized finance (DeFi) lender MakerDAO, is nearing its highest price since last May, buoyed by rising protocol profits and large investors accumulating the token.
Some community members have already pushed back against the idea.
The rally occurred amid improving fundamentals of Maker, as the protocol has returned to make profits, Messari analyst Kunal Goel said.
DeFi giant MakerDAO has lent $1.8 million of DAI stablecoin to the tokenized credit pool under distress.
The recently-introduced Enhanced Dai Savings Rate reversed some of the token’s decline in market value.
The circulation of Maker’s DAI stablecoin has shrunk by a third over the past year.
Lending platform Maker’s governance tokens soared to near one-year high prices last week prior to the transactions.
The lending platform is on track to remove some $7 million of MKR governance tokens from the market in a month, according to blockchain data.
The embattled Harbour Trade credit pool minted $1.5 million of DAI stablecoin secured with loans to a consumer electronics firm, which defaulted on $2.1 million of debt.
The purchase is the latest step to increase the role of real-world assets in the platform’s DAI stablecoin reserve.