The governance token of MakerDAO and Maker Protocol, Maker (MKR), emerged as the top gainer last week. The two protocols, based on Ethereum (CRYPTO: ETH), allow for the issuance and management of the DAI (DAI) stablecoin.
Top Gainer of Week Ending May 16, 2022 (Data via CoinMarketCap)
Cryptocurrency
7-Day % Change (+/-)
All-Time High Value/Date Reached
% Change (+/-) Since All-Time High
Maker (MKR)
+29.4%
$6,339.02 On Apr 17, 2021
-75.7%
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Maker Shines As Terra USD (UST) Loses Its Peg
Maker appreciated last week as TerraUSD (UST) lost its peg to the dollar. The loss of the peg subsequently led to the erosion of the market price of Terra (LUNA) as well.
On March 23, Luna co-creator Do Kwon had tweeted that DAI would die by his hand.
Screenshot of Do Kwon’s DAI Will Die Tweet — Courtesy Twitter
The tweet …
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