Maker Investors have been closely monitoring the network’s expansion as the token’s price rallied. South Korea is the leader in the crypto industry and the MKR token hit a record high of $1150 on Thursday, the highest since August 16th. This is the highest level the token has seen since 2000, having increased by more than 17% since August.
The major driving force behind the MKR price surge is the developers’ move into South Korea. On 29th August, developers declared their intention to bring the SubDAO to the country. The SubDAO Genesis Event will be held on 3rd September in South Korea.
A subDAO enhances the governance of a Blockchain platform. It has its own foundation and ownership structure, but its mission is still tied to that of the parent DAO. The goal is to increase decentralization within the ecosystem.
To further their South Korean initiative, Maker is sponsoring EthconKorea, an event taking place in Seoul. On Twitter, they shared about Spark Protocol and said that Hackathons are a great way to develop and build on top of the Maker SubDAOs.
The MKR prices are rising in response to the increased demand. There is an increase in the Defi Protocol’s total value locked, which is now more than $681 million, with a peak total value locked of $700 million. The yields of Spark Protocol are significantly higher than those of its competitors, which could explain the recent market capitalization increase.
The MKR chart on the 4H timeframe shows that it has been steadily increasing in recent days. The coin has managed to break through the resistance level of $1,121, which is the peak of the market. It has also jumped over the 25 and 50-day moving averages. The outlook is bullish for the coin, and the next level to watch is at $1200, with a stop-loss at $1,100.
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