Crypto’s New Darling Is Ready to Deploy $6 Billion in Treasuries
- MakerDAO can now invest up to $6 billion in Treasuary Bills
- The project’s MKR is 2023’s best-performing major token
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One of crypto’s biggest decentralized lenders has doubled down on its decision to invest billions of dollars in US governments bonds, propelling its token to a 18-month high, trouncing all other major cryptocurrencies like Bitcoin.
MKR, the governance coin of the MakerDAO protocol, has soared 77% this quarter to reach its highest level since April 2022. The coin gave up some gains on Friday, slipping 3.9% to $1,453 as of 12:22 p.m. in London. It’s the best performer this year among the largest cryptocurrencies tracked by Bloomberg, almost tripling in value.