Recent on-chain data from Spotonchain has revealed a significant transaction involving Whale 0x8af in the Maker (MKR) ecosystem.
In the past few hours, Whale 0x8af made a strategic move by selling 939.8 MKR tokens for 2.54 million DAI, capitalizing on a 30% increase in MKR value over the past two days.
This decision allowed the whale to lock in profits, considering they had previously withdrawn 4,077 MKR on October 23 at a lower rate, leaving them with 3,077 MKR and an estimated total profit of $5.21 million.
After the $MKR surged 30% (2D), whale 0x8af sold 939.8 $MKR for 2.54M $DAI at ~$2,702 in the past 4hrs for profits!
He/she withdrew 4,077 $MKR from #Bybit in Oct-23 at only ~$1,439,
And now still holds 3,077 $MKR ($8.33M) with an est. total profit of $5.21M (+89%)!
Follow… pic.twitter.com/V7znhBHIhA
— Spot On Chain (@spotonchain) March 11, 2024
Meanwhile, MakerDAO, the protocol behind the Dai stablecoin, has taken proactive measures to address increased market volatility and optimistic sentiment.
In response to a decline in Dai reserves, MakerDAO has approved an “Executive Vote” proposing temporary fee adjustments to bolster the protocol’s resilience.
Purpose Of The New Proposal For Maker Protocol MKR
The proposal, put forth by BA Labs, a member of Maker’s Stability Advisory Council, aims to counteract the recent sharp decrease in Dai supply, which has fallen from $5 billion to $4.4 billion within the last seven days.
The proposed fee modifications seek to maintain the stability of the Maker Protocol by ensuring an overcollateralized backing system and stabilizing Dai’s price at $1.
The latest Executive Vote has just been approved.
As a result, the following changes will be implemented within the Maker Protocol on March 10, 2024, at 19:55 UTC.
• Stability Fees for various collateral assets, including ETH and WBTC vaults, will… pic.twitter.com/UNUejjv8iI
— Maker (@MakerDAO) March 8, 2024
These adjustments are deemed necessary to navigate through the current market turbulence effectively. However, they are intended to be temporary measures, subject to reevaluation once the market stabilizes. It is anticipated that all procedures and parameter configurations will revert to their standard settings once conditions normalize.
As MakerDAO continues to monitor market conditions closely, these proactive measures underscore the protocol’s commitment to maintaining stability and resilience in the face of evolving market dynamics.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.