DeFi Token Tops Weekly Gains With 22% Surge Even As Bitcoin, Ethereum Suffocate
Decentralized Finance (DeFi) lending and borrowing platform Maker (CRYPTO: MKR) saw a 22% rise in its native token price over the last seven days, bucking the downward trend seen in other major cryptos Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) due to news of Silvergate Capital’s (NYSE: SI) failure.
| Cryptocurrency | Gains (+/-) | Price |
|---|---|---|
| Maker | +22% | $935 |
| Synthetix | +17.24% | $3.10 |
| XDC Network | +11.98% | $0.029 |
| ImmutableX | +9% | $1 |
| EOS | +7.39% | $1.20 |
What Happened: MKR is the top gainer in the last seven days, trading at $935, recorded at 12 am EST.
The rally in MKR's price is a response to the updated executive vote poll results from Maker on March 1. The announcement included a new pricing structure set at a 0.5% annual fee schedule, as well as the lifting of the debt ceiling from 5 million DAI to 10 million DAI - signaling a reduction in borrowing restrictions.
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The second on the list is Synthetix (CRYPTO: SNX) gaining 17.24% in weekly gains after the network on March 1 said it has officially rolled out its Synthetix V3 on the mainnet. This upgrade saw the network transitioning from a debt pool of liquidity approach to a distributed pool model.
XDC Network (CRYPTO: XDC) saw an 11.98% rise after the company launched DAOFIN protocol, a step towards decentralization.
The fourth on the list is ImmutableX (CRYPTO: IMX) and the fifth is EOS token (CRYPTO: EOS) spiked 9% and 7.39%, respectively.
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