DeFi Token Tops Weekly Gains With 22% Surge Even As Bitcoin, Ethereum Suffocate

Decentralized Finance (DeFi) lending and borrowing platform Maker MKR/USD saw a 22% rise in its native token price over the last seven days, bucking the downward trend seen in other major cryptos Bitcoin BTC/USD and Ethereum ETH/USD due to news of Silvergate Capital’s 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.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

The second on the list is Synthetix SNX/USD 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 XDC/USD saw an 11.98% rise after the company launched DAOFIN  protocol, a step towards decentralization.

The fourth on the list is ImmutableX IMX/USD and the fifth is EOS token EOS/USD spiked 9% and 7.39%, respectively.

Read More: Bitcoin, Ethereum, Dogecoin Slide As Silvergate Crumbles: Analyst Says Apex Crypto's Streak 'Has Been Broken'

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Posted In: CryptocurrencyNewsMarketsMoversTrading IdeasMakerSynthetixXDC Network
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