MakerDAO has made a fresh proposal in order to make progress on fees and debt limitations. And as a result, the price of MKR is showing signs of attractiveness to investors.

According to a recent tweet from MakerDAO, the community intends to lower the stability cost for the Curve ETH/stETH protocol with the debut of its new proposal.

The MakerDAO Open Market Committee (MOMC) published a new Parameter Changes Proposal on the Maker Forum.This time, the proposal includes a decrease in the CRVV1ETHSTETH-A Stability Fee and a decrease in the YFI-A Debt Ceiling↓1/

— Maker (@MakerDAO) September 30, 2022

This protocol, which is used as collateral to borrow DAI, has recently suffered a decrease in demand. The community hopes that by lowering stability fees, they would raise demand and so make their stablecoin DAI more accessible and likely to be adopted.

The publication of this proposal and the community’s willingness to enhance the protocol have resulted in a favorable influence on the pricing.

Additionally, despite the cryptocurrency’s declining value, Ethereum whales have demonstrated a strong interest in MKR. In fact, according to WhaleStats, the top 1000 ETH whales held $49.4 million in MKR on October 2.

The top 1000 #ETH whales are hodling$139,221,567 $SHIB$86,552,277 $BIT$63,379,028 $UNI$54,667,520 $LOCUS$50,940,101 $LINK$49,452,887 $MKR$39,721,877 $MANA$37,625,420 $BESTWhale leaderboard https://t.co/jFn1zIOq03 pic.twitter.com/FJIEfMXKqw

— WhaleStats (tracking crypto whales) (@WhaleStats) October 1, 2022

Because MKR and DAI are connected and their growth is dependent on each other, predicting the future of both the token and the stablecoin may become challenging. At the time of writing, MKR is trading at $777.

Whales’ interest might influence the price of MKR in the future. However, in order to obtain the whole picture, investors must evaluate other elements as well.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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