According to CryptoPotato, Maker's native token, MKR, experienced significant losses during the market crash triggered by TerraUST in May 2022. However, following the bearish downturn, the MakerDAO team quickly implemented measures to overhaul the collateral mechanism supporting the DAI stablecoin. The transition to a hybrid mechanism proved to be a major catalyst for the ecosystem, which in turn boosted MKR's price trajectory.
Despite the overall decline in the crypto market, both Bitcoin and Ether have witnessed impressive year-to-date gains, with the former posting a 63% increase and the leading altcoin recording a 40% surge. According to the latest CoinMetrics report, MKR has rallied by an impressive 185% year-to-date, surpassing the $1,500 mark on October 1st for the first time since May 2022. The surge in MKR's value can be attributed to the successful implementation of incentive schemes aimed at increasing the supply of Dai, achieved through an increase in the Dai Savings Rate and by capitalizing on the allocation of US T-Bills by the DAO.
In addition to MKR's price action, the active addresses hit a 10-week high in tandem. Supporting the climb, more than 65 active addresses were added in ten days alone from September 17-27. Furthermore, the transaction volume has also reached levels not seen since last May, indicating an increased user participation rate as the market improves.
