Maker (MKR) might not be commonly mentioned across the top headlines, however, this cryptocurrency has been recording some top gains during the course of the last two months, now being traded at the price of around 640$ per one MKR.
Maker currency made it through the last two months with collecting almost 60% of gains, which all started much earlier with the official appearance of DAI, which is a stable coin issued through the smart contract technology.
DAI is supported through Maker users, who are representing a final resort for retrieving stability to the stable coin that DAI represents once the dip strikes.
Maker has marked some serious gains in the market, now being ranked as the 22nd currency, which was especially noted since the issuance of DAI.
Maker (MKR) and DAI Stable Coin Relationship: How are MKR and DAI Affecting One Another?
It seems that in the relationship between Maker (MKR) and DAI, the MKR stable coin supported by Ether, Maker and its stable coin are actually supporting one another.
DAI was issued back in December of 2017, only a month before MKR made it to its all-0time high of over 1,600$, having Maker reaching a billion market cap in only several weeks from the issuance of its stable coin.
Since DAI is actually a stable coin issued by a smart contract platform Maker, which is hosted by Ethereum network, this stable coin is supported by Maker as the platform enables anyone to generate DAI coins with the ETH units they have.
Since the main purpose of DAI is to offer stability in the market through a stable value that never changes, with interventions of MKR stakers every time a dip occurs, it seems that MKR is gaining on its popularity through offering stability through DAI.
DAI and Maker Are Pulling Each Other Up
Although Maker (MKR) made it to an all-time high of over 1,600$ back in January, later on declining by over -60% against the fiat, it seems that MKR started to recollect once DAI was issued.
This might be the case because anyone can issue DAI in order to use it for regular every day purchased, like coffee or food, but without repeating the infamous case of handing out a load of Bitcoin for a pizza, only to watch BTC jumping to 20,000$.
DAI is always reflecting a stable price, being worth 1$ per one DAI, with Maker backing it up through a decentralized autonomous decentralization with a clever combination of AI and human resources.
Along the way, MKR is seeing an increased demand, probably due to the rising popularity of its stable coin, DAI.