Decentralized finance (DeFi) projects seem to be having a good moment in the market, specifically MakerDAO (MKR) that grew by over 41% in the last 24 hours. One of the reasons behind this price surge is related to Coinbase announcing that the cryptocurrency is launching on their trading platform called Coinbase Pro.
MakerDAO Moves Higher
MKR was able to reach a valuation of $501 million after surging 41% in just 24 hours. In this way, MKR was able to replace Zcash (ZEC) as the 26th largest virtual currency in the market. Of course, MKR has already surpassed Dogecoin (DOGE), VeChain (VET), Ontology (ONT) and NEM (XEM), among others.
Now, if users want to acquire the MKR token they would have to pay for it $499 in different exchanges. Maker is a cryptocurrency that is based on the Ethereum (ETH) network and it describes itself as a utility token for the Maker ecosystem. The ultimate goal of the Maker network is to handle the DAI stablecoin – which has a price of $1,00.
In a recent blog post released by Coinbase, they inform that they are making MKR available on all Coinbase’s supported jurisdictions excepting New York State. It is worth mentioning that MKR is not going to be available on Coinbase.com or the Coinbase application, however, this could change in the future as interest for the digital currency grows.
On Monday, June 8, Coinbase Pro users will be able to transfer MRK coins into their accounts, however, they will not be able to place orders in the market. The trading operation is going to start the next day if there is enough liquidity in the market.
The next steps would come after it with Post-only, Limit-only and eventually full trading. However, it is worth taking into consideration that full trading may not be available until larger liquidity is generated in the MKR trading pairs. There are some coins supported on Coinbase Pro that have never been able to reach the full-trading stage and are still in the “Limit-only” mode.
Coinbase Pro has been supporting MKR in different jurisdictions. However, the liquidity that was created didn’t allow them to meet their metrics of a healthy market, meaning that it couldn’t continue as expected. This time could be different and liquidity could be even larger for the MKR digital asset. We just now need to wait and see which are going to be the next steps taken by Coinbase and other exchanges.