Maker DAO (MKR) Booms on Growth in Users and Staking

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Maker DAO (MKR) had a field day on Friday, despite the price drop of Bitcoin (BTC) under $9,200. The MKR asset jumped by 9.52% ahead of the weekend, to $662.05. The asset is up more than 22.95% this week, as the vote on multi collateral DAI in the past week.The launch of multi-collateral DAI is scheduled for November 18, with a gradual phasing out of the single-collateral dollar-pegged coin. The current issuance of DAI will be marked out as SAI and exchanged through a smart contract.The hype surrounding multi-collateral lending lifted the usage of the Maker app significantly, show data from DappRadar. Maker scheme has managed to build the only viable algorithmic stablecoin, and has survived liquidations and instability. The ascent of DeFi in 2019 put Maker at the top, and it may continue to gain ground. The DAI supply has now grown to above 99 million coins, up from…

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