MakerDAO, a project which promises “stability for the blockchain,” operates through the use of two separate digital assets. It features a stablecoin known as Dai (DAI), and a proprietary cryptocurrency known as Maker (MKR).





So far, February has proven to be a month of near continuous climbing for MKR. It is valued at around $519 USD a coin as of February 15, 2019 (1 am UTC), according to Messari.io.





MKR’s price rose almost every day in the first half of February





Maker (MKR) is often referred to as a utility token due to the function that in plays in the MakerDAO ecosystem. Like the majority of the industry’s top tokens at the current point in time, it is based on the Ethereum platform. Users who hold MKR are granted a reward share and have the ability to vote on decisions that affect the network.





In the first half of February, MKR’s price relative to the U.S. dollar increased almost every single day. According to Messari.io, there have only been three days so far this month where the asset’s price did not increase. On two of them, its value dropped less than $1 USD. In the past day, however, its 24-hour price change was -3.56%.





Following a sharp dip toward the end of January 2019, the site lists Maker’s value on February 1 at around $363. As of press time over two weeks later, one coin is valued at approximately $519. This marks a price increase of around 43% since the beginning of the month.





Looking at the currency’s performance since the beginning of 2019 shows similar, yet admittedly less drastic, growth. At the time of writing, MKR rose around 17% from its January 1 value of $442.73 USD.





This value increase comes around a time when Bitcoin’s price has never been more closely correlated to other cryptocurrencies. Despite this fact, Bitcoin has not been quite as successful as smaller coins like MKR this month. Bitcoin was valued at around $3,412 USD on February 1, and is now trading at around $3,566 according to Coinbase. This marks an increase of a bit over 4.5%.

MakerDAO recently boasted its highest rate of CDP creation





The role of both of the two currencies that exist in the MakerDAO ecosystem is ultimately to permit the function of collateralized loans. Users are able to lock away a portion of their Ether (ETH) as collateral in order to take out loans from the platform in the form of its stablecoin, Dai.

As LongHash previously reported, more Collateralized Debt Positions (CDPs) were created in January 2019 than ever before. The platform has experienced exponential growth in the number of CDPs being created every month since October of last year. This figure has risen 300% in the last four months alone.



