MKR, the native token of the Maker protocol, has seen a significant surge of 9%, making it one of the top performers among the leading 100 cryptocurrencies.
As of now, MKR is being traded at $2,522 with a daily trading volume increase of 23%, totaling $107 million. The token’s capitalization has also risen by 8% to reach $2.34 billion, positioning it as the th largest crypto asset according to CoinMarketCap data.
The recent rise in MKR’s value follows a MakerDAO announcement on 25 about an audit contest worth $1.35 million. This initiative represents the largest audit contest its category and will take place on Sherlock Platform, a prominent provider for Web3 audit contests.
The $1.35 million Sherlock audit contest is an essential element ofDAO’s Launch Season which marks the initial phase of Endgame scheduled for later this summerEndgame signifies the final stage in MakerDAO’s long-term strategy that seeks to overhaul governance establish a self-sustaining equilibrium known as Endgame State.
Co-founder Runeensen emphasized that “rock-solid security has always been a priority for MakerDAO” noting its status as defining feature for their project. Partnering with Sherlock to “create a program to pressure test the system” was deemed as logical progress towards Endgame.
By hosting an open-invite bug-finding competition from July 8 to Aug.5,2024 Maker aims to attract leading security experts and burgeoning researchers who can swiftly identify vulnerabilities within their codebase before launch.
Jack Sanford acknowledged that “the largest audit contest in history” demonstrates MakerDAO’s unwavering commitment to security.
Sherlock has collaborated with some of world’s top experts while also expecting strong performances from emerging participants for this contest.
In preparation for this event during July week content will be offered such as tips and insights from renowned bug bounty hunters associated MakerDAO along with code walkthroughs from key figures in crypto space.
Additionally,
another reason towards MKR’s growth could be notable whale buying activity recently reported by iCrypto , an on-chain analytics platformWithin three hours two whales purchased significant amounts- “Thiswillyouloveagain”
37.35 MKR ($94,562) at prices ranging between $2, –$2’526 resulting into wallet holding around worth about$1.15 million . Also “twofoldcap.eth” purchased
66’55MKR($165’000) at price range$2’447 resulting into holding around100 .81MRK($256860Multiple analysts have highlighted that MKR is forming falling wedge pattern within last12-hour timeframe indicating possibility breakout