MakerDAO Deposits $1.4 Million Worth of MKR to Binance

IconCryptoNewsTerminal Staff14 Jul, 2024

cryptonews.jpg

MakerDAO Deposits $1.4 Million Worth of MKR to Binance

MakerDAO, the decentralized autonomous organization behind the stablecoin DAI, has deposited $1.4 million worth of its native token (MKR) to Binance, one of the world's largest cryptocurrency exchanges. The transaction, which was first reported by on-chain analyst ai_9684xtpa, saw 500 MKR transferred from a MakerDAO multisig address to Binance. This brings the total amount of MKR deposited to Binance by MakerDAO to 13,650 MKR, worth approximately $38.46 million, over the last three months. The reason behind the deposit is not entirely clear, but it could be related to MakerDAO's recent announcement that it would be exploring the use of Binance as a liquidity provider for its stablecoin. Alternatively, it could simply be a move by MakerDAO to manage its treasury funds. MKR is currently trading at around $2,840, up 4.66% in the last 24 hours.

Related News