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MKR EXPLODES 50% After Surviving Governance Attack

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  • MKR surges 50% after failed governance attack, showcasing protocol resilience.
  • SkyEcosystem partners with Berachain to deploy USDS, expanding its reach.
  • Polaris agent framework streamlines USDS integration on Berachain blockchain.

Maker’s native token MKR has bucked the trend, rising over 50% in value in a week. The surge comes after a failed governance attack attempted to disrupt the protocol, showcasing the resilience of the MKR ecosystem.

Adding to the bullish momentum, SkyEcosystem has forged a strategic partnership with Berachain to deploy Maker’s USDS stablecoin on the Berachain blockchain. This collaboration will leverage SkyEcosystem’s Polaris agent framework, enahncing the integration of USDS and expanding its accessibility within the burgeoning Berachain ecosystem.

On the other hand, the impressive price recovery of MKR following the attack suggests that the community effectively thwarted any potential damage, reinforcing the robustness of Maker’s governance model. Maker has been one of the strongest altcoin right now with over 100% gains since Feb 8.

The partnership with Berachain signifies a significant step in the broader adoption of USDS, broadening its utility across different blockchain environments. By utilizing the Polaris framework, the integration process is expected to be more efficient and secure, paving the way for increased liquidity and usage of USDS on Berachain.

MKR’s Secret Weapon? Buyback Could Cut Supply by 4%

Beyond price and collaborations, MKR’s onchain stats also showed a promising trend. Buyers exhibit strong conviction, propelling Maker higher while other tokens falter. A surge in daily active addresses, rising revenue, and increased trading volume fuels this bullish run.

MKR
Source: Grumlin Mystery

These key metrics underscore growing interest and adoption, laying the foundation for further price appreciation. Analysts predict MKR can readily achieve the next target of $2,500, citing the token’s inherent strength and growing ecosystem.  

Further reinforcing the bullish sentiment is a rumored buyback program, that aims to remove 3-4% of Maker token’s total supply. Currently, buybacks will continue until a $70 million surplus buffer is reached, estimated within 50 days. With profits around $8 million monthly, this could accelerate. Anticipating the target, the protocol will likely reduce the buyback rate for long-term sustainability. This supply reduction is expected to positively impact MKR’s price.

Ripple announces $15B shares buyback; What next?

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Blockchain-based tech firm Ripple’s CEO Brad Garlinghouse announced via Twitter that it repurchased a December 2019 series C equity shares at a whopping $15 billion valuation. At the time of the previous raise, Ripple’s valuation stood at $10 billion. Interestingly the firm buying back the stock from investors includes Tetragon, a firm that filed suit against the tech firm last year.

It needs to be mentioned that Tetragon a UK-based investment management group was among the leading investors in the Series C round and in January 2021, sued Ripple to force it to buy back $175 million in shares. A lawsuit that Ripple Labs representatives deemed ‘opportunistic.’ But on March 5 2021 a Delaware Chancery Court judge rejected the redemption request by Tetragon Financial Group Ltd.

Having said that, Garlinghouse in a series of tweets mentions that the buyback reflected Ripple’s robust position stated,

“2022 “slow down” is not in our vocabulary. Even with 2021’s headwinds, it was our best year on record, and Ripple’s financial position [$1B in the bank] is the strongest we’ve ever been.”

The latest move also comes in the middle of its current legal battle with the SEC which is being closely watched across the world for its potential to legally define XRP and many other cryptocurrencies.

Ripple and SEC ongoing skirmish update

In December 2020, the SEC sued Ripple Labs and two leading executives, alleging that its sale of XRP token comes under unregistered securities offering worth over US$1.38 billion. The payments technology firm in its defense argued that the SEC did not provide fair notice and accused it against bias behavior.

The ongoing tussle took a surprise turn when on January 13, 2022, U.S. Magistrate Judge Sarah Netburn ordered the top agency to hand over the documents, that includes notes of private SEC meetings with third parties over Ethereum and the draft of a controversial 2018 speech by then SEC director William Hinman that declared Bitcoin and Ether were not securities.

But the federal agency in its response asked for more time to argue against the disclosure order and Netburn is now giving the commission nearly a month time to do so.