About Maker Cryptocurrency-

 Maker (MKR), the MakerDAO and Maker Protocol's governance token, has soared 64.76 percent to become CoinMarketCap's third best-performing cryptocurrency on a weekly basis.

What Happened:-

 At press time, MKR was trading 32.03 percent higher at $3,660.78. In a seven-day trailing stretch, the cryptocurrency trailed XRP (XRP) and Dogecoin (DOGE), which have rallied 67.31 percent and 353.77 percent, respectively.

At the time of publication, XRP was trading at $1.72, down 3.48 percent. DOGE was trading at $0.27, up 112.46%.

Maker revealed earlier this month that it was on a mission to decentralise its culture and detailed the steps it would take to get there.

According to Maker's argument, the three primary components are elected paying contributors and domain teams, maker change plans, and vote delegates.

Why It Matters:-

•  It's worth noting that Maker Protocol and MakerDAO are in charge of the Ethereum-based stable coin DAI's production (DAI).

• The use of DAI in multiple Decentralized Finance protocols such as AAVE (AAVE), Compound (COMP), and Cream Finance (CREAM) is the demand, according to Cointelegraph.

• DAI is genereted by depositing collateral such as ETH and ChainLink (LINK) in a MakerDAO vault and generating DAI against the coins.

• According to DeFi pulse, this has resulted in an improvement in the overall value locked of the Maker protocol, which has a TVL of $9.31 billion at press time. The company with the most TVL, $11.28 billion, was Compound.