MKR, the native token of the Maker protocol, has surged by 9%, making it one of the top gainers among the top 100 cryptocurrencies.

At the time of writing, MKR was trading at $2,522, with its daily trading volume up 23% to $107 million. The token’s market cap also climbed 8% to reach $2.34 billion, ranking it as the 39th largest crypto asset. The recent surge in MKR follows a June 25 announcement from MakerDAO, a DeFi lending protocol and developer of the stablecoin DAI, about a $1.35 million audit contest, marking the largest of its kind.

MKR 24-Hour Price Chart

The $1.35 million audit contest will be hosted on the Sherlock Platform, a leading provider of audit contests in Web3. This initiative is a key part of MakerDAO’s Launch Season, the first phase of the Endgame, scheduled for later this summer. The Endgame represents the final development stage in MakerDAO’s long-term strategy, aiming to establish a self-sustaining equilibrium known as the Endgame State.

Security and Governance

Rune Christensen, co-founder of MakerDAO, emphasized the importance of security for MakerDAO, stating that it is one of the project’s defining features. Partnering with Sherlock to create a program for rigorous system testing was a logical step as MakerDAO progresses towards the Endgame. The bug-finding competition aims to attract top security experts and emerging researchers to identify vulnerabilities quickly. Participants will have four weeks, from July 8 to August 5, 2024, to scrutinize every line of the codebase.

“Rock-solid security has always been a priority for MakerDAO.” – Rune Christensen

Community Engagement

Jack Sanford, co-founder of Sherlock, remarked that this audit contest demonstrates MakerDAO’s strong commitment to security. Sherlock has engaged some of the world’s top security experts for this contest and anticipates strong performances from up-and-coming participants. In 2024, Sherlock has conducted over 70 audit contests with major Layer-1 and Layer-2 networks. Leading up to the contest, the week of July 1 will feature educational content, including tips and insights from top MakerDAO bug bounty hunters and a code walkthrough from the MakerDAO team.

Whale Activity and Market Trends

Another potential cause for the surge in the Maker protocol may be significant whale buying activity. A whale with a wallet named “Thiswillmakeyouloveagain” bought 37.35 MKR ($94,562) within a price range of $2,521 – $2,526. Currently, the wallet holds 452.76 MKR, worth about $1.15 million. Similarly, another whale with a wallet named “twofoldcap.eth” bought 66.55 MKR ($165,000) at a price of $2,447 and currently holds 100.81 MKR ($256,860).

According to multiple analysts, MKR is forming a falling wedge pattern in the last 12-hour timeframe, indicating a potential breakout. Stay informed about the latest trends and updates in the cryptocurrency world by exploring more news on Global Crypto News.

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