MKR is on for a bull run as the asset looks to cross the $730 mark. Trading at $722, the crypto had recorded an increase in price valuation of 7% within 24 hours of press time.
The asset’s trading volume also increased by over 120% within the same period amid new developments in the network, with the market cap increasing by 7%.
New developments to the MakerDao network
The MKR token holders, MakerDAO, in a recent development at the network, revealed that they would need to vote on several suggested modifications to the network.
An executive proposal including many changes to the Maker Protocol was submitted to the voting system by the governance facilitator(s) and the protocol engineering core unit.
Increasing the current GSM Pause Delay of 12 to 16 hours is recommended. Transfers of DAI and MKR streams to accountable facilitators and ecosystem players are also part of the plan, along with the distribution of 75,776 DAI to various approved delegates.
This comprises the issuance of 3,883,950 DAI and 372 MKR to multiple participants in the ecosystem, in addition to the distribution of 7,860,000 DAI and 1,642 MKR to various responsible facilitators.
The plan also calls for modifying the MIP21 LIQUIDATION ORACLE contract to account for emergency shutdown interactions and terminating the MKR vesting streams associated with the defunct Strategic Finance Core Unit (SF-001).
To vote on the executive proposal, MKR holders may either cast a personal vote or choose a delegate. The GSM pause delay implies that the Maker Protocol will implement the proposed modifications and additions after the delay has passed.
The proposal will expire and have no impact on the Maker Protocol if approved within 30 days. Maker Protocol holders’ input is essential to the success of the proposed improvements, which seek to enhance the protocol’s governance and functioning.