• MakerDAO has proposed to temporarily shut down its Teleport Layer 2 (L2) Gateways as part of several changes to be implemented.
• These changes are due to a minor issue that was identified with the DAI Teleport service, which enables users to transfer their DAI tokens from Ethereum mainchain (L1) to a Layer 2 scaling solution.
• MakerDAO’s Open Interest surged significantly in the last 24 hours, indicating increasing demand for MKR tokens.
MakerDAO Proposes Temporary Shutdown of L2 Gateways
MakerDAO has proposed to temporarily shut down its Teleport Layer 2 (L2) Gateways as part of several changes to be implemented. This decision was taken due to a minor issue that was identified with the DAI Teleport service, which enables users to transfer their DAI tokens from Ethereum mainchain (L1) to a Layer 2 scaling solution, such as Optimism or Arbitrum, and back again.
Changes Proposed by MakerDAO
Apart from redeployment of its Teleport L2 Gateways, other changes proposed by MakerDAO include:
• Transferring 138,894 DAI to the Tech-Ops Core Unit of the DAO;
• Transferring 146,559 DAI to twelve recipients as part of an offboarding process; and
• Transferring 209,000 AI into a Special Purpose Fund posted by the Strategic Finance Core Unit.
Open Interest Value Surges
MKR’s Open Interest value surged significantly in the last 24 hours and increased by 45% over the last day. This indicates that there is a growing interest and demand for MKR tokens among investors and can be seen as a bullish sign for MKR’s price. However, despite this surge in OI value, MKR’s price saw only minor growth in the same period.
Current Price Status
As of writing this article, MKR token is valued at $1,847 per coin according CoinMarketCap data. It is currently ranked 29th on CoinMarketCap’s list of largest cryptocurrencies by market cap with total circulation supply of 100 million coins and market capitalization worth $184 billion USD.
The current surge in MKR’s Open Interest Value indicates increasing investor demand for MKR tokens and suggests potential future price appreciation for them if these trends continue in coming days or weeks. In conclusion it is important for investors who are considering investing in any cryptocurrency asset including MakerDao’s MKR token should do their own research before making any investment decisions so they can make informed decisions about their investments.