MakerDAO adds MANA token as a new collateral type, MANA/USD bears take control after price shoots up

  • MakerDAO has added Decentraland’s native token MANA as a new collateral type. 
  • Customers can now use MANA for the generation of the stablecoin DAI. 
  • MANA is Decentraland’s primary token.

The MakerDAO ecosystem has added MANA (the native token of the Decentraland marketplace) as a new collateral type after an executive vote among MKR token holders. According to an official blog post, customers can now use MANA to generate the stablecoin DAI. 

MANA is Decentraland’s primary medium of exchange and is used to pay for things within the virtual world. In the last few months, MKR token holders have voted to add the stablecoin USDC and wBTC as collateral types. wBTC is an Ethereum-based token that is 1-to-1 backed by Bitcoin

According to an earlier FXStreet report, MakerDAO became the first DeFi protocol to reach $1 billion in total locked value (TLV). The rise in interest in DeFi applications has driven the growth of the sector. 

MANA/USD daily chart

MANA/USD daily chart

MANA/USD shot up from $0.04208 to $0.0487 this Wednesday. Since then, the bears have corrected the price to $0.046 over the next two days. MANA/USD has two strong resistance levels at $0.0482 and $0.047. On the downside, healthy support lies at $0.0432 (SMA 20) and $0.0416 (SMA 50).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Breaking: Bitcoin breaks new yearly highs; the road to $15,000 is clear

Bitcoin (BTC) broke above the local resistance created by $13,250 and hit a new high of 2020 at $13,490. The pioneer digital asset is poised for further growth as the upside momentum gains traction amid little resistance from sellers.

More Bitcoin News

XRP looks poised for a breakout to $0.30

XRP is currently trading at $0.252 after successfully defending a critical support level at $0.247. In the past two weeks, the digital asset has been rejected from the upper boundary of the daily ascending triangle around ten times.

More Ripple News

Breaking: JPMorgan's digital currency, JPM Coin, is ready for commercial use

JPMorgan Chase announced that its digital currency, JPM Coin, had been used for commercial purposes this week. A large technology client used it to send cross-border payments.

More Cryptocurrencies News

The network’s utility increases, while TRX prepares for a massive price movement

TRON's weekly report is out and talks about the finalization of the TRC-20 shielded contract on the mainnet and a security test for the smart contract on TVM instructions to stake and unstake.

More Tron News


Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast