Grayscale, the prominent asset management firm known for its crypto investment products, has announced the launch of a new single-asset fund focused on MakerDAO’s governance token, MKR. The new fund, named the Grayscale MakerDAO Trust, is designed for eligible individual and institutional accredited investors.
The announcement of the fund led to a surge in MKR’s price, with the token climbing over 5% within an hour, reaching $2,100. Over the past 24 hours, MKR has gained nearly 8%, outperforming the broader market as measured by the CoinDesk 20 Index.
The Grayscale MakerDAO Trust is structured as a closed-end fund, similar to Grayscale’s other single-asset trusts. This means that direct withdrawals from the fund are not possible, potentially leading to price differences between the fund’s shares in secondary markets and the underlying MKR tokens.
MakerDAO is one of the largest decentralized finance (DeFi) protocols, managed by a decentralized autonomous organization (DAO) of MKR token holders. These holders participate in governance by voting on proposals that guide the protocol’s direction. MakerDAO currently oversees over $7 billion in crypto and real-world assets, including U.S. Treasuries, and is responsible for issuing DAI, the third-largest stablecoin with a market capitalization of $5 billion.
The introduction of the Grayscale MakerDAO Trust comes at a time when MakerDAO is undergoing a significant transformation under the “End Game” initiative led by its founder, Rune Christensen. This revamp includes the release of upgraded versions of both the MKR token and the DAI stablecoin.
This new offering follows Grayscale’s recent launches of single-asset funds for Bittensor’s TAO token and the layer-1 blockchain Sui (SUI). Additionally, last month, the company introduced a decentralized AI-focused fund that invests in a diversified basket of cryptocurrencies, including NEAR, Render (RNDR), and Filecoin (FIL).
Grayscale’s continued expansion of its product lineup highlights the growing demand for specialized crypto investment vehicles, particularly in the areas of decentralized finance and artificial intelligence.
What’s Your Take? What are your thoughts on Grayscale’s new fund for MakerDAO’s MKR token? How do you think it will impact the DeFi landscape? Share your insights in the comments below.
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Source : Coindesk
