Maker worth surges 7% amid $1.35 million audit contest

• Maker worth rose greater than 7% to steer altcoin gainers alongside Kaspa and Injective.
• Positive factors for MKR got here as new upside momentum emerged amid a large $1.35 million Endgame audit contest.
• MakerDAO stated in a latest put up that blockchain safety platform Sherlock will the host the bug hunt contest from July 8 to August 5, 2024.

Maker (MKR) worth is up on the day because the cryptocurrency alongside Kaspa (KAS) and Injective (INJ) put up prime good points among the many main 100 cryptocurrencies by market cap.

CoinMarketCap information reveals the MakerDAO governance token’s worth has elevated 7% previously 24 hours.

On Wednesday, MKR traded to lows of $2,335. Nevertheless, a big uptick in shopping for stress has seen it surge previous the resistance at $2,400 to succeed in intraday highs of $2,561 on Thursday morning.

As of writing, Maker has a 24-hour buying and selling quantity of over $116 million, with this rising 47% on this interval. In the meantime, the market cap has elevated 7% to over $2.3 billion.

Why is MKR worth surging at this time?

Whereas many of the altcoin market continues to battle draw back stress, Maker seems to have benefited from a brand new dose of optimism after a serious announcement by MakerDAO on Tuesday.

That needed to do with the official launch of the Endgame audit contest, a bug-finding contest that can see contributors earn from a large $1.35 million rewards pot. Within the announcement, MakerDAO stated the competition shall be on blockchain safety platform Sherlock.

“DeFi builders are invited to take part within the largest bug-finding contest within the area, with a complete of 1,350,000 DAI in rewards,” the Maker workforce stated in a put up on X.

Sherlock calls this “the most important audit contest ever”.

In line with MakerDAO, the competition targets a group collaboration in the direction of enhancing the blockchain platform’s safety for Endgame merchandise forward of Maker’s Launch Season. The bug-hunt will run from July 8 to August 5, 2024.

MKR reached its all-time excessive worth of $6,292 in Could 2021.