Maker (MKR), the governance token of decentralized finance (DeFi) lender MakerDAO, is nearing its highest price since last May, buoyed by rising protocol profits and accumulation by large investors. The cryptocurrency rose almost 5% in the past 24 hours to $1,320, approaching its early August high of $1,366, CoinDesk price data shows. MKR has vastly outperformed the broader crypto market this year with a 152% return. Bitcoin (BTC) is up 64% over the same period, while the CoinDesk DeFi Index (DCF), which tracks a basket of DeFi tokens, has gained less than 10%. The surge happened as MakerDAO is increasingly investing its vast reserve assets in U.S. Treasuries.
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