Today’s crypto market plunge has been dramatic. All cryptocurrencies, including Bitcoin and Ethereum, have dropped by approximately 9% as of this writing. Apart from the stablecoins, the Gnosis (GNO), has remained the only bullish cryptocurrency.
GNO coin was currently trading at $183.08, a 3.63% gain in the last 24 hours. The global crypto market cap has fallen by 8.15 percent. But why is Gnosis the only non-stablecoin cryptocurrency in the “green zone” today?
Why is Gnosis’ price on the rise?
Gnosis has a bullish trend despite the fact that most cryptocurrencies are falling. This is due to a MakerDAO post about GnosisDAO.
In the post MakerDAO:
“The GnosisDAO has submitted a MIP6 Collateral Onboarding Proposal for GNO, its governance token. The proposal aims to generate at least 30 million DAI against the GNO collateral within the first year.”
MakerDAO posted the following day. Karpatkey’s post saying:
“We’ve been working jointly with the MakerGrowth CU and have put together a proposal to have GNO onboarded as collateral at MakerDAO.”
The onboarding proposal was received overwhelmingly by the MakerDAO community owing to Gnosis’ rich experience in the industry and its positive image in the crypto space.
What is Gnosis exactly?
Gnosis, also known by GNO, is the native governance token of the GnosisDAO. It was launched in 2015 by Stefan George, Martin Koppelmann, and ConsenSys. It provides decentralized infrastructure to the Ethereum ecosystem.
GnosisDAO, xDAI, and GnosisDAO were combined in November 2021 to form the Gnosis Chain. It is an Ethereum-based protocol using solid engineering to address scaling issues. Gnosis Chain uses xDAI token. It is also the execution layer EVM chain that supports stable transactions.
