Despite the depreciation of the TerraUSD (UST) stablecoin, Maker (MKR) made a price rebound after declining from its daily high, $ 2,297 on May 11th.
At the time of writing, the MKR is trading at $ 1,595, up over 55% in 24 hours and over 17% since last week.
What happen?
A Maker Vault was used to finance a shipment of Australian Beef from Brisbane to Hong Kong.
On top of that, the entire operation is currently being tracked using @Mastercard Provenance, a blockchain traceability solution.
This is how it was possible
👇🧵
- Maker (@MakerDAO) May 10, 2022
On Wednesday, the crypto company; ConsolFreight finances the delivery of beef from Brisbane to Hong Kong for Australian supply company, FreshSupplyCo (FSCO).
ConsolFreight has used the Centrifuge protocol in Ethereum to fund the delivery.
Centrifuge then confirms the conditions for payment processing have been met.
ConsolFreight then generates NFTs and DAIs using Maker Vault along with copies of commercial invoice data using Centrifuge to make payments.
The beef exporter has submitted all the required documents to the FCO using a blockchain -based tracker, Mastercard Provenance which can also monitor the status of the shipment.
MKR continued to soar after ConsolFreight transactions began.
The transaction was executed with the help of trade finance solution (TradFi) and decentralization finance (DeFi).
The presence of trade finance (TradFi) and decentralized finance (DeFi) in this collaboration proves crypto guarantees the future of world finance.
At the same time, the MKR surge is likely to have something to do with stablecoin, DAI.
For the record, MKR is a MakerDAO and Maker Protocol governance token that offers its users the opportunity to vote on production results, and DAI management.
However do not misunderstand.
The MKR and DAI relationship is significantly different from the Terra (LUNA) and USD Terra (UST) relationships.
