• Wed. May 29th, 2024

Gnosis (GNO) the only coin that is up today: here’s why

The crypto market has taken a significant dive today with all cryptocurrencies including the likes of Bitcoin and Ethereum dropping by about 9% at the time of writing. The Gnosis (GNO) has remained the only bullish coin besides the various stablecoins.

At the time of writing, the GNO coin was trading at $183.08 with a 3.63% rise in the past 24 hours as the global crypto market cap decreased by 8.15%. But why is Gnosis the only non-stablecoin cryptocurrency in the “green zone” today?

Why is Gnosis price rising?

The main reason why Gnosis is on a bullish trend as the majority of cryptocurrencies dip is because of a post made by MakerDAO about GnosisDAO yesterday.

In the post MakerDAO said:

“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.”

The post by MakerDAO came right on the heels of 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?

Gnosis, also known as GNO, is the native governance token of the GnosisDAO, launched in 2015 by Stefan George and Martin Koppelmann as part of ConsenSys. It builds decentralized infrastructure for the Ethereum ecosystem.

In November 2021, xDAI and GnosisDAO ecosystems were combined to create the Gnosis Chain, which is an Ethereum-based protocol that uses solid engineering to address scalability issues. The Gnosis Chain uses the xDAI token and it is the associated execution layer EVM chain for stable transactions.

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