MakerDAO, a permissionless crypto lending platform, is responsible for overseeing the DAI stablecoin, which saw a considerable increase in overall supply in 2021 as the stablecoin strengthened its peg to the US dollar. The price of Maker coin rising is a simple case of supply and demand. To participate in Maker protocol's governance, you need to hold MKR. The growing amount of governance proposals to vote on has increased the demand for MKR, driving up its price. Finally, MKR is even more scarce than Bitcoin, there are only 1 million MKR tokens and around 97% are circulating in the market.