MKR
Reputation Ratings

MKR

Maker 5-10 years
Cryptocurrency
Website https://makerdao.com/
Browser
OTH RELPs
Github
White Paper
MKR Avg Price
+0.23%
1D

$ 1,614.99 USD

$ 1,614.99 USD

Market Cap

$ 1.383 billion USD

$ 1.383b USD

24h trading volume

$ 146.526 million USD

$ 146.526m USD

7d Vol

$ 835.167 million USD

$ 835.167m USD

Circulating supply

881,947 0.00 MKR

Related information

Issue Time

2017-01-30

Platform pertained to

--

Current price

$1,614.99USD

Market Cap

$1.383bUSD

Volume of Transaction

24h

$146.526mUSD

Circulating supply

881,947MKR

Volume of Transaction

7d

$835.167mUSD

Change

24h

+0.23%

Number of Markets

520

Github Messages

More

Warehouse

Maker

Github's IP Address

[Copy]

Codebase Size

0

Last Updated Time

2018-07-31 20:06:49

Language Involved

--

Agreement

--

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MKR Price Chart

Introduction

Markets

3H

+0.07%

1D

+0.23%

1W

-1.74%

1M

+25.53%

1Y

+4.56%

All

+6560.72%

AspectInformation
Short NameMKR
Full NameMaker
Founded Year2015
Main FoundersRune Christensen and Nikolai Mushegian
Support ExchangesBinance, Huobi, OKEx, Bitfinex, Kraken
Storage WalletMetamask, Ledger, Trezor, Trust Wallet

Overview of MKR

Maker (MKR) is a cryptocurrency project that got founded in 2015 by Rune Christensen and Nikolai Mushegian. MKR falls under the category of decentralized finance (DeFi) and utilizes blockchain technology, focusing on allowing users to lend and borrow cryptocurrencies without the need for traditional banks. MKR tokens serve as a governance token inside the MakerDAO and Maker Protocol.

The MKR tokens can be traded on several exchanges, including prominent ones like Binance, Huobi, OKEx, Bitfinex, and Kraken. Moreover, the tokens can be stored in various wallets that support ERC-20 tokens, such as Metamask, Ledger, Trezor, and Trust Wallet.

Overview of MKR

Pros and Cons

ProsCons
DeFi use casesComplexity and understanding required
Supports ERC-20 walletsMarket volatility
Available on major exchangesDependent on Ethereum network performance
Governance voting rightRisk of smart contract errors
Pros and Cons

What makes MKR Unique?

Maker (MKR) primarily distinguishes itself through its approach to decentralized finance (DeFi). Most notably, it operates on the basis of a dual token system that includes both MKR and DAI tokens. The DAI token is a stablecoin, whose value is pegged to the U.S. dollar, functioning as a safe haven against the volatility of the cryptocurrency market.

The MKR token, on the other hand, is a governance token that provides voting privileges in the Maker ecosystem. This democratic structure allows MKR holders to directly influence the direction of the ecosystem, an innovative feature that is not common in many other cryptocurrencies which tend to be centralized with a handful of developers making key decisions.

How Does MKR Work?

Maker (MKR) significantly deviates from cryptocurrencies like Bitcoin in terms of its working mode and principles. Notably, MKR does not employ a mining process like Bitcoin or Ethereum. Instead, MKR tokens are created or burned based on the price of the DAI stablecoin relative to its US dollar peg.

If DAI‘s price is above 1 USD, the Maker protocol automatically triggers the creation of new MKR tokens, which are sold in the open market to decrease the DAI price to its desired peg. Conversely, if DAI’s price falls below 1 USD, MKR tokens are bought from the open market and burned, decreasing the MKR supply and pushing the DAI price upwards.

The MakerDao system is fully decentralized, relying on voting from the holders of MKR tokens to make decisions regarding the risk parameters of the DAI stablecoin, therefore, maintaining the system stability.

How Does MKR Work?

Exchanges to Buy MKR

Several prominent cryptocurrency exchanges support the buying and trading of Maker (MKR) tokens. These include:

1. Binance: A global cryptocurrency exchange that offers trading pairs with multiple cryptocurrencies. It has advanced financial services like spot trading, futures, and decentralized banking through Binance Smart Chain.

2. Huobi: Operating since 2013, Huobi is a Singapore-based cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.

3. OKEx: OKEx is a Malta-based world-leading cryptocurrency exchange that offers comprehensive financial services including futures trading and wallet services.

Exchanges to Buy MKR

How to Store MKR?

Maker (MKR) is an ERC-20 token; thus, it can be stored in any wallet that supports this standard. Different types of wallets offer different benefits in terms of security, ease of access, and functionality. Here are some wallets that can be used to store MKR tokens:

1. Metamask: A Web3 wallet that allows you to interact with DApp (Decentralized Applications) directly in your browser. It facilitates swift transactions and can be easily integrated with various web browsers as an extension.

2. Ledger: A hardware wallet, considered one of the most secure ways to hold crypto assets. As it is an offline wallet, it reduces the chances of being a victim of hacks.

3. Trezor: Another hardware wallet that is popular for its security measures. Similar to Ledger, it stores your digital assets offline, reducing vulnerability to online threats.

Should You Buy MKR?

Maker (MKR) may be suitable for a variety of different buyers. Here are a few key considerations:

1. DeFi Enthusiasts: Those interested in leveraging the potential of decentralized finance may find the MKR token particularly relevant. Given its integral role in the governance and stability mechanisms of the MakerDAO platform, MKR offers direct participation in DeFi activities.

2. Long-term Investors: Persons who believe in the long-term prospects of the MakerDAO platform and the widespread adoption of its DAI stablecoin may be drawn to MKR as a potential long-term investment.

3. Tech-savvy Individuals: Understanding the detailed mechanics of the MakerDAO system and how the MKR token functions within it, requires a certain level of technical understanding. Hence, those with a keen interest or background in blockchain and cryptocurrency might find MKR intriguing.

4. Risk Takers: While MKR does offer potential opportunities for profit, it also carries significant risks due to the volatility of the crypto market and potential pitfalls inherent in the DeFi sector. Therefore, individuals comfortable with high-risk, high-reward scenarios might consider investing in MKR.

Conclusion

FAQs

Q: What is MKR's primary role in its ecosystem?

A: MKR serves as the governance token in the MakerDAO system, enabling holders to participate in voting decisions that influence the platform's direction.

Q: Who are the creators of MKR?

A: The MKR token was established by Rune Christensen and Nikolai Mushegian in 2015.

Q: Which platforms allow the trading of MKR tokens?

A: MKR tokens are tradable on a range of crypto exchanges including Binance, Huobi, OKEx, Bitfinex, and Kraken.

Q: What types of wallets can be used to store MKR tokens?

A: Being an ERC-20 token, MKR can be stored in any wallet that supports this standard, including Metamask, Ledger, Trezor, and Trust Wallet.

User Reviews

More

13 ratings

Participate in evaluation
Scarletc
MakerDAO is known for its stablecoin called DAI, which is pegged to the value of the US dollar. MKR holders play a crucial role in maintaining the stability of DAI by participating in governance and risk management.
2023-11-30 18:08
9
leofrost
MKR (MakerDAO's governance token), I find its role in decentralized finance (DeFi) fascinating. MKR holders govern the MakerDAO platform, influencing stability fees and system parameters. The integration of smart contracts and the stablecoin DAI adds to its significance. Regularly monitoring governance decisions and platform developments can provide valuable insights into the MKR ecosystem.
2023-11-23 05:55
4
Dan3450
The Maker (MKR) cryptocurrency functions within the Ethereum blockchain. It functions as a fundamental component of the MakerDAO ecosystem, a decentralized platform that facilitates the creation and administration of collateralized stablecoins, more precisely Dai (DAI).
2023-11-27 15:14
8
Windowlight
Maker (MKR) is at the forefront of decentralized finance, offering a stablecoin (DAI) pegged to the value of the US dollar.
2023-12-21 23:17
6
Jenny8248
MKR is very secured, it's features are very Amazing and is simply the best.
2023-11-24 21:45
8
Araminah
Maker (MKR): A decentralized credit platform supports Dai, a stablecoin whose value is pegged to USD.
2023-10-08 15:54
2
Windowlight
Maker (MKR) is a governance token for the MakerDAO ecosystem, known for its role in stabilizing the DAI stablecoin. MKR holders govern the protocol, making decisions about collateral types and stability fees, among other things.
2023-11-05 01:27
8
Dazzling Dust
MKR tokens act as a kind of voting share for the organization that manages DAI.
2023-09-08 04:21
2
Jay540
MKR one of the most secured DEFI Technologies
2023-10-31 04:52
7
Lala27
MKR is one of the most secure DeFi technologies. To avoid would-be hackers, the protocol has invested in different internet security measures such as two-factor authentication.
2023-09-10 20:35
3
yikks7010
MakerDAO's DAI is a stablecoin I've used. MKR is part of governance. Maintaining the peg is a challenge.
2023-11-04 00:40
4
hardwork
Personally, I appreciate MakerDAO's MKR for its governance features in the decentralized finance space. I'm mindful of its volatility, influenced by market sentiment and the stability of the DAI peg.
2023-11-21 04:03
4
Ochid007
Today , one huge investor deposited 9,696 Maker ( MKR ) , worth $ 13.9 million , at an average price of $ 1,438 .
2023-10-28 12:34
4

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