MKR
Reputation Ratings

MKR

Maker 5-10 years
Website https://makerdao.com/
Browser
OTH RELPs
Github
White Paper
Avg Price
+0.06%
1D

$ 2,824.13 USD

$ 2,824.13 USD

Market Cap

$ 2.5802 billion USD

$ 2.5802b USD

24h trading volume

$ 68.835 million USD

$ 68.835m USD

7d Vol

$ 734.518 million USD

$ 734.518m USD

Circulating supply

927,636 0.00 MKR

Related information

Issue Time

2017-01-30

Platform pertained to

--

Current price

$2,824.13USD

Market Cap

$2.5802bUSD

Volume of Transaction

24h

$68.835mUSD

Circulating supply

927,636MKR

Volume of Transaction

7d

$734.518mUSD

Change

24h

+0.06%

Number of Markets

475

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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Introduction

Markets

3H

-0.01%

1D

+0.06%

1W

-1.44%

1M

-2.32%

1Y

+344.64%

All

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Aspect Information
Short Name MKR
Full Name Maker
Founded Year 2015
Main Founders Rune Christensen and Nikolai Mushegian
Support Exchanges Binance, Huobi, OKEx, Bitfinex, Kraken
Storage Wallet Metamask, 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

Pros Cons
DeFi use cases Complexity and understanding required
Supports ERC-20 wallets Market volatility
Available on major exchanges Dependent on Ethereum network performance
Governance voting right Risk of smart contract errors

Pros of MKR Token:

1. DeFi Use Cases - As a major player in the decentralized finance (DeFi) sector, MKR allows users to participate in a variety of DeFi activities such as lending and borrowing.

2. Supports ERC-20 Wallets - MKR is an ERC-20 token, which means it can be stored in a vast number of wallets that are compatible with this standard, offering much flexibility in its storage.

3. Available on Major Exchanges - The MKR token is continue to grow in popularity and can be bought and sold via many leading cryptocurrency exchanges. This availability means an increased liquidity and easier accessibility for potential investors.

4. Governance Voting Right - Possession of MKR provides individuals with the ability to vote on decisions within the MakerDAO system, enabling direct involvement and influence over the project's future pathway.

Cons of MKR Token:

1. Complexity and Understanding Required - The MKR project, like many DeFi projects, is often complex and requires a certain level of expertise to understand its tokenomics and governance structure.

2. Market Volatility - As with all cryptocurrencies, MKR is subject to market volatility. Its value can fluctuate greatly in short periods, presenting a potential risk for investors.

3. Dependence on Ethereum Network Performance - As an ERC-20 token, MKR's functionality and performance are tied to that of the Ethereum network. If the Ethereum network experiences issues like congestion or high transaction fees, MKR users could potentially be affected.

4. Risk of Smart Contract Errors - Because MKR relies on smart contracts for its operations, it's exposed to the risk of code errors or vulnerabilities, which could be exploited by malicious parties or result in unexpected losses.

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.

Another component of Maker's innovation lies in its system of Collateralized Debt Positions. This facilitates the generation of DAI against a collateral of other crypto assets. This aspect of Maker can introduce a level of complexity, but also offers extra utility that is absent from other similar tokens.

However, it's essential to note that while Maker has its unique offerings, it also shares common risks inherent in many cryptocurrencies such as market volatility, dependence on the Ethereum network, and potential smart contract risks.

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.

This unique system of balance sets MKR apart from cryptocurrencies like Bitcoin which rely on Proof of Work mining, involving substantial hardware resources, high power consumption, and a reliance on mining speed for the competitive process of adding blocks to the blockchain.

How Does MKR Work?

Circulation of MKR

MKR, the native token of the MakerDAO decentralized finance (DeFi) platform, has also been volatile in recent months. The token's price peaked at around $5,200 in May 2021, but has since fallen by more than 75%. As of March 8, 2023, MKR is trading at around $1,160.

The price fluctuation of MKR can be attributed to a number of factors, including:

  • The overall decline in the cryptocurrency market.

  • The regulatory uncertainty surrounding cryptocurrencies.

  • The increased competition from other DeFi platforms.

  • The recent hack of the Wormhole protocol, which caused the price of MKR to briefly drop by 15%.

As for whether there is a mining cap for MKR, the answer is no. MKR is not mined, but rather it is created and burned in a variety of ways, depending on the state of the MakerDAO system. The total supply of MKR is capped at 1 million tokens, but the circulating supply is much lower, currently around 977,600 tokens.

The future price of MKR is uncertain and will depend on a variety of factors, including the overall performance of the cryptocurrency market, regulatory developments, and the continued growth of the DeFi industry.

Here are some additional details about the price fluctuation of MKR:

  • The price of MKR tends to be volatile during times of market volatility. This is because MKR is used to collateralize loans on the MakerDAO platform, so when the price of cryptocurrencies falls, it can trigger liquidations of MakerDAO loans, which can put downward pressure on the price of MKR.

  • The price of MKR can also be volatile in response to changes in the MakerDAO protocol. For example, when the MakerDAO community voted to increase the stability fee in December 2021, the price of MKR fell by about 20%.

  • The price of MKR is also influenced by the overall sentiment towards cryptocurrencies. When there is a lot of positive news about cryptocurrencies, the price of MKR tends to rise. Conversely, when there is negative news about cryptocurrencies, the price of MKR tends to fall.

Ultimately, the price of MKR is determined by supply and demand. As the demand for MKR increases, the price is likely to rise. However, if the supply of MKR increases too quickly, the price could fall.

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.

4. Bitfinex: An advanced digital asset trading platform that offers state-of-the-art services for traders and global liquidity providers.

5. Kraken: A US-based cryptocurrency exchange that provides cryptocurrency to fiat trading and provides price information to Bloomberg Terminal.

Each of these exchanges provides unique features like various payment methods, amounts of paired currencies, and additional financial services. Investors should carefully evaluate each platform based on their individual needs before deciding.

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.

4. Trust Wallet: A mobile wallet that provides a user-friendly interface and supports a broad range of cryptocurrencies. It is convenient for those who prefer managing their assets on-the-go.

Remember that the selection of a wallet should be based on personal needs, including the consideration of security aspects, ease of use, convenience, and the type and number of cryptocurrencies you plan to hold.

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.

Professional Advice for Potential Buyers:

Before investing in Maker (MKR), or any cryptocurrency, potential buyers should do their due diligence. This includes understanding the project's vision and functionality, examining its historical performance, and keeping an eye on any upcoming changes or developments.

It's also crucial to only invest funds you can afford to lose, given the high volatility of crypto markets. Engaging a certified financial advisor might be a prudent step, especially for those new to the cryptocurrency world.

Lastly, potential buyers should consider the technical aspects of acquiring and storing MKR, involving choosing appropriate exchanges and secure wallet solutions.

Conclusion

Maker (MKR) is a governance token that plays a pivotal role in the MakerDao platform and DeFi sector. It stands out with its innovative approaches, such as operating on a dual token system with DAI stablecoin and orchestrating balance in the system by creating and burning MKR tokens. Its unique features allow MKR holders to participate in significant decision-making processes, influencing the ecosystem's future pathway.

The continued growth in the DeFi sector bodes potentially well for the future development of MKR, provided that it continues to innovate and meet the demands of the market. As with all cryptocurrencies, MKRs value is subject to market forces and factors such as broader market sentiment, technology trends, regulatory developments, and competition among DeFi platforms.

Regarding financial prospects, while MKR has the potential to appreciate in value, it's crucial to remember that investing in cryptocurrencies carries significant risk due to market volatility. Potential investors should thoroughly research and consider their ability to tolerate risk before investing. Investing should not be considered a guaranteed method for making money, but rather a speculative investment.

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.

Q: Does MKR have any distinguishing features compared to other cryptocurrencies?

A: Yes, MKR notably operates on a dual token system with DAI stablecoin and employs a unique balance mechanism by creating or burning MKR based on the price of DAI.

Q: Who is likely to be interested in purchasing MKR tokens?

A: MKR might appeal to DeFi enthusiasts, long-term investors, tech-savvy individuals and those comfortable with high-risk, high-reward scenarios.

Q: What are some factors to consider when investing in MKR?

A: Potential investors should understand the MKR project, consider its market volatility, be aware of its dependence on the Ethereum network, and acknowledge the risk of smart contract errors.

Q: Can investing in MKR guarantee profits?

A: No, investing in MKR, like all cryptocurrencies, is a speculative venture and does not guarantee profits due to market volatility and other risks.

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
Araminah
Maker (MKR): A decentralized credit platform supports Dai, a stablecoin whose value is pegged to USD.
2023-10-08 15:54
2
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 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
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
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

News

ExchangeWhy MakerDAO Has Sold $31.20 Million in MKR in Two Months

MakerDAO has recently executed substantial sales of its governance token, MKR. According to the on-c

2024-05-06 16:00

Why MakerDAO Has Sold $31.20 Million in MKR in Two Months

TokenMakerDAO Stakeholder-Focused Updates Drive MKR Price Up By 10%

Blockchain protocol MakerDAO (MKR) continues to see significant gains, maintaining a strong upward t

2024-03-22 17:04

MakerDAO Stakeholder-Focused Updates Drive MKR Price Up By 10%

TokenMaker (MKR) Price Rises 20% As Founder Sells 12 Bln SHIB & 75K LDO

In the current unpredictable state of the crypto market, a fascinating phenomenon involving an asset

2024-03-10 00:43

Maker (MKR) Price Rises 20% As Founder Sells 12 Bln SHIB & 75K LDO

TokenMakerDAO (MKR) Whales swim away as buyers lack interest

MakerDAO (MKR) faces large-scale selling activities after its co-founder made similar moves lately.

2024-01-30 17:58

MakerDAO (MKR) Whales swim away as buyers lack interest

Defi MakerDAO passes proposal for $750M increase in US Treasury investments

MakerDAO passed a proposal on March 16 to increase its portfolio holdings of United States Treasury bonds by 150%.

2023-03-16 21:45

 MakerDAO passes proposal for $750M increase in US Treasury investments

Defi Binance CEO responds to mainstream FUD: They don’t know how an exchange works

The Binance CEO expressed his disappointment in the article and responded by saying the authors of the piece “seem to not understand the basics of how an exchange works.”

2023-02-28 08:22

 Binance CEO responds to mainstream FUD: They don’t know how an exchange works

Defi This DEX functions as public infrastructure for an ecosystem - AMA with Crescent

Cointelegraph’s latest AMA with Crescent on Feb. 20 delves into how to expand access to liquidity

2023-02-20 15:00

 This DEX functions as public infrastructure for an ecosystem - AMA with Crescent

Defi Yield platform Stablegains sued for promoting UST as a safe investment

A lawsuit has been filed in a Californian district court seeking damages from DeFi yield platform Stablegains, which has been shuttered since May 2022.

2023-02-20 05:05

 Yield platform Stablegains sued for promoting UST as a safe investment

Defi MakerDAO voting on $100M loan participation with Florida commercial bank

MakerDAO is voting on a new proposal to bring another commercial bank into its ecosystem.

2023-02-17 21:50

 MakerDAO voting on $100M loan participation with Florida commercial bank
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