The current price of Maker (MKR) is $ 1,968.59. The price has decreased by -2.62% in the last 24 hours. MKR also boasts a 24-hour trading volume of 59.2M.
Maker (MKR) is a cryptocurrency tied to the Dai stablecoin system on the Ethereum blockchain. In layman's terms, MKR is part of a smart contract platform that operates in conjunction with the Dai coin. The goal of MKR is to provide a stable alternative to most cryptocurrencies on the market. It was developed by the MakerDAO team and officially launched on December 18, 2017.
In the scope of the Maker system, MKR serves two main functions. Firstly, MKR is used to pay transaction fees. Secondly, it plays a critical role in the collateralization of the system.
Maker (MKR) was created by MakerDAO, an organization led by Rune Christensen. Despite being relatively new to the market, Maker has started to gain popularity, especially due to its stability compared to other cryptocurrencies.
MKR is an ERC-20 token that lives entirely on the Ethereum blockchain. Unlike many other cryptocurrencies, it can't be mined. Instead, it's created or destroyed in response to Dai price fluctuations, to ensure Dai's price hovers around $1 USD.
Holding MKR also provides voting rights within Maker's governance system. This decentralized and democratic structure motivates MKR holders to vote for the betterment of the entire system, as poor governance can devalue MKR tokens.
The uniqueness of Maker lies in its dual-coin system. While Dai acts as a stablecoin with its value pegged to the U.S. Dollar, MKR works alongside it to ensure this stability. Another unique trait of Maker is it's decentralized and democratic governance structure, which allows MKR token holders to directly influence the protocol's future.
MKR's role is tied to ensuring that Dai's value remains stable. It's created or destroyed in correlation with Dai's price fluctuations, and is used to pay transaction fees and collateralize the Maker system. Thus, those holding MKR tokens have a clear incentive to vote wisely and maintain the system's health.
There is currently 0.9M MKR in circulation.
Maker (MKR) can currently be purchased on the following exchanges: Bibox, Bitkub, Binance US, CEX.io. It's important to do your own research and choose a reputable exchange for transactions.
The current market cap of Maker (MKR) is $ 1.8B, making it the #48 largest cryptocurrency in terms of market capitalization.
The stability of Maker's value comes from the delicate balance between MKR and Dai. MKR is created or destroyed in response to fluctuations in the price of Dai, ensuring it maintains a value close to $1 USD. This unique mechanism within the crypto market helps to offset the quite volatile nature of other digital currencies.
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