Maker (MKR) - Cryptocurrency Information

About Maker (MKR)

Maker (MKR) is a cryptocurrency depicted as a smart contract platform and works alongside the Dai coin. It aims to act as a hedge currency that provides traders with a stable alternative to the majority of coins currently available on the market. Maker offers a transparent stablecoin system that is fully inspectable on the Ethereum blockchain. Founded almost three years ago, MakerDao is led by Rune Christensen, its CEO and founder.

Key Features

• Asset Platform: Ethereum
• Categories: Governance, Decentralized Finance (DeFi), Lending/Borrowing, Polygon Ecosystem, Avalanche Ecosystem, Near Protocol Ecosystem, Arbitrum Ecosystem, Ethereum Ecosystem, Real World Assets (RWA)
• Market Cap Rank: 44
• Price Change (30 Days): 44%
• Website: https://makerdao.com/
• Listed Exchanges: Binance, Azbit, DigiFinex, Coinbase Exchange, WhiteBIT, BTSE, Uniswap V2 (Ethereum), Bitget, Uniswap V3 (Ethereum), WOO X, OKX, XT.COM, Crypto.com Exchange, Huobi, Bitbank, Kraken, Bitvavo, LBank, Bitazza, KuCoin, Phemex, Bitstamp, Bitfinex, Gate.io, Gemini, QMall, CoinEx, BingX, Trubit, LATOKEN, Coinstore, Bybit, Bitrue, FameEX, Binance US, BitMart, P2B, Dcoin, Upbit, Bitso, Bancor (V2), Kanga, Balancer V2, Cryptology, CoinW, Coins.ph, ProBit Global, Tarmex, SecondBTC, MEXC, HitBTC, FMFW.io, Nominex, Coinmetro, TokoCrypto, Bitunix, Pionex, CoinCatch, CEX.IO, BYDFi, Tokenize, Bitinka.com, Bitforex, Bilaxy, Bit2Me, ExMarkets, Coinzix, Icrypex

Description

Maker (MKR) is an ERC-20 token on the Ethereum blockchain and cannot be mined. It is created/destroyed in response to DAI price fluctuations in order to keep it hovering around $1 USD. MKR is used to pay transaction fees on the Maker system and collateralizes the system. Holding MKR comes with voting rights within Maker’s continuous approval voting system. Bad governance devalues MKR tokens, so MKR holders are incentivized to vote for the good of the entire system. It’s a fully decentralized and democratic structure, which is an underutilized USP of blockchain tech.

Stablecoin - Dai

Dai is a price stable coin that is suitable for payments, savings, or collateral and provides cryptocurrency traders with increased options concerning opening and closing positions. Dai lives completely on the blockchain chain with its stability unmediated by the legal system or trusted counterparties, helping facilitate trading while staying entirely in the world of cryptocurrencies. It is a token that exists on a blockchain, but unlike Bitcoin or Ethereum, Dai has no volatility. It is pegged to the U.S. dollar to stabilize its price.

Value Volatility

Value volatility is a relative concept among both cryptocurrencies and fiat currencies. Stablecoins like Dai andTether have their values pegged to the U.S. dollar to stabilize the price. This is done to mitigate the effects of exchange rate fluctuations and inflation, making the stablecoin a more reliable option for traders.

Useful Links

• Website: https://makerdao.com/
• CoinGecko: https://www.coingecko.com/en/coins/maker

FAQ

What is Maker (MKR)?

Maker (MKR) is a cryptocurrency depicted as a smart contract platform and works alongside the Dai coin. It aims to act as a hedge currency that provides traders with a stable alternative to the majority of coins currently available on the market.

How does MKR work?

MKR is an ERC-20 token on the Ethereum blockchain and cannot be mined. It is created/destroyed in response to DAI price fluctuations in order to keep it hovering around $1 USD. MKR is used to pay transaction fees on the Maker system and collateralizes the system. Holding MKR comes with voting rights within Maker’s continuous approval voting system.

What is Dai?

Dai is a price stable coin that is suitable for payments, savings, or collateral and provides cryptocurrency traders with increased options concerning opening and closing positions. Dai lives completely on the blockchain chain with its stability unmediated by the legal system or trusted counterparties, helping facilitate trading while staying entirely in the world of cryptocurrencies. It is pegged to the U.S. dollar to stabilize its price.