• flag
  • flag
  • flag
  • flag
12.12.2024
Maker

Maker MKR

Rank 70
Rank 70
Maker price in USD:

$1,995.501
Market cap
$1,773,792,242.155
888,896 MKR
24H Volume
$132,589,230
66,444MKR
Circulating supply
888,895.738 MKR
Max : 917938.42334448
MKRUSD chart by TradingView

What is Maker

Maker MKR is the native token for Maker and is backed by Ether, not fiat currency. It’s basically a simple banking system built on blockchain technology that allows for simpler international payments and peer-to-peer transfers. DAI is a robust token designed alongside fractional banking ideals and connected to Maker MKR. Simply put, it is a safe haven that aims to avoid the volatility of the underlying market.

One of the biggest obstacles to cryptocurrency adoption as a currency is volatile pricing. Bitcoin, for example, has fluctuated in price from $6,000 to $17,000 in 2018 alone. No one wants to spend $10,000 on a seemingly worthless cryptocurrency for a few pizzas one day, only to see the price spike to over $100 million the next. Maker DAI is a stablecoin designed to deal with this volatility.

Tether (USDT) is perhaps the best known stablecoin, but it is at the center of much controversy. Critics and regulators doubt that it is backed by fiat currency as its creators claim, although a recent report (not an audit) provided evidence that the coin was backed by dollars.

Either way Tether lacks transparency, has a strong relationship with the Bitfinex exchange and was allegedly used to manipulate the price of Bitcoin (and cryptocurrency) in 2017.

MakerDAO (founded by CEO Rune Christensen) takes a different approach to stabilizing DAI, using its own MKR token. It’s an interesting approach that closely follows reserve banking, where a bank is required to hold only a portion of its deposit liabilities.

DAI’s collateral is not the US dollar or another fiat currency – a Ethereum, and the entire system is built on blockchain technology and a smart contract ecosystem.

Maker News

MakerDAO Reconsiders WBTC Use After Key Meeting

Sky, previously known as MakerDAO, is reconsidering its stance on using Wrapped Bitcoin (WBTC) as collateral after a crucial meeting with BitGo CEO Mike Belshe.

25.09.2024 16:00 1 min. read Alexander Stefanov

MakerDAO Rebrands and Launches New Tokens

MakerDAO has rebranded to Sky and announced the introduction of its updated tokens – USDS and SKY, which will be launched on September 18.

28.08.2024 10:00 2 min. read Alexander Stefanov

Grayscale Launches New MakerDAO Trust Amid Growing Crypto Interest

Grayscale Investments has unveiled its latest offering, the Grayscale MakerDAO Trust, which provides institutional investors with a straightforward way to invest in the MKR token.

13.08.2024 17:27 1 min. read Alexander Stefanov
Popular News

Missed Solana? Buy The Next Gem

- Rexas Finance
- 50,000,000 Sold Out