Currently available in the United States; coming soon in 31 countries in Europe.
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Maker (MKR) is a governance, utility, and recapitalization token, created by MakerDAO. Its primary purpose is to underpin the first stablecoin on the cryptocurrency platform – MakerDAO’s DAI token and enable governance for the DAI Credit System. The holders of MKR become stakeholders, and therefore decision-makers in the broader Maker ecosystem.
MakerDAO has two tokens, MKR and DAI. DAI is the stablecoin created to be the alternative to more volatile cryptocurrencies and a brand new kind of financial system. MKR is used to keep DAI stable.
Other stablecoins have tried to peg to gold and reserves of fiat currencies as a means of stability. This has not always worked. Ingeniously, MakerDAO uses MKR to balance DAI as prices fluctuate. To accomplish this, MKR is created and destroyed in response to DAI price fluctuations. When DAI is in trouble, more MKR is created, and when DAI is doing well, less MKR is needed. MKR keeps DAI coin at the same value as $1, so 1 DAI equals 1USD.
Maker (MKR) To USD | MKR Conversion Calculator
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What is Maker (MKR)?
Buyers generate DAI through a collateralized debt position (CDP), which acts like a loan. Ether (ETH), used to purchase CDP, is then held as collateral against the loan – much like a house is held as collateral against a mortgage. When the loan is repaid, the DAI is ‘burned’ or destroyed. If the ETH price falls so quickly that DAI can’t deal with it, MKR is created and sold on the market to generate more collateral.
Maker (MKR) Market Price Ticker Chart
About Maker (MKR)
The one thing that makes MKR unique on the Maker platform is the Emergency Shutdown. Used as a last resort, the emergency shutdown will stop and settle the Maker protocol to ensure that everyone on the platform, CDP and DAI users, receive the net value of the assets to which they are entitled. So the Maker system is protected against a serious threat.
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