Maker Logo

Maker MKR

Maker header image

1. Summary

Fundamental Rank
Developer Rank
Social Rank
Coinrank
Price
$2,375.95 +6.2%
Market Cap
$2.14B (#54)
Supply
901,311.00 / 991,328.00
Description

When discussing Maker, we need to talk about the MKR token. The MKR Token was developed by MakerDAO and it is now used to support the stability of MakerDAO’s DAI token. Alongside this function, it also enables governance on key decisions on the operation as well as the future of the ecosystem.

When discussing Maker, we need to talk about the MKR token. The MKR Token was developed by MakerDAO and it is now used to support the stability of MakerDAO’s DAI token. Alongside this function, it also enables governance on key decisions on the operation as well as the future of the ecosystem.

The unique part about MakerDAO Is the fact that it actually takes advantage of two tokens. These are MKR and DAI.

Now, DAI is a stablecoin that is designed to provide an alternative to volatile cryptocurrencies. The MKR token on the other hand is used to keep DAI stable. The interesting part here is the fact that traditional stablecoins typically tend to use reserves of FIAT currencies (USD) or gold to peg a cryptocurrency to the value of a real-world asset, and this, in turn, keeps it stable. Well, MakerDAO uses the MKR token to stabilize DAI.

The MKR Token Explained

When we look into MKR, this token is intended to help keep the other token, the stablecoin DAI at the same value as $1. MKR can be created as well as destroyed in response to the price fluctuations of DAI in order to maintain its dollar-equivalent value.

The holders of MKR gain voting rights on the Maker platform’s approval voting system, where MKR voters can vote on things such as the collateralization rate of the CDPs.

For this participation, they gain MKR fees as a reward, and the holders are incentivized to vote in a way that benefits the system. If the system works efficiently then the value of MKR is maintained or increases as a result, while on the flip side, if it does not, the value drops. MKR is an ERC20 token that is constructed through the usage of Ethereum protocols.

Features of Maker

DAI uses a system of collateralization, where holders can act as part of the controlling mechanism which helps manage the network.

DAI is issued when buyers end up purchasing a smart contract-based collateralized debt position that acts as a loan. This is bought with Ether (ETH) and DAI is given as a response to this purchase. ETH acts as the collateral. The system allows individuals to obtain a loan against their ETH holding, and when the loan is repaid, the DAI is destroyed, and fees occur in MKR.

The MKR token is essentially a solution for the case where the price of ETH falls quicker than the DAI system can handle, and if the collateral system isn’t enough to cover the value of DAI, then MKR is created and then sold to the market to raise the additional collateral which is missing. The Maker Platform was actually formerly known as MakerDAO and is the protocol as well as the governance framework for DAI and MKR. It is a decentralized autonomous organization (DAO) on the Ethereum blockchain.

Founders of Maker (MKR)

When it comes to the founders, MakerDAO, which is the first in the Maker ecosystem, was developed in 2015 by Rune Christensen, which is an entrepreneur.

The interesting part about Christensen is the fact that he has a degree in biochemistry, however, also studied international business. Before he started work on MakerDAO however, he co-founded and managed the Try China international recruiting company.

2. Price

$MKR / USD

2.1. Market Performance

How does Maker's (MKR) performance compare to assets of a similar market capitalization?

30 Day Return

-34.7%

MKR

-19.5%

Similar Market Cap

60 Day Return

-10.9%

MKR

-0.2%

Similar Market Cap

1 Year Return

371.4%

MKR

614.2%

Similar Market Cap

3. Developer Activity

We're monitoring 250 Maker Github repos for commits, code additions and deletions. This data is factored into the Developer Rank.

Weekly Commits (All Maker Repos)

Commits vs. The Market

  • Past 4 weeks: 376 commits vs. an average of 40
  • Past 12 weeks: 1,202 commits vs. an average of 144
  • Past year: 7,203 commits vs. an average of 980

Most Active Repos

Past week 136
Past 12 weeks 291
Past year 1306
Past week 44
Past 12 weeks 172
Past year 837
Past week 68
Past 12 weeks 122
Past year 691
Past week 1
Past 12 weeks 1
Past year 528
Past week 0
Past 12 weeks 0
Past year 446
Past week 18
Past 12 weeks 98
Past year 436
4. Social Activity
Reddit Subscribers 30,393
Active Reddit Users (past 24h) 212
Telegram Users 0
Twitter followers 183,272
5. News
6. More Information

Always do your own research (DYOR) before making any investment. Here's some links you might find helpful:

Website https://makerdao.com/
Explorer https://etherscan.io/token/0x9f8f72aa9304c8b593d555f12ef6589cc3a579a2
Twitter @MakerDAO
reddit /r/MakerDAO
Please use this form to suggest changes to the data.

Stay updated

Get crypto insights and news directly in your inbox each week. 100% free.

We hate spam & care about the protection of your data. Privacy Policy.