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Maker MKR

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1. Summary

Fundamental Rank
98
Developer Rank
94
Social Rank
98
Coinrank
98
Price
$2,420.49 +9.0%
Market Cap
$2.17B (#32)
Supply
901,311 / 991,423
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.

The unique part about Ma...

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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

-12%

MKR

-12%

Similar Market Cap

60 Day Return

-40%

MKR

-48%

Similar Market Cap

1 Year Return

363%

MKR

107%

Similar Market Cap

3. Developer Activity

We're monitoring 100 Github repos for the Maker project.

Commits vs. The Market

  • Past 4 weeks: 326 commits vs. an average of 58
  • Past 12 weeks: 1,218 commits vs. an average of 244
  • Past year: 5,571 commits vs. an average of 1,512

Top Repos by Code Commits

Past week 83
Past 12 weeks 333
Past year 903
Past week 16
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Past year 801
Past week 0
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Past year 614
Past week 52
Past 12 weeks 93
Past year 435
Past week 63
Past 12 weeks 186
Past year 259
Past week 18
Past 12 weeks 99
Past year 245
Past week 2
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Past week 5
Past 12 weeks 25
Past year 189
Past week 12
Past 12 weeks 38
Past year 159
Past week 3
Past 12 weeks 9
Past year 144
Past week 0
Past 12 weeks 68
Past year 119
Past week 0
Past 12 weeks 10
Past year 103
4. Social Activity
Reddit Subscribers (MakerDAO) 28,277
Active Reddit Users 145
Telegram Users 0
Twitter followers 161,082
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