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Maker (MKR)

$591.509 (4.6%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
28 $594,808,000.00 $10,872,100.00 1,005,580 MKR -- 4.6% 1.14% -$27,209.41

Exchange Pair Volume (24h) Price
Coinbase Pro MKR/BTC 221,825.00 0.0500500000
MXC MKR/USDT 2,339,954.00 591.4000000000
Coinbase Pro MKR/USD 581,011.00 591.0176000000
OKEx MKR/USDT 1,529,681.00 592.1000000000
Binance MKR/USDT 430,629.00 592.0500000000
Binance MKR/BTC 171,932.00 0.0500750000
KuCoin MKR/USDT 484,299.00 591.6900000000
Uniswap (v2) 0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2/ETH 293,239.00 1.4955605041
AEX MKR/CNC 406,469.00 4,081.0000000000
OKEx MKR/BTC 428,396.00 0.0500000000
Binance MKR/BUSD 14,114.18 590.8300000000
Hotbit MKR/USDT 46,965.00 590.4207000000
Binance MKR/BNB 10,365.39 25.9090000000
KuCoin MKR/BTC 11,916.48 0.0500500000
BiKi MKR/USDT 208,185.00 591.6900000000
OKEx MKR/ETH 155,322.00 1.5000000000
Hotbit MKR/BTC 47,108.00 0.0501388600
KuCoin MKR/ETH 3,012.16 1.5000000000
ProBit MKR/USDT 88,324.00 592.0400000000
EXMO MKR/DAI 4,350.77 587.1210600000
Bitfinex MKR/USD 2,183.36 588.2300000000
Bitfinex MKR/ETH 1,378.25 1.4919000000
ProBit MKR/KRW 41,961.00 697,700.0000000000
Atomars MKR/BTC 841.24 0.0501600000
BigONE MKR/USDT 42,348.00 591.5000000000
Indodax MKR/IDR 14,849.37 8,612,000.0000000000
ProBit MKR/BTC 7,053.45 0.0500800000
Atomars MKR/ETH 8.43 1.5000000000
BitMart MKR/ETH 51,356.00 1.5000000000
Poloniex MKR/USDT 3,258.78 594.9326727700
BitMart MKR/BTC 34,371.00 0.0499000000
EXMO MKR/BTC 12,883.73 0.0506089600
IDCM MKR/USDT 4,130,915.00 586.7800000000
HitBTC MKR/ETH 1,860.43 1.4822500000
Oceanex MKR/VET 269,839.00 29,789.0000000000
Oceanex MKR/USDT 239,239.00 589.7400000000
Bvnex MKR/USDT 178,255.00 591.6000000000
Bitfinex MKR/BTC 1,821.05 0.0501310000
Omgfin MKR/USDT 93,376.00 591.5828000000
BitAsset MKR/BTC 253,146.00 0.0500000000
Gate.io MKR/USDT 2,404.22 590.3100000000
Omgfin MKR/BTC 60,052.00 0.0500632500
CoinEx MKR/USDT 47,260.00 593.5300000000
HitBTC MKR/BTC 8,803.96 0.0497100000
CoinEx MKR/BTC 36,697.00 0.0501113600
HitBTC MKR/DAI 246.05 579.2697000000
Dex-Trade MKR/BTC 1,149.69 0.0500500000
Omgfin MKR/ETH 8,797.10 1.4969900000
KuCoin MKR/DAI 229.74 581.6300000000
CoinEx MKR/ETH 36,691.00 1.5001003100
Tokenomy MKR/IDK 3,942.71 8,612.0000000000
Bibox MKR/USDT 424,242.00 586.8013000000
Bibox MKR/ETH 412,497.00 1.4860919400
Dex-Trade MKR/ETH 34.90 1.5000000000
Sistemkoin MKR/TRY 69,528.00 4,327.6400000000
Sistemkoin MKR/BTC 41,208.00 0.0501432100
Balancer 0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2/ETH 365,236.00 1.4893009134
Uniswap (v1) MKR/ETH 68,576.00 1.4989600400
Kyber Network MKR/ETH 19,443.82 1.4881885889
Bancor Network MKR/BNT 14,081.65 240.6895933539
Bibox MKR/BTC 350,135.00 0.0491600000
HitBTC MKR/USD 11,309.92 582.4000000000
Hoo.com MKR/USDT 189,228.00 592.7500000000
Hoo.com MKR/ETH 202,393.00 1.5038000000
FatBTC MKR/ETH 88,430.00 1.6669000000
Upbit MKR/BTC 14,556.81 0.0529889800
Poloniex MKR/BTC 12.49 0.0493822900
Idex MKR/ETH 3,344.19 1.3991093136
Upbit Indonesia MKR/BTC 15,072.74 0.0529889800
OKEx Korea MKR/USDT 480.76 584.4000000000
FTX MKR/USD 0.59 588.0000000000
FTX MKR/USDT 8,191.53 590.5000000000
GoPax MKR/KRW 97.30 690,000.0000000000
Gate.io MKR/ETH 250.54 1.4680000000
Bitfinex MKR/DAI 58.84 581.0300000000
Eterbase MKR/EUR 477.81 505.0000000000
CoinAll MKR/USDT 90.66 585.5000000000
CoinAll MKR/BTC 3.56 0.0497000000
1inch 0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2/ETH 237,090.00 1.4779661311
Balancer 0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2/USDC 2,544.78 589.0796109222
Deversifi MKR/USDT 172.94 578.2300000000
Tokenlon MKR/ETH 133.54 1.5252608530
Tokenlon MKR/USDT 118.03 578.5018480000
Deversifi MKR/ETH 23.70 1.4978000000
Cybex DEX MKR/ETH 1.47 1.4824636441
Zebitex MKR/ETH 0.00 0.0000000000
Zebitex MKR/USDT 0.00 0.0000000000
Zebitex MKR/BTC 0.00 0.0000000000
GoPax MKR/BTC 8.49 0.0512000000
Switcheo MKR/DAI 31.83 543.6000000000
Switcheo MKR/ETH 445.62 1.6800000000
BitBay MKR/BTC 2.37 0.0542449700
OasisDEX MKR/ETH 3.93 1.8023444000
0x Protocol MKR/USD 5,949.08 578.5018480392
Balancer 0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2/DAI 3,192.04 588.9165696830

Background

The MakerDAO network circulates two native tokens: DAI and MKR. DAI is a token that Maker aims to stabilize against the value of the dollar, and MKR is the DAO's native governance token. Dai is a currency token that seeks to maintain price stability against a specific peg, currently the U.S. dollar, to make it suitable for short-term and medium-term use as a unit of account and store of value. Tokens with these characteristics are commonly referred to as stablecoins. While fiat currencies like the dollar offer relatively low volatility, they are controlled by central parties like the Federal Reserve Bank and rely on the health of the local banking system for commercial use. Many users of cryptoassets consider user control and minimal volatility to be the holy grail of not just digital currencies but any currency. The maker project is seeking to reach this goal through the creation of the Dai token. The network consists of two components: Dai, which is a collateral-backed currency token whose value aims to be stable relative to the US Dollar, and Maker, a smart contract platform built on Ethereum that backs and stabilizes the value of Dai. Maker achieves this stability through a dynamic system of collateralized debt positions (CDPs), autonomous feedback mechanisms, and incentivizes for external actors. Maker allows anyone to leverage their Ethereum assets to generate Dai tokens on the Maker Platform. Once generated, Dai can be used in the same manner as any other cryptocurrency; it can be freely sent to others, used as payments for goods and services, or held as long-term savings. The MakerDAO system allows for Dai tokens to be pegged to the price of any asset, as decided by the networks underlying governance.

Technology

The MakerDAO system relies on two distinct tokens to create the Dai credit system. The Dai token (DAI) is a free-floating currency that is backed by collateral and pegged, currently, to the U.S. dollar. The Maker token (MKR) is a token that derives its value from the interest payments, called stability fees, which are paid by borrowers that create Dai tokens. MKR also plays the important role as the basis for governance decisions in the network. The Dai credit system acts similar to a decentralized lender, allowing users to lock up collateral in smart contracts and borrow DAI. A user that wishes to transact in DAI would send a specific amount of ETH to a contract which creates a collateralized debt position (CDP). Users can withdraw DAI from the contract at any time and similar to a line of credit, it is not required to withdraw the entire balance immediately. To retrieve collateral users repay the balance of DAI which they withdrew, along with an interest payment, called a stability fee, denominated in MKR. To hedge against a decline in the price of collateral users must overcollateralize these contracts. Currently, the network requires collateral of greater than 150% of the dollar value of the DAI borrowed. If the value of the collateral falls below 150% the CDP could be liquidated. This starts an auction process in which the assets of the CDP are sold in order to pay off the outstanding DAI loan balance, stability fees, and penalty fees. Holders of Maker tokens play two important roles in the MakerDAO system. First, they govern the network by voting on which types of collateral can be used, how much collateral must be posted, and any other changes to the network. Second, they act as a backstop in the case that collateral collapses before CDPs can be auctioned. In this extreme event new MKR tokens are created and sold off in order to stabilize the system. Maker token holders are incentivized to keep the network strong to avoid diluting their holdings. Third party network participants, known as “keepers” help maintain the price of DAI. Keepers are generally automated programs that take advantage of arbitrage opportunities to keep DAI nears its peg. They also participate in CDP auctions ensuring the orderly winddown of liquidated contracts. To allow the Maker platform to run in a decentralized manner a series of oracles are used to provide price data to smart contracts. Oracles provide information directly to contracts which can track the value of collateral, the target rate for DAI, and enforce liquidations for CDPs.



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