Maker (MKR)

$1,536.94 (45.63%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
28 $1,530,690,000.00 $249,514,000.00 995,934 MKR -- 45.63% -0.52% -$701,305.72

Exchange Pair Volume (24h) Price
Coinbase Pro MKR/USD 15,880,706.00 1,560.6643000000
Uniswap (v2) 0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2/ETH 5,103,098.00 1.2624124688
Binance MKR/USDT 11,626,222.00 1,565.9300000000
Coinbase Pro MKR/BTC 2,639,164.00 0.0420400000
Balancer 0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2/ETH 1,807,877.00 1.2581153266
OKEx MKR/USDT 8,752,526.00 1,560.6000000000
Crypto.com MKR/USDT 218,347.00 1,567.2100000000
HitBTC MKR/BTC 1,256,412.00 0.0420800000
Huobi Global MKR/USDT 3,070,141.00 1,562.7000000000
P2PB2B MKR/BTC 120,921.00 0.0422220000
Crypto.com MKR/CRO 160,680.00 19,910.6800000000
Sushiswap 0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2/ETH 1,328,371.00 1.2613103155
HitBTC MKR/USD 1,485,985.00 1,562.5100000000
Paribu MKR/TRY 8,184,623.00 11,551.0000000000
XT MKR/USDT 362,040.00 1,563.2706000000
HitBTC MKR/ETH 255,310.00 1.2723600000
Binance MKR/BTC 2,502,462.00 0.0420350000
Digifinex MKR/USDT 9,947,060.00 1,564.5000000000
MXC MKR/USDT 9,537,074.00 1,570.2000000000
Gemini MKR/USD 572,539.00 1,561.0800000000
CoinTiger MKR/USDT 113,168.00 1,557.8000000000
AEX MKR/CNC 1,141,840.00 9,989.0000000000
P2PB2B MKR/USD 206,495.00 1,571.9300000000
WhiteBIT MKR/USDT 1,126,515.00 1,565.1300000000
Dcoin MKR/USDT 8,595,873.00 1,563.5800000000
Bilaxy MKR/USDT 1,751,195.00 1,561.9500000000
Binance US MKR/USD 434,843.00 1,559.5476000000
P2PB2B MKR/USDT 166,071.00 1,572.0200000000
Binance MKR/BUSD 1,084,269.00 1,566.0200000000
OKEx MKR/BTC 2,733,197.00 0.0421000000
CoinJar Exchange MKR/BTC 106,621.00 0.0413600000
KuCoin MKR/USDT 122,208.00 1,558.3800000000
Bitrue MKR/USDT 68,804.00 1,568.9400000000
CoinJar Exchange MKR/AUD 97,831.00 2,010.0000000000
FTX MKR/USD 16,151.61 1,578.0000000000
Binance US MKR/USDT 235,688.00 1,559.0400000000
BigONE MKR/USDT 1,177,052.00 1,535.8100000000
Bitfinex MKR/BTC 12,090.31 0.0415640000
Atomars MKR/BTC 12,968.29 0.0422200000
Hotbit MKR/BTC 58,659.00 0.0421309700
Virgox MKR/USDT 1,032,111.00 1,564.5500000000
FTX MKR/USDT 16,371.28 1,571.0000000000
Binance MKR/BNB 166,383.00 36.1320000000
WhiteBIT MKR/RUB 357,626.00 112,615.5700000000
Huobi Global MKR/BTC 257,021.00 0.0420610000
Bitfinex MKR/USD 88,377.00 1,575.0000000000
Atomars MKR/USDT 49,212.00 1,563.7300000000
WhiteBIT MKR/UAH 122,786.00 43,373.1840000000
Emirex MKR/USDT 88,717.00 1,562.0900000000
BTC-Alpha MKR/USDT 572,942.00 1,568.0900000000
Indodax MKR/IDR 162,633.00 22,168,750.0000000000
KuCoin MKR/BTC 44,109.00 0.0420100000
BiKi MKR/USDT 345,670.00 1,562.9600000000
Oceanex MKR/VET 697,404.00 56,075.0000000000
Bittrex MKR/BTC 17,808.70 0.0415169200
Hotbit MKR/USDT 238,033.00 1,571.2388000000
Bibox MKR/BTC 271,259.00 0.0419335600
Huobi Global MKR/ETH 83,391.00 1.2693000000
WazirX MKR/USDT 20,087.00 1,549.7400000000
KuCoin MKR/ETH 13,283.09 1.2701000000
Oceanex MKR/USDT 395,693.00 1,555.5500000000
CoinEx MKR/USDT 115,170.00 1,570.6000000000
Bibox MKR/ETH 324,083.00 1.2712283400
OKEx MKR/ETH 1,144.14 1.2750000000
Emirex MKR/BTC 22,978.00 0.0423130000
Gate.io MKR/USDT 47,734.00 1,565.9930000000
Bitfinex MKR/ETH 929.40 1.2731000000
GokuMarket MKR/ETH 275,544.00 1.2673739600
GokuMarket MKR/BTC 259,631.00 0.0421603100
GokuMarket MKR/USDT 257,677.00 1,570.7593490700
CoinEx MKR/BTC 70,385.00 0.0420737400
BitBay MKR/PLN 145,027.00 5,850.0000000000
Bittrex MKR/USDT 18,517.75 1,568.0000000000
LATOKEN MKR/BTC 3,081.84 0.0422380000
ProBit MKR/KRW 209,189.00 1,714,700.0000000000
Gate.io MKR/ETH 4,896.80 1.2682800000
ProBit MKR/USDT 253,922.00 1,560.3900000000
Liquid MKR/BTC 33.38 0.0404900000
ProBit MKR/BTC 126,488.00 0.0420500000
Liquid MKR/USDT 0.53 1,540.0000000000
CoinEx MKR/ETH 69,680.00 1.2715356300
Aprobit MKR/KRW 218,505.00 1,710,000.0000000000
LATOKEN MKR/USDT 1,785.50 1,559.3600000000
KuCoin MKR/DAI 16,097.13 1,496.2900000000
Bittrex MKR/ETH 4,592.88 1.2509767300
Poloniex MKR/USDT 2,153.51 1,589.4811729400
BitZ MKR/USDT 18,013,231.00 1,562.9201000000
VCC Exchange MKR/USDT 8,102,390.00 1,564.9900000000
VCC Exchange MKR/BTC 1,705,411.00 0.0422000000
HitBTC MKR/DAI 28.03 1,455.6300000000
CoinJar Exchange MKR/GBP 4,787.44 1,098.0000000000
Bvnex MKR/USDT 568,255.00 1,564.5000000000
Balancer 0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2/DAI 54,458.00 1,507.6342543804
Omgfin MKR/USDT 227,060.00 1,576.2800000000
Omgfin MKR/BTC 150,339.00 0.0416970000
TOKOK MKR/USDT 616,728.00 1,564.8800000000
FatBTC MKR/ETH 256,527.00 1.4688000000
Omgfin MKR/ETH 29,235.00 1.2666000000
EXMO MKR/DAI 10,195.95 1,269.7825262000
Zebitex MKR/BTC 1.65 0.0397169600

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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