Maker (MKR)

$510.791 (11.68%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
23 $510,791,000.00 $7,222,610.00 1,000,000 MKR 32 11.68% 1.45% -$59,660.39

Exchange Pair Volume (24h) Price
KuCoin MKR/BTC 73,565.00 0.0608400000
KuCoin MKR/ETH 75,609.00 2.7378000000
Omgfin MKR/BTC 24,681.00 0.0614623800
Omgfin MKR/USDT 34,953.00 511.3771000000
KuCoin MKR/DAI 25,948.00 503.0400000000
EXMO MKR/BTC 16,570.19 0.0617341900
Omgfin MKR/ETH 3,556.22 2.7592740000
Omgfin MKR/UQC 1,212.44 5,909.4621000000
Atomars MKR/ETH 142.22 2.7360000000
Oasis Trade MKR/DAI 17,081.78 527.2533670700
OKEx MKR/BTC 126,561.00 0.0610000000
Oceanex MKR/VET 234,261.00 141,579.0000000000
Oceanex MKR/USDT 204,032.00 503.6100000000
OKEx MKR/ETH 54,256.00 2.7300000000
OKEx MKR/USDT 73,362.00 506.7000000000
Shortex MKR/BTC 32,655.00 0.0610270700
HitBTC MKR/ETH 2,008.43 2.7432500000
Radar Relay MKR/WETH 5,029.87 2.6950735828
HitBTC MKR/BTC 6,347.06 0.0616800000
Shortex MKR/ETH 3,149.06 2.7342682600
Whitebit MKR/USD 12,194.29 506.7000000000
Whitebit MKR/ETH 17,261.08 2.7300000000
Probit MKR/USDT 24,045.00 513.7900000000
Oasis Trade MKR/ETH 2,551.25 2.7169402800
EXMO MKR/DAI 19,024.50 518.1107300000
Switcheo MKR/ETH 173.31 2.7200000000
Switcheo MKR/DAI 43.77 514.5700000000
Atomars MKR/BTC 4,128.94 0.0601700000
Bamboo Relay MKR/WETH 201.77 2.6950735828
BitMart MKR/ETH 1,612.89 2.7300000000
Bkex MKR/ETH 3,383,308.00 2.7613572600
BitAsset MKR/BTC 344,826.00 0.0610000000
Bkex MKR/USDT 214,012.00 504.1000000000
Sistemkoin MKR/USDT 71,740.00 503.2000000000
Ethfinex MKR/ETH 26,195.00 2.7476000000
ChainEX MKR/BTC 29,662.00 0.0605084200
Whitebit MKR/BTC 24,565.00 0.0610000000
Probit MKR/BTC 10,962.48 0.0608500000
Uniswap MKR/ETH 360,627.00 2.7057079200
Kyber Network MKR/ETH 69,181.00 2.7241812863
Cybex DEX MKR/ETH 3,358.46 2.7324561404
Bancor Network MKR/BNT 1,424.47 1,431.6658644176
LocalTrade MKR/BTC 1,154.42 0.0600500000
Trade.io MKR/BTC 974.23 0.0608400000
Trade.io MKR/ETH 922.35 2.7376000000
LocalTrade MKR/ETH 464.29 2.7370000000
BitMart MKR/BTC 34.78 0.0392035000
FatBTC MKR/ETH 62,479.00 2.6030000000
OKEx Korea MKR/ETH 0.00 2.7300000000
OKEx Korea MKR/USDT 0.00 506.7000000000
Tokenize MKR/ETH 11,101.21 2.7700000000
Upbit MKR/BTC 7,483.83 0.0622961900
Bittrex MKR/ETH 4,550.58 2.7730892900
GoPax MKR/KRW 687.40 609,500.0000000000
HitBTC MKR/DAI 0.05 504.8675000000
Ethfinex MKR/BTC 5,409.58 0.0613920000
Ethfinex MKR/USD 2,260.26 513.3400000000
Sistemkoin MKR/TRY 55,809.00 3,026.3400000000
Sistemkoin MKR/BTC 32,007.00 0.0609895100
Sistemkoin MKR/ETH 17,439.16 2.7345536100
Bibox MKR/ETH 165.88 2.8130227200
Ethfinex MKR/DAI 49.65 494.7500000000
Upbit Indonesia MKR/BTC 293,067.00 0.0622961900
DDEX MKR/WETH 3,048.14 2.7263000000
Bittrex MKR/BTC 7,484.02 0.0622962000
Tokenize MKR/BTC 8,525.62 0.0600000000
HitBTC MKR/USD 0.00 496.1040000000
Bamboo Relay MKR/DAI 0.00 549.6131875188
Radar Relay MKR/DAI 0.00 549.6131875188
OKEx Korea MKR/BTC 0.00 0.0610000000
Gate.io MKR/USDT 0.00 485.6800000000
Gate.io MKR/ETH 0.00 2.7039000000
Bibox MKR/BTC 39.59 0.0750286900
Coinplace MKR/BTC 318.48 0.0543984200
COSS MKR/BTC 0.00 0.0645100000
3XBIT MKR/USD 0.00 0.0000000000
COSS MKR/USDT 0.00 552.6000000000
LocalTrade MKR/USD 0.00 0.0000000000
Shortex ETH/MKR 0.00 0.0000000000
COSS MKR/COS 0.00 11,002.2500000000
COSS MKR/ETH 0.00 2.8517000000

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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