Maker (MKR)

$476.151 (-1.32%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
26 $470,743,000.00 $3,514,660.00 988,642 MKR 52 -1.32% 1.33% $6,285.19

Exchange Pair Volume (24h) Price
Switcheo MKR/ETH 74.70 2.9000000000
KuCoin MKR/ETH 18,891.97 2.8242000000
Probit MKR/USDT 81,316.00 471.1600000000
Probit MKR/KRW 38,864.00 545,050.0000000000
KuCoin MKR/BTC 3,756.03 0.0545200000
EXMO MKR/BTC 12,290.31 0.0543964200
EXMO MKR/DAI 17,091.52 468.8316800000
Bitsten MKR/USDT 15,413.90 472.0000000000
KuCoin MKR/DAI 487.77 470.7800000000
Probit MKR/BTC 1,013.48 0.0545200000
Oceanex MKR/VET 227,448.00 83,119.0000000000
Oceanex MKR/USDT 187,220.00 475.5500000000
HitBTC MKR/ETH 189.94 2.8300000000
Bvnex MKR/USDT 122,615.00 472.4000000000
Omgfin MKR/USDT 31,949.00 476.4582000000
Omgfin MKR/BTC 21,928.00 0.0550066900
OKEx MKR/ETH 4,611.25 2.8800000000
OKEx MKR/USDT 21,244.00 476.0000000000
HitBTC MKR/BTC 5,060.62 0.0544500000
Bitfinex MKR/ETH 5,234.84 2.8483000000
HitBTC MKR/DAI 93.95 471.7743000000
Omgfin MKR/ETH 3,094.43 2.8442250000
WhiteBIT MKR/ETH 20,081.00 2.8699980000
CoinEx MKR/USDT 30,332.00 471.0500000000
WhiteBIT MKR/USD 7,067.81 476.0000000000
BitAsset MKR/BTC 16,963.15 0.0550000000
Atomars MKR/ETH 43.97 2.8242000000
Atomars MKR/BTC 179.08 0.0545200000
Omgfin MKR/UQC 905.48 1,502.7938000000
FatBTC MKR/ETH 166,583.00 2.8627000000
HitBTC MKR/USD 147.40 474.4210000000
WhiteBIT MKR/BTC 76,608.00 0.0550000000
Sistemkoin MKR/USDT 69,497.00 485.0000000000
OKEx MKR/BTC 8,522.20 0.0550000000
CoinEx MKR/BTC 29,892.00 0.0546722800
BitMart MKR/BTC 245.03 0.0550000000
BitMart MKR/ETH 162.31 2.8800000000
Sistemkoin MKR/TRY 60,125.00 2,857.0500000000
Sistemkoin MKR/BTC 37,521.00 0.0549677800
Sistemkoin MKR/ETH 16,777.17 2.8877453200
Uniswap MKR/ETH 151,753.00 2.8654070600
Kyber Network MKR/ETH 66,215.00 2.8740552385
OasisDEX MKR/SAI 2,224.86 479.6128112000
Bamboo Relay MKR/WETH 47.69 2.8641000000
Bitfinex MKR/BTC 466.27 0.0558300000
eToroX MKR/ETH 4,992.71 2.8640000000
eToroX MKR/BTC 4,935.79 0.0550000000
Bitfinex MKR/USD 136.39 472.1000000000
Gate.io MKR/USDT 72.72 455.0300000000
Idex MKR/ETH 202.93 2.7419800589
Bibox MKR/BTC 61.38 0.0551464900
Cybex DEX MKR/ETH 1.20 2.8279871692
Switcheo MKR/DAI 50.86 474.7100000000
Upbit MKR/BTC 201.20 0.0539980000
OasisDEX MKR/ETH 1,332.87 0.0000000000
Gate.io MKR/ETH 149.58 3.0942000000
Bitfinex MKR/DAI 44.08 435.0100000000
GoPax MKR/KRW 206.55 545,000.0000000000
Bibox MKR/ETH 4.24 3.5055199700
Upbit Indonesia MKR/BTC 1,071.87 0.0539980000
ForkDelta MKR/ETH 2.57 3.1000000000
Trade Satoshi MKR/BTC 1.93 0.0591505000
Trade Satoshi MKR/USDT 0.37 503.2323701000
Bitcratic MKR/ETH 0.33 100.0000000000
Trade Satoshi MKR/DOGE 0.29 210,000.0000000000
Saturn Network MKR/ETH 0.00 2.0000000000

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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