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Maker (MKR)

$2,639.15 (19.76%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
39 $2,616,260,000.00 $119,389,000.00 991,328 MKR -- 19.76% -6.06% -$521,496.04

Exchange Pair Volume (24h) Price
FTX MKR/USD 134,454.00 2,673.0000000000
Coinbase Exchange MKR/USD 3,789,494.00 2,670.0000000000
Phemex MKR/USDT 471,798.00 2,680.3200000000
Uniswap (v2) 0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2/ETH 382,403.00 1.1666009560
Sushiswap 0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2/ETH 322,750.00 1.1672109424
Binance MKR/USDT 5,992,554.00 2,669.3800000000
HitBTC MKR/BTC 94,872.00 0.0682200000
Bitcoin.com Exchange MKR/BTC 94,872.00 0.0682200000
Balancer (v2) 0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2/ETH 211,383.00 1.1680100062
Uniswap (v3) 0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2/ETH 1,318,180.00 1.1659195744
VCC Exchange MKR/USDT 1,163,260.00 2,687.8700000000
Crypto.com Exchange MKR/USDT 264,723.00 2,679.0500000000
P2PB2B MKR/BTC 80,908.00 0.0681420000
Huobi Global MKR/USDT 807,391.00 2,680.7300000000
Bancor Network MKR/BNT 630,031.00 818.6607988341
Crypto.com Exchange MKR/CRO 334,928.00 22,060.8100000000
OKEx MKR/USDT 4,627,382.00 2,682.3000000000
Kraken MKR/USD 314,927.00 2,658.6000000000
BtcTurk PRO MKR/TRY 763,509.00 22,977.0000000000
HitBTC MKR/USDT 981,758.00 2,676.8390000000
Bitcoin.com Exchange MKR/USD 978,134.00 2,678.9330000000
Coinbase Exchange MKR/BTC 213,200.00 0.0681700000
Gate.io MKR/USDT 46,357.00 2,688.3700000000
Binance US MKR/USD 376,288.00 2,656.3838000000
Kraken MKR/EUR 126,171.00 2,248.6000000000
OKEx MKR/BTC 534,123.00 0.0682000000
Gemini MKR/USD 92,501.00 2,659.6200000000
VCC Exchange MKR/BTC 266,262.00 0.0683720000
Binance US MKR/USDT 97,970.00 2,683.6800000000
WhiteBIT MKR/USDT 944,174.00 2,669.6100000000
Binance MKR/BTC 545,200.00 0.0690170000
Dcoin MKR/USDT 9,669,127.00 2,684.9900000000
HitBTC MKR/ETH 29,106.00 1.1667300000
Bitcoin.com Exchange MKR/ETH 29,106.00 1.1667300000
CoinTiger MKR/USDT 201,322.00 2,688.2000000000
KuCoin MKR/USDT 238,892.00 2,683.2000000000
Bithumb MKR/KRW 145,831.00 3,097,000.0000000000
CoinJar Exchange MKR/AUD 191,080.00 3,600.0000000000
Tokenize MKR/USD 2,998,000.00 2,654.7200000000
GokuMarket MKR/USDT 3,371,302.00 2,690.9393124300
Binance MKR/BUSD 438,228.00 2,669.8800000000
P2PB2B MKR/USD 567,481.00 2,688.3300000000
CoinJar Exchange MKR/BTC 166,722.00 0.0681400000
CoinJar Exchange MKR/GBP 71,504.00 1,917.0000000000
AEX MKR/CNC 160,993.00 17,238.0000000000
BitBNS MKR/INR 356,553.00 205,397.6000000000
Bitfinex MKR/USD 20,242.00 2,682.3000000000
Balancer (v1) 0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2/ETH 45,400.00 1.1727274505
XT.COM MKR/USDT 1,956,670.00 2,686.3859000000
GokuMarket MKR/BTC 1,722,533.00 0.0683742100
BitZ MKR/USDT 1,150,431.00 2,677.3251000000
GokuMarket MKR/ETH 949,916.00 1.1676629000
Bitkub MKR/THB 75,092.00 87,244.0900000000
P2PB2B MKR/USDT 586,273.00 2,688.3300000000
BtcTurk PRO MKR/USDT 82,471.00 2,689.8000000000
Uniswap (v3) DAI/0X9F8F72AA9304C8B593D555F12EF6589CC3A579A2 260,685.00 0.0003764619
Zipmex MKR/IDR 8,170.39 38,748,576.0000000000
Bilaxy MKR/USDT 695,484.00 2,691.3300000000
Virgox MKR/USDT 663,329.00 2,690.3900000000
Paribu MKR/TRY 665,664.00 22,919.0600000000
Binance MKR/BNB 57,143.00 8.5250000000
Zipmex MKR/SGD 6,859.15 3,648.6900000000
Zipmex MKR/THB 18,025.26 87,235.8600000000
Emirex MKR/USDT 100,205.00 2,658.3700000000
Bibox MKR/USDT 45,690.00 2,677.5000000000
Bittrex MKR/BTC 11,645.57 0.0681305500
Zipmex MKR/AUD 7,377.93 3,633.6700000000
Bittrex MKR/USDT 9,442.43 2,672.9170000000
CEX.IO MKR/USD 39,356.00 2,655.3000000000
Huobi Global MKR/BTC 22,836.00 0.0682750000
KickEX MKR/USDT 249,128.00 2,685.8600000000
Zipmex MKR/USDT 7,264.62 2,676.4800000000
Oceanex MKR/USDT 1,297,515.00 2,687.0200000000
LATOKEN MKR/USDT 183,087.00 2,688.2000000000
Bibox MKR/ETH 291,665.00 1.1710476900
Zipmex MKR/USD 7,144.93 2,673.1800000000
BitMart MKR/ETH 859,765.00 1.1675000000
Bitget MKR/BTC 1,388,975.00 0.0680690000
Hanbitco MKR/BTC 1,958,018.00 0.0681100000
AAX MKR/USDT 438,580.00 2,688.8400000000
Huobi Global MKR/HUSD 352,859.00 2,681.5200000000
CoinEx MKR/BTC 2,979.02 0.0682310000
Hoo.com MKR/USDT 78,872.00 2,653.6900000000
Indodax MKR/IDR 53,326.00 38,951,998.0000000000
Bitget MKR/USDT 851,611.00 2,686.0300000000
Oceanex MKR/VET 1,304,601.00 32,110.0000000000
KuCoin MKR/BTC 21,855.00 0.0678600000
CoinEx MKR/USDT 4,297.51 2,690.9200000000
Emirex MKR/BTC 22,415.00 0.0699460000
CoinEx MKR/ETH 3,014.27 1.1681325400
BitMart MKR/BTC 557,168.00 0.0682000000
BTC-Alpha MKR/USDT 182,774.00 2,677.7800000000
ExMarkets MKR/USDT 555,417.00 2,685.6355000000
Huobi Global MKR/ETH 10,380.98 1.1670000000
Paribu MKR/USDT 15,285.33 2,683.8400000000
ExMarkets MKR/BTC 250,486.00 0.0681870000
BigONE MKR/USDT 235,218.00 2,690.5800000000
ProBit MKR/USDT 426,502.00 2,688.6700000000
LATOKEN MKR/BTC 10,380.73 0.0683150000
Poloniex MKR/USDT 1,146.15 2,668.2690046100

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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