Maker (MKR)

$491.32 (7.02%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
22 $491,320,000.00 $2,177,200.00 1,000,000 MKR 60 7.02% -2.56% -$34,490.66

Exchange Pair Volume (24h) Price
Shortex MKR/BTC 42,573.00 0.0490476000
Ethfinex MKR/ETH 22,322.00 2.6641000000
Ethfinex MKR/USD 5,364.48 487.9600000000
Shortex MKR/ETH 3,021.46 2.5936864200
Ethfinex MKR/BTC 7,505.29 0.0489170000
EXMO MKR/BTC 7,953.30 0.0478353100
Bkex MKR/ETH 409,576.00 2.5700000000
HitBTC MKR/BTC 41,412.00 0.0484100000
Oceanex MKR/VET 277,924.00 113,277.0000000000
Oceanex MKR/USDT 254,309.00 490.1000000000
HitBTC MKR/USD 4,305.05 491.3540000000
KuCoin MKR/DAI 14,593.30 484.0300000000
OKEx MKR/ETH 7,212.64 2.5900000000
Sistemkoin MKR/USDT 102,329.00 491.5500000000
Upbit MKR/BTC 10,363.64 0.0480024100
Bittrex MKR/BTC 10,367.76 0.0480024100
KuCoin MKR/ETH 15,078.17 2.6323000000
OKEx MKR/BTC 23,156.00 0.0490000000
KuCoin MKR/BTC 14,984.39 0.0483400000
HitBTC MKR/ETH 13,424.43 2.6527100000
Bittrex MKR/ETH 3,908.72 2.6139074200
Probit MKR/USDT 22,988.00 490.2500000000
ChainEX MKR/BTC 25,857.00 0.0475829900
BitAsset MKR/BTC 10,128.05 0.0490000000
OKEx MKR/USDT 3,384.22 490.3000000000
Whitebit MKR/USD 1,858.70 489.3900000000
Bibox MKR/BTC 1,774.98 0.0480628200
Bibox MKR/ETH 1,748.39 2.6136014400
Whitebit MKR/ETH 2,276.06 2.6641000000
HitBTC MKR/DAI 1,522.93 485.8763000000
Sistemkoin MKR/TRY 55,050.00 2,880.0100000000
Whitebit MKR/BTC 988.79 0.0489170000
Probit MKR/BTC 2,611.31 0.0483400000
BitMart MKR/BTC 1,696.31 0.0490000000
Sistemkoin MKR/ETH 1,457.76 2.6035427900
BitMart MKR/ETH 348.69 2.5900000000
Kyber Network MKR/ETH 28,853.00 2.6548248975
Cybex DEX MKR/ETH 4,166.65 2.6453252033
Uniswap MKR/ETH 89,854.00 2.6330353770
Bancor Network MKR/BNT 7,349.74 1,300.1458591093
Trade.io MKR/BTC 7,252.64 0.0483100000
Trade.io MKR/ETH 6,926.54 2.6323000000
LocalTrade MKR/BTC 1,113.98 0.0482890200
EXMO MKR/DAI 8,892.48 459.2497500000
Bkex MKR/USDT 434,510.00 516.1000000000
FatBTC MKR/ETH 5,407.34 2.7611000000
FatBTC MKR/DAI 4,671.91 428.5400000000
Coinplace MKR/BTC 595.00 0.0749180700
LocalTrade MKR/ETH 0.00 2.5653681500
LocalTrade MKR/USD 0.00 508.1778062900
LocalTrade MKR/USDT 0.00 508.1778062900
GoPax MKR/KRW 462.87 585,500.0000000000
Radar Relay MKR/DAI 36.07 478.0384197103
Radar Relay MKR/WETH 25.79 2.6086439557
Tokenize MKR/ETH 9,183.67 2.5700000000
Switcheo MKR/DAI 163.09 486.8300000000
Switcheo MKR/ETH 65.28 2.6000000000
Idex MKR/ETH 85.61 2.6400136283
Bamboo Relay MKR/WETH 223.43 2.6086439557
Ethfinex MKR/DAI 53.24 531.0000000000
Sistemkoin MKR/BTC 5,954.41 0.0478971100
Bamboo Relay MKR/DAI 36.07 478.0384197103
DDEX MKR/WETH 62.61 2.6233000000
DDEX MKR/DAI 5.37 532.7000000000
Tokenize MKR/BTC 10,031.32 0.0450000000
Gate.io MKR/USDT 53.13 534.8300000000
Gate.io MKR/ETH 0.00 2.4979000000
3XBIT MKR/USD 0.00 0.0000000000
Atomars MKR/ETH 0.00 3.5019170000
Atomars MKR/BTC 0.00 0.1055462900
Atomars MKR/USDT 0.00 650.7100000000
AlterDice MKR/USD 0.00 553.3100000000
AlterDice MKR/BTC 0.00 0.1055462900
AlterDice MKR/ETH 0.00 3.5019170000

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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