07/21/2024
BTC68,080.0
ETH3,484.68
USDT1.0
BNB601.22
SOL157.29
USDC0.999778
XRP0.558942
DOGE0.131511
BUSD1.009

Maker (MKR) Price

MKR
4,1
$2,910.35
Market cap
2,709,419,326.0
Total volume
231,269,519
Circulating supply
930,158
Total supply
977,631
MKR is recognized as a pivotal component in the realm of cryptocurrency, serving as an innovative smart contract platform in tandem with the Dai token, with the aim to provide a stable trading alternative amidst the volatility typical of the crypto market. Highlighting its commitment to stability, Maker introduces a stablecoin framework that maintains full transparency on the Ethereum blockchain. Established nearly three years ago under the guidance of Rune Christensen, its CEO and founder, MakerDao has carved its niche within the digital currency community. Despite MKR's relatively recent entrance to the trading scene and its previous lack of widespread recognition, its recent surge by 40% has catapulted it into the limelight, marking it as a significant player amidst the recent market fluctuations.

The MakerDAO team brought Maker Dai to life on December 18th, 2017. Dai stands as a stablecoin designed for a myriad of financial activities including payments, savings, and use as collateral, thereby offering traders a broader spectrum of strategic options for managing their positions. Dai's operations are fully conducted on the blockchain, ensuring its stability is not influenced by legal systems or third parties, thus supporting trading activities purely within the cryptocurrency ecosystem. The principle behind a stablecoin, like Dai, is relatively simple – it is a digital token whose value is pegged to a specified fiat currency, maintaining steadiness in value contrary to the inherent volatility observed in tokens like Bitcoin and Ethereum.

MKR, functioning as an ERC-20 token within the Ethereum blockchain, defies the typical mining process. It is dynamically generated or annihilated in reaction to Dai’s valuation shifts to maintain its target value around $1 USD. MKR serves a dual purpose within the Maker ecosystem: facilitating payment of transaction fees and securing the system through collateralization. Ownership of MKR bestows voting rights through Maker’s continuous approval voting mechanism, emphasizing the vital role of sound governance. Poor management practices risk the devaluation of MKR tokens, thus motivating holders to engage in voting that aligns with the system’s overarching welfare. This represents a key utilization of blockchain’s decentralized, democratic capabilities.

Comparatively examining value volatility, it is evident that this concept is not exclusive to cryptocurrencies but extends to fiat currencies as well. For instance, the US dollar's value against the yen has experienced notable fluctuations over the years, reflecting significant shifts in exchange rates. Variability in inflation rates across different periods further complicates the internal value comparisons within a single currency. The concept of $1 has undergone substantial transformation from its worth in 1913 to its value today. Unlike traditional fluctuating currencies, stablecoins like Tether and Dai are pegged to the U.S. dollar, aiming to mitigate price instabilities and offer a semblance of financial steadiness.
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Converters MKR

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BNB (BNB)
$601.22
0.51%
Buy
Bitcoin Cash (BCH)
$400.06
1.56%
Buy
Cardano (ADA)
$0.431593
-1.24%
Buy
Chainlink (LINK)
$14.23
0.38%
Buy
Polygon (MATIC)
$0.549545
1.89%
Buy
Ripple (XRP)
$0.558942
4.86%
Buy
Shiba Inu (SHIB)
$0.00001982
6.53%
Buy
Solana (SOL)
$157.29
0.38%
Buy
Tether (USDT)
$1.0
-0.05%
Buy
Toncoin (TON)
$7.6
0.22%
Buy

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