Maker (MKR) Price
MKR
$2,990.69
Market cap
2,766,815,536.0
Total volume
98,676,566
Circulating supply
925,123
Total supply
977,631
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 $1 has undergone substantial transformation from its worth in 1913 to its value today. Unlike traditional fluctuating currencies, stablecoins like Tether and Dai are pegged to the U.S. dollar, aiming to mitigate price instabilities and offer a semblance of financial steadiness.
Converters MKR
amount
EURO
JPY
USD
Explore more
Popular
Best Crypto Under 1$ that Have the Potential to Surge in 2024
For those interested in exploring beyond the popular cryptocurrencies and seeking to invest in lower-priced digital assets, we have compiled a list of promising cryptocurrencies under $1. This list aims to provide investors with the opportunity to explore new and potentially lucrative digital assets.
News
HowTo
Last news
03/20/2024
03/19/2024
10/06/2023
09/27/2023
09/20/2023
