The live price of Maker (MKR) today is 2,062.10 USD, and with the current circulating supply of Maker at 923,281.39 MKR, its market capitalization stands at 1,903,895,903 USD. In the last 24 hours MKR price has moved 0.79 USD or 0.00% while 22,794,274 USD worth of MKR has been traded on various exchanges. The current valuation of MKR puts it at #50 in cryptocurrency rankings based on market capitalization.
Learn more about the Maker blockchain network and how it works or follow the price of its native cryptocurrency MKR and the broader market with our unique COIN360 cryptocurrency heatmap.
Launched in December 2017, Maker (MKR) cryptocurrency is an ERC-20 token that is used for the collective governance of MakerDAO, Maker Protocol and DAI stablecoin. Maker Protocol is a decentralized application (DApp) created on the Ethereum blockchain. It is used for minting DAI, a stablecoin soft-pegged to USD (at 1:1) that is ueed against crypto assets deposited into the protocol as collateral.
MakerDAO, on the other hand, is an open-source Ethereum-based Decentralized Autonomous Organization (DAO), founded in 2014. It is responsible for the management of the Maker Protocol as well as the DAI stablecoin.
With a TVL (Total Value Locked) figure in the billions, MakerDAO is among the biggest DeFi platforms in the crypto space. It is supported by Maker Foundation, which bootstraps the MakerDAO system and makes sure that it functions and thrives as a fully decentralized organization. Both MakerDAO and Maker were founded by Rune Christensen, a Danish entrepreneur.
The main purpose of MKR token is to act as a governance tool and to ensure that DAI remains a transparent and efficient stablecoin at all times. MKR token holders vote on governance proposals for upgrades/changes to Maker Protocol, and the token per se acts as a source of recapitalization, whenever Maker Protocol runs a deficit.
The MKR coin launch coincided with that of Maker ecosystem’s other token at the time, Single Collateral DAI (SCD), in December 2017. It witnessed sharp gains after release, and reached almost $1800 on Jan. 20, 2018, amid bullish market conditions.
Thereafter, MKR price traded mostly within the range of $400 to $700 for the next 3 years and broke out of the $1,000 resistance after a long time on Jan. 7, 2021. Like most cryptocurrencies buoyed up by the broader market surge, MKR coin too rallied on to breach multiple resistance levels and recorded its all-time high of $6,347 on May 3, 2021. MKR’s fully diluted valuation stood at well over $6 billion at that point. A bearish phase followed, however, and MKR soon lost a fair bit of ground, spiraling down to below $2,000 within the next 20 days.
While MKR price showed some signs of resurgence later in August that year – crossing $4,000 for the first time since the May all-time high — it couldn’t sustain that level for long. According to our MKR live price chart, the coin traded sideways and downward thereafter, to gradually fall below $1,000 again in Q2, 2022.
Both the native tokens of the Maker ecosystem – DAI and MKR — are based on the ERC-20 token standard, and are hence secured by the Ethereum blockchain. Apart from facilitating governance of DAI, MakerDAO and Maker Protocol, MKR token also works as a recapitalization resource for the Maker Protocol whenever needed.
Each MKR token is considered equal to 1 vote when voting on the Maker ecosystem’s governance proposals. The MKR price appreciates and drops in accordance with the adoption and success of the DAI stablecoin.
The issuance and burning of MKR is done through a system of interdependent mechanisms which collectively ensure that the circulating DAI tokens remain fully collateralized by crypto assets and that the stablecoin consistently maintains its soft peg to the US Dollar. The crypto collaterals are stored in Ethereum smart contracts called Maker Vaults.
New MKR tokens are issued and sold for DAI tokens, through a Debt Auction, whenever the Maker Protocol’s debt exceeds its surplus. This is done to recapitalize the system. On the other hand, MKR tokens are bought back with DAI, through a Surplus Auction, and subsequently burnt, whenever the Maker Protocol’s surplus exceeds its debt. This mechanism ensures the responsible behavior of MKR holders since bad governance can lead to loss of value for MKR tokens.
In a significant development for the MakerDAO project and MKR coin, the network upgraded their native stablecoin from Single-Collateral DAI (SCD) to Multi-Collateral DAI (MCD) format, on Nov. 18, 2019. The upgrade allowed for use of multiple crypto assets as collateral for creating DAI tokens through the Maker Protocol. The development also strengthened Maker ecosystem’s position as one of the leading DeFi platforms in the industry and paved its path for becoming the leader in that space.
According to more recent MKR news, it was announced in April 2022 that MakerDAO will be deployed on StarkNet, a Layer-2 zero-knowledge scaling solution for Ethereum. The integration will help improve the multichain capabilities of DAI stablecoin, by reducing its transaction cost and increasing the throughput.
Is it possible to mine or stake MKR?
No, you cannot mine MKR coins. Almost 1 million MKR were pre-mined at the time of the token’s launch. You can, however, stake MKR coins to earn yield.
What are some of the best wallets for MKR coins?
You can store your MKR coins in any ERC-20 compatible wallet including Ledger, Trezor, Trust Wallet and MetaMask.
What can you do with MKR tokens?
You can use your MKR coins to govern the Maker ecosystem or earn yield on them via various exchanges.
How can you buy MKR tokens?
|Yesterday's Market Cap
|Yesterday's Open / Close
|2,054.06 USD / 2,054.85 USD
|Yesterday's High / Low
|2,066.70 USD / 2,026.23 USD
0.00% ( 0.79 USD )