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Maker(MKR)

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$614.002
(0.46%)
0.03578028 BTC
Market Cap (Rank#67)
$600,267,512
34,980 BTC
Vol 24h
$5,234,637
305.043 BTC
Circulating Supply
977,631.04
Max Supply
1,005,577
3h agocryptodaily
DeFi and Web3 are Broken. Developers Can Fix it Using Blockchain 
Web2 and Web3 are similar technologies, but developers approach challenges differently. Web2 focuses on reading and writing content, whereas Web3 focuses on creating content. The latter utilizes blockchain technology to facilitate user information exchange and enhance security. Around 20,000 smart contract developers work full-time in DeFi and Web3, but it's a small number of the 27 million developers globally. At the same time, the number of Unique Active Wallets interacting with blockchain applications reached an average of two million per day. Still, compared to Web2 app Instagram’s 500 million daily active users and 4.2 billion likes per day - blockchain apps fight to onboard users. Ethereum and its Solidity programming language have long been the go-to choice for DeFi developers building financial services on the blockchain. However, DeFi on Ethereum has seen over $285m in hacks; the rewards could be more fairly shared, and Ethereum continues to be congested and expensive. These issues cause developers to hurry to alternatives like NEAR, Avalanche, and Solana to offer financial services. But unfortunately, they also spend countless hours ensuring their decentralized application is secure, only to wake up and realize bad actors drained millions of dollars of users' funds. At the same time, business leaders search the earth for people with the skills needed to build smart contracts and do whatever it takes to find users prepared to put up with the inferior user experiences presented by DeFi apps. Only to be further capped by network congestion and fees. As we rapidly enter the Web3 era, where value and data quickly move across decentralized platforms with distributed ownership and authority, entrepreneurs and developers need the tools to craft ideas and build quickly, easily, and safely. Moreover, if DeFi is to ever scale beyond crypto natives, developers in Web3 need standardized tools to build applications with user experience at the core. The argument for better DeFi Consumer saving and spending arguably power the world. As a result, we, the little guys, control the most critical parts of the global economy and financial system. The internet was all about information, but DeFi is about money - and in a world where cash is power, DeFi flips the model on its head. Most people these days spend and save using a bank, limited by regulatory compliance and further legacy issues. Web3 gives rise to a new way of doing things. New financial products built using smart contracts allow consumers to move between providers in seconds, all from the comfort of a mobile device. DeFi also creates more competition for building financial products by lowering the barrier to entry, sharing a user base between applications, and letting money move instantly and seamlessly between opportunities. The argument is that decentralized financial programs like Aave, Uniswap, and MakerDAO can directly control assets and allow financial products to operate 24/7, all year round, with 100% uptime and no staff, which will be appealing to end-users if presented in the right way. Sticky points Arguably the end-user experience of most decentralized apps leaves much to be desired. Blockchain wallets and asset custody, alongside a complex web of transactions and signatures, await beginners, while hardened veterans navigate the space with caution, often making mistakes. At the same time, according to DeFi Lama’s hack rankings, more than $700m was siphoned out of the crypto space in malicious attacks from the start of October 2022 to date. So if DeFi is to succeed, users must be able to trust and use the services offered in an intuitive, familiar, almost Web2 way. For that to happen, blockchain platforms must provide more incentives for Web2 developers and pioneers to leave a familiar world and embrace Web3. These incentives don't need to be financial but provide builders with the tools to deliver stunning products. Executives at tech giants like Google, Facebook, and Amazon will likely lead the way, leaving high-profile jobs at market-leading brands to take positions in the promising blockchain space. Polygon and Circle have hired top talent from tech firms, enticing them with the angle of working on the next big thing in Web3. Further Silicon Valley talent heading for crypto includes Sherice Torres, the former Chief Marketing Officer of Facebook’s crypto and payments team, Novi. At the same time, Amazon Cloud executive Pravjit Tiwana joined Gemini as its Chief Technical Officer. Add to this a series of mass layoffs in the tech sector, including Twitter, Amazon, and Meta’s dismissal of thousands of workers amidst the highest rates of global inflation seen for decades. This creates an incredible opportunity for businesses that previously wanted to expand their tech and payment capabilities but couldn’t because of the shortage of talent available. As a result, blockchain firms can now compete with recruiters from Silicon Valley for the brightest minds with a track record of taking products to market. Arguably, there has never been a better time to think about leaping into Web3 and DeFi development as more powerful tools, and no code solutions come online for those with a solid programming foundation. Playing around proves useful Gaming, and more importantly, the Unity game engine, led the way regarding the standardization of tools needed to build games. It gave game developers rendering and basic physics engines from which to build—altogether simplifying the process, lowering the barrier to entry, and making way for innovation and healthy competition. As a result, games got more complex while libraries of reusable art and in-game items became available for other developers to use creatively. As a result, developers, entrepreneurs, and users rushed in. With this straightforward invention of an engine and powerful tools, gaming grew bigger than music, TV, and film combined to become a billion-dollar industry. Ethereum has by far the most developers in the space, and according to DappRadar, more than 3500 dapps currently run from its smart contracts. The network is also the layer for many cryptocurrencies and blue-chip NFTs. However, as discussed earlier, Ethereum is no longer the sole player in smart contracts and Web3 development. Moreover, Ethereum doesn't offer developers plug-and-play solutions to build dapps. Instead, developers tend to fork existing applications, as was the case for Sushiswap, a fork of Uniswap. In this scenario, developers often take the bad UX from the forked application, choosing not to improve it. Ethereum is simply an industry-standard choice. However, as MySpace fell from its once high perch, and as competition increases and developers focus on end-users, other networks deliver solutions that entice Web2 builders to leap. There are solutions One blockchain stack applying the plug-and-play model outlined by Unity to decentralized finance and Web3 is Radix. The company, with its roots in the United Kingdom, has been working to deliver seamless DeFi for a decade and showcased its Radix Engine, which promises to be the Unity engine of DeFi, at an event called RadFi, where CEO Piers Ridyard laid bare the inefficiencies of DeFi. “Right now, crypto, DeFi, and Web3 are just one big glorified tech demo. For everyday people to use it, we've got to improve it radically.” Piers Ridyard, CEO of Radix At the virtual Keynote event, CEO Piers Ridyard also said what differentiates Radix is the fundamental shift in how the platform is built. The network features the world’s first programmable DeFi engine that takes concepts such as tokens and vaults and makes them native and fully interoperable. In addition, there’s a catalog of tools and pre-made solutions where Web2 developers can find helpful building blocks. The Radix engine promises to remove all the complex, low-level work that Web3 and DeFi developers spend 80% of their time on other platforms. Creating a programming language specifically for Web3 and DeFi called Scrypto, Radix hopes to tempt millions of Web2 developers into Web3. But, more importantly, provide them with a soft landing and the ability to build scalable DeFi products. Radix also claims they studied how bad actors were hacking applications built on public networks like Ethereum. For example, events such as reentrancy attacks, spend approval attacks, or signature manipulation attacks have cost the Ethereum ecosystem millions. The Radix Engine makes many of these attacks impossible, prioritizing asset security as a primary network operation, not an afterthought. Another Layer-1 blockchain trying to simplify the developer building process is Fuse Network, with its Charge product and Fuse Cash wallet. Charge takes a drag-and-drop approach to DeFi and payment infrastructure, partnering with ecosystem allies and matching them to build on their no-code platform. With a close focus on everyday payments and DeFi, Fuse and Radix are just a few of many teams out there trying to entice Web2 developers to embrace crypto and DeFi by helping them provide an experience similar to that of Web2 without investing years of study. Focus where it matters User experience in DeFi and decentralized apps has arguably suffered as brilliant people worked on the wrong problems. Successful Web3 developers may focus on pushing the boundaries of blockchain technology and the inner workings of finance and tokenomics. Still, it comes at the expense of genuinely usable applications that the mainstream user could adopt and feel safe using. Solutions like the Radix Engine could profoundly affect the industry and attract Web2 developers to build mobile-first, user-friendly applications delivering DeFi and crypto solutions. In addition, Web2 developers bring a wealth of user onboarding and knowledge that could hold the key to the mass adoption of decentralized applications. With tools becoming available Web2 developers can tap into battle-hardened code, spend less time on day-to-day app maintenance and security, and allocate resources to building beautiful applications that work, gain traction, and deliver a smooth user experience. In addition, web2 developers can join and complement the work already done by leading blockchain teams while not having to risk learning complex new programming languages. Another thing that attracts Web2 developer talent from big tech companies to Web3 is money. According to data from Blind, a social network for professionals, Coinbase offers as much as $900,000 a year for software engineers. At the same time, the average salary for Web3 developers ranges between $75,000 and $200,000. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
17h agocointelegraph
US lawmakers introduce bill aimed at reporting on crypto miners' potential environmental impact
The Crypto-Asset Environmental Transparency Act would instruct the Environmental Protection Agency to report on crypto mining activity consuming more than 5 megawatts.
19h agocoindesk
US Lawmakers Want Environmental Agency to Study Crypto Mining's Energy Impact
U.S. Senators Ed Markey and Jeff Merkley and Rep. Jared Huff introduced a bill Thursday that would, if passed, direct the Environmental Protection Agency to study the energy usage and environmental impact of crypto mining.
20h agocointelegraph
US lawmakers question federal regulators on banks' ties to crypto firms
“FTX’s collapse shows that crypto may be more integrated into the banking system than regulators are aware,” said Senators Elizabeth Warren and Tina Smith.
1 day agocointelegraph
SBF subpoena is 'definitely on the table,' says Rep. Maxine Waters
The US lawmaker has refuted a report from CNBC that suggested that they weren't planning to subpoena the former FTX CEO.
1 day agocryptosrus
U.S. lawmakers want State Department to disclose and justify crypto rewards
An amendment proposed by lawmakers in the United States indicates that they want to be kept in the loop when it comes to crypto rewards and payouts facilitated by the U.S. Department of State. The Department of State is an executive branch of the U.S. federal government responsible for the country’s foreign policy and relations. […] The post U.S. lawmakers want State Department to disclose and justify crypto rewards appeared first on CryptosRus.
2 days agocointelegraph
US lawmakers want State Department to justify crypto rewards and disclose payouts
The State Department should submit a report on the use of cryptocurrencies as a viable reward payout with evidence that suggests it's more encouraging for whistleblowers.
2 days agocoindesk
US Lawmakers Want State Department to Disclose Crypto Rewards
The State Department will have to report on payments it makes in crypto and their effects, according to a draft of the NDAA.
2 days agocoindesk
Exploring Biden’s Executive Order on Crypto, 6 Months In
CoinDesk published its annual Most Influential series on Monday, highlighting a number of regulators, lawmakers and similarly impactful individuals. I spoke to Carole House, one of the authors of the White House executive order on crypto, to take a look at the document, its origins and where we are now.
2 days agocointelegraph
Paraguay's legislature fails to reverse presidential veto on crypto regulation law
The reconsideration of the bill, ‘Regulating the industry and marketing of virtual assets — crypto assets’, received 38 votes out of a total of 80 lawmakers.
2 days agocointelegraph
Financial Stability Board aims to address crypto-related issues following 'failure of FTX'
Though the board can make recommendations to global policymakers, it largely acts as an advisory body with no enforcement authority.
2 days agocointelegraph
US lawmakers request answers from Silvergate over ties to FTX: Report
Three senators said they were concerned about Silvergate following reports suggesting that the bank "facilitated the transfer of FTX customer funds to Alameda."
3 days agocoindesk
Financial Stability Watchdogs Vow to Tackle DeFi, Learn FTX Lessons
Policymakers from the world’s major jurisdictions want a crypto rulebook
3 days agonulltx
Oryen Network Gives Attractive APY, Governance, And Asset Backing, Similar To Maker And Curve But Better
In the years since DeFi was launched, various projects have come along that seek to improve the overall user experience. Initially, using DeFi products was cumbersome and offered few benefits besides offering financial services without an intermediary. However, several projects have come along that have changed DeFi for the better. These projects seek to offer […] The post Oryen Network Gives Attractive APY, Governance, And Asset Backing, Similar To Maker And Curve But Better appeared first on NullTX.
3 days agocointelegraph
Bitcoin bears beware! BTC holds $17K as support while the S&P 500 drops 1.5%
BTC whales and market makers are holding their leveraged long positions, even though BTC failed to break above $17,400 on Dec. 5
3 days agocoindesk
Bankman-Fried Is a ‘Master of Deflection,’ Securities Lawyer Says
James Murphy, founder of law firm Murphy & McGonigle, discusses the former FTX CEO’s attempt at side-stepping probing questions and whether lawmakers in the U.S. have enough evidence to move forward with a criminal trial.
4 days agocointelegraph
Bullish on Bitcoin, US Senator Ted Cruz wants Texas to be a crypto oasis
Texas combines plentiful and relatively low-energy prices with free enterprise, according to the lawmaker.
5 days agocryptodaily
Crypto Weekly Roundup: BlockFi Goes Bankrupt And More
President Vladimir Putin and the Russian central bank are discovering the many benefits of cryptocurrency and blockchain-based payment systems in light of the many sanctions weighing down the country’s economy. Let’s find out more. Bitcoin The European Central Bank (ECB) published a report criticizing Bitcoin and stating that it was n the road to irrelevance. Binance transferred $2 billion worth of BTC as a part of its proof-of-reserve audit, causing panic that it was the next exchange to go the FTX route. Ethereum Russian banking giant Sber, formerly Sberbank, has announced that it is integrating MetaMask and Ethereum on its proprietary blockchain. The Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, has changed his stance and refused to acknowledge Ethereum as a commodity. DeFi BNB-based DeFi protocol, Ankr has confirmed that hackers exploited an unlimited minting bug, resulting in losses worth millions of dollars. MakerDAO has announced that it has passed a governance vote which will remove Alameda Research-linked renBTC from its stablecoin collateral vaults. Altcoins Apecoin staking website Apestake.io has added the United States to its list of geoblocked locations. Users from the U.S. will not be able to access the platform directly. Technology Messaging app Telegram has announced plans to build a decentralized exchange and non-custodial wallets in the wake of the FTX collapse. Russia’s President Vladimir Putin has criticized the number of sanctions imposed upon the country by the west and has called for a global payment system independent from external interference. Business Ex-CEO Sam Bankman-Fried has given the odd interview post the FTX crash, in which he has always maintained that he didn’t set out to commit fraud. The second largest crypto exchange in the U.S., Kraken, has announced that it is laying off around 30% of its staff, which is approximately 1100 employees. California-based cryptocurrency exchange Bitfront has announced that it will close for business and will focus instead on the LINE blockchain ecosystem. Binance has again opened up the Japanese market to its services by acquiring Sakura Exchange BitCoin (SEBC). Billionaire crypto entrepreneur Tiantian Kullander died in his sleep Sunday at the age of 30. The company he co-founded was reportedly raising around US$100 million. Beleaguered cryptocurrency exchange FTX and affiliated companies have announced the resumption of employee salary payments and benefits after weeks of uncertainty. Crypto lender BlockFi filed for Chapter 11 bankruptcy protection in the United States on Monday, just days after suspending withdrawals amid the fallout from FTX. Regulation A leaked EU proposal to restrict privacy-enhancing coins could be a serious worry for this crypto niche. Brazil’s lower house of Congress has passed a bill granting limited legal status to crypto payments and establishing a regulatory framework for the industry. The Texas Securities Board has summoned Sam Bankman-Fried to a hearing to investigate whether FTX and Sam Bankman-Fried violated any Texas securities laws. NFT Uniswap finally launched its NFT aggregator platform, where users will be able to conduct NFT trading from across multiple marketplaces. Coinbase pointed fingers at Apple, claiming its app store policies forced the crypto firm to remove NFT transfers from the Wallet app on iOS. Web3 Luxury car manufacturer Porsche has become the latest brand to enter the Web3 space by launching its own NFT collection. Cybersecurity company Kaspersky recently published a report which indicated that cyberattacks could increase on the metaverse in 2023. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
6 days agocryptodaily
Russia’s Sber Bank Announces Ethereum And MetaMask Integration
Russian banking giant Sber, formerly Sberbank, has announced that it is integrating MetaMask and Ethereum on its proprietary blockchain. The move comes as the Russian administration continues to be under crippling sanctions and will see the lender move into DeFi and Web 3.0. Ethereum And MetaMask Integration Russia’s largest lender, Sber, has announced that it is integrating support for Ethereum and MetaMask on its proprietary blockchain. The announcement was made during the first international meeting of participants in the blockchain industry, which the Sber Blockchain Laboratory organized. Sber had officially announced new opportunities for its proprietary blockchain platform, which included compatibility with smart contracts and applications on the Ethereum Network. The move was designed to allow developers to move smart contracts and even entire projects between Sber’s blockchain and public blockchain networks such as Ethereum. The latest additions also bring integration with the Ethereum-compatible cryptocurrency wallet MetaMask. Users and developers can use the wallet to interact with the Ethereum blockchain. Sber’s integration with MetaMask will enable users to make operations with tokens and smart contracts on Sber’s proprietary blockchain platform. The press release stated, “The blockchain platform will also provide integration interaction with one of the most popular MetaMask wallets, with which users will be able to perform operations with tokens and smart contracts based on the Sber blockchain. Alexander Nam, head of Blockchain Lab, added, “Sber Blockchain Lab works closely with external developers and partner companies, and I am glad that our community will be able to run DeFi applications on Sber’s infrastructure.” He also added that the new features would help Sber to bring in developers, corporations, and financial institutions, helping them explore how blockchain, Web 3.0, and decentralized finance can be applied in businesses. Actively Developing Blockchain Products Sber has been quite active in developing blockchain-related products in the recent past. In 2021, It had applied with the Bank of Russia to launch a blockchain platform to support its stablecoin Sbercoin. The Bank of Russia approved this application, following which Sber announced its first digital currency deal in June 2022. Russia’s stance on crypto and digital assets has seen a considerable change over the past few years. The government had imposed a complete ban on cryptocurrency payments in 2020. However, just last month, Russia’s Ministry of Finance and the Bank of Russia threw their support behind a draft amendment tabled by lawmakers. The amendment proposed the creation of a national crypto exchange in the country. Russian Administration Optimistic About Web 3.0 According to Nam, the rapid development of Web 3.0 will see platforms supporting blockchain protocols becoming increasingly in demand. The Russian lender’s announcement also comes after Russian President Vladimir Putin came out in support of blockchain technology and crypto. The Russian President criticized the monopoly prevailing in global financial systems and expressed confidence that digital currencies and technologies based on them would drive independence from global banks. The President also hinted at developing a new global payment system based on blockchain technology, adding that the new system would be free from “interference by other countries.” This was seen as a reference to the crippling sanctions against Russia by the West after the invasion of Ukraine. Sber was also severely impacted by the sanctions. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
6 days agocoindesk
Crypto Is at ‘Brick Wall Stage' and Needs ‘Right Balance’ of Regulation, Says Legal Expert
Pennsylvania State University Dickinson Law Professor Tonya Evans discusses why the ecosystem is in need of thoughtful regulation from lawmakers on Capitol Hill.
6 days agocryptopotato
MEXC Global Becomes 1st Exchange to Launch a Zero Maker Fee Event for Futures Orders
[PRESS RELEASE – Please Read Disclaimer] In September of this year, blockchain media outlet, Cointelegraph reported that cryptocurrency trading platform MEXC has ranked as the world’s top liquidity provider. Recently, MEXC announced the growth of its contract businesses, and its average daily trading volume has reached an increase of 1,200%. [Users first, MEXC’s Changing for […]
7 days agonulltx
Oryen Network The New King Of DeFi, Forget Maker And Convex
Decentralized Finance is referred to as DeFi, but what does it mean? To comprehend DeFi, we must first understand the traditional financial system of the globe, which is defined by a centralized control that limits people’s involvement and frequently prevents them from making use of the greatest services. Either the government or the banks are […] The post Oryen Network The New King Of DeFi, Forget Maker And Convex appeared first on NullTX.
7 days agocoindesk
CFTC Chair Suggests 'Pause' to Overhaul Senate Bill Following FTX Debacle
Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said that while new legislation allowing his agency greater spot market oversight over crypto should move swiftly, lawmakers should also ensure there are no "gaps."
7 days agocoindesk
Crypto Industry a Disaster in Need of Rebranding, UK Lawmaker Says
The lawmaker begs the industry to leave the "bad boats" to burn out at sea and ditch the word "crypto" following FTX collapse.

About Maker

The live price of Maker (MKR) today is 614.002 USD, and with the current circulating supply of Maker at 977,631.04 MKR, its market capitalization stands at 600,267,512 USD. In the last 24 hours MKR price has moved 15.077 USD or 0.02% while 5,947,903 USD worth of MKR has been traded on various exchanges. The current valuation of MKR puts it at #67 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.

MKR price

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.

How MKR works

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. 

MKR news, updates and highlights

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. 

Frequently asked questions about MKR

  • 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?

The best way to buy MKR tokens is using a reputable crypto exchange. You can trade popular coins like ETH, BTC, etc. for MKR. 

Maker Price614.002 USD
Market Rank#67
Market Cap600,267,512 USD
24h Volume5,234,637 USD
Circulating Supply977,631.04 MKR
Max Supply1,005,577 MKR
Yesterday's Market Cap607,286,340 USD
Yesterday's Open / Close606.105 USD / 621.182 USD
Yesterday's High / Low625.406 USD / 602.964 USD
Yesterday's Change
0.02% ( 15.077 USD )
Yesterday's Volume5,947,902.50 USD
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