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Maker(MKR)

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$686.552
(-1.04%)
0.02413093 BTC
Market Cap (Rank#73)
$671,194,356
23,591 BTC
Vol 24h
$12,062,938
423.988 BTC
Circulating Supply
977,631.04
Max Supply
1,005,577
3 days ago cryptodaily
MakerDAO Constitution Pushes 'Endgame Plan' for $DAI and $MKR
MakerDAO, the decentralized autonomous organization (DAO) behind the DAI stablecoin, recently passed a new "constitution" aimed at formalizing its governance process and bolstering decentralization.This constitution is a key component of the "Endgame Plan" designed to transform MakerDAO into a truly decentralized organization, with DAI potentially becoming the world's reserve currency. The Maker Constitution acknowledges the inherent resilience of decentralized systems like Bitcoin and Ethereum, which have withstood adversarial events and remain uncensorable. However, unlike these systems, the Maker Protocol relies on human decisions made by $MKR token holders, making it more susceptible to weaknesses and vulnerabilities that could lead to the protocol's failure or loss of user funds.To address these risks, the Maker Constitution employs "alignment engineering," a practice that designs mechanisms, incentives, and shared habits to align the interests of the entire ecosystem. The constitution establishes clear definitions and delineations of roles within the governance framework, ensuring transparency and reducing complexity. It also enforces a separation of concerns, discouraging actions that risk taking the DAO towards governance failure. Recognizing that budgeting, resource allocation, and control over governance privileges are vulnerable aspects of a DAO, the Maker Constitution emphasizes the importance of robust grassroots community participation. The constitution aims to enforce a self-sustaining equilibrium where MKR token holders can effectively govern the DAO while promoting its growth and adaptation. In a bid to counterbalance rigidity and immutability, the Maker Constitution introduces a system for incubating and launching SubDAOs, which operate as semi-independent DAOs linked to Maker Governance that enable fast-moving innovation, growth, and experimentation. These SubDAOs also allow for the delegation of responsibility and risk within specific, highly complex areas. Despite the constitution's approval with 76.04% of MKR votes, some users have criticized it as authoritarian. Critics argue that restrictions on communication from constitutional delegates effectively "muzzle" them and inhibit their ability to gather information. As the Maker Constitution takes effect, it is poised to play a crucial role in fortifying the protocol's governance, enhancing decentralization, and ultimately, achieving MakerDAO's ambitious Endgame Plan. The Maker Constitution sets the stage for the document's purpose and vision by acknowledging the inherent strength and resilience of blockchain technology, cryptocurrency, and decentralized finance (DeFi). It highlights how these systems, exemplified by Bitcoin and Ethereum, have demonstrated their ability to withstand adversarial events and maintain security, which is difficult to achieve in centralized systems. The Maker Constitution, however, acknowledges that the Maker Protocol is fundamentally different from Bitcoin and Ethereum in that it relies on human governance decisions made by $MKR token holders. This reliance introduces weaknesses and vulnerabilities that can potentially result in the protocol's failure or loss of user funds. While the constitutive aspects of the writing recognizes the importance of addressing full-scale governance attacks, such as takeovers or theft of all DAI collateral, it also emphasizes the need to address slow-moving, slippery slope governance risks, like cultural shifts, creeping misalignment, or structural inability to achieve results. These risks can emerge spontaneously and, if left unaddressed, can pave the way for full-scale governance attacks. The Maker Constitution highlights the importance of grassroots community participation and alignment with the protocol's purpose as essential tools for defending against these risks. It emphasizes the importance of nurturing a community that transcends mere financial gain, to create a united front that can effectively protect the protocol. It is precisely in this manner that the Maker Constitution sets the pace for its DAO, emphasizing the need for a robust governance framework that safeguards the protocol against both immediate and long-term risks. This framework aims to foster a strong, aligned community dedicated to promoting the protocol's resilience and success. 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.
4 days ago cryptodaily
Top 8 ERC20 Tokens to Buy Now in 2023 - Ethereum Network Best Gems
ERC20 tokens are tokens built on the Ethereum blockchain and are standardized to ensure they are compatible with the Ethereum network. This means they can be easily integrated with other Ethereum-based applications, making them highly versatile and easy to use. But why do so many projects choose to release their tokens on the Ethereum blockchain? Well, Ethereum is one of the most popular blockchain platforms in the world, offering developers a wide range of benefits. For starters, it allows for creating smart contracts, self-executing contracts that can automate complex business processes. Additionally, Ethereum has a large and active developer community, so new tools and features are constantly added to the platform. If you're looking to invest in ERC20 tokens in 2023, then you'll want to keep an eye on some of the top projects in the space. In this article, we'll take a look at the top 8 ERC20 tokens to invest in this year. From DigiToads to Calvaria, each of these projects has something unique and is definitely worth considering for your portfolio. 1. DigiToads DigiToads is a new play-to-earn token with a toad-themed ecosystem designed to increase the passive income-earning potential of token holders. Developing a Web3 game where players can purchase, collect, and train toad NFTs as pets is one of the most exciting aspects of DigiToads. These toads can be used in battle and to climb the leaderboard rankings in exchange for the game's native currency, TOADS. At the end of each gaming season, half of the total prize pool, collected from in-game item sales, is distributed proportionally to the top 25 percent of players. Even if players don't finish in the top 25%, they still get 10% of the total prize pool. Additionally, 2% of each TOADS sale is dedicated to the staking pool, implying that players who stake their NFTs are eligible for large payouts. Notably, DigiToads are automatically burned at a rate of 2% of all TOADS transactions, resulting in a decreasing supply and increased potential for long-term appreciation for those who hold it. DigiToads presale has already raised over $340K in two weeks, so the project is truly about to make a revolution in the blockchain gaming industry. For More Information on DigiToads: Visit The Website: https://digitoads.world Join The Community: Linktr.ee/digitoads 2. ApeCoin ApeCoin is a relatively new ERC20 token developed by Yuga Labs, the creator of the Bored Ape Yacht Club and Mutant Ape Yacht Club non-fungible token (NFT) collections. APE is a governance and utility token used as the primary token in Web3 for art, gaming, entertainment, and events. Bored Apes, a collection of 10,000 unique digital artworks, has become a trademark of ApeCoin. ApeCoin is a decentralized autonomous organization (DAO) whose governance and management are handled by token holders. Therefore, all ApeCoin holders have the opportunity to join the ApeCoin DAO and have a say in how the Ecosystem Fund is distributed, as well as other governance rules, projects, and partnerships. The Ape Improvement Proposal (AIP) Process provides a methodical framework for community members to submit proposals in one of three broad categories: Core, Process, or Informational. 3. Decentraland Decentraland is a widely used metaverse platform that allows for digital advertising for blockchain-friendly brands and play-to-earn crypto games like ICE poker, virtual concerts, and more. Users can buy, sell, and manage virtual reality applications on this platform, encouraging more developers and operators to join the project's global network. The platform's original token, MANA, can be used to purchase LAND. LAND is a non-fungible digital asset stored in an Ethereum smart contract. The MANA currency serves many purposes beyond just facilitating avatar comparisons. In this online environment, users can buy land to construct, explore, and run their own businesses. 4. Uniswap Uniswap is an Ethereum-based protocol for executing decentralized exchanges. It allows users to trade any ERC-20 token without a central intermediary. Launched in November 2018, Uniswapis based on the Ethereum platform and takes advantage of its smart contracts, which carry out actions automatically once certain criteria are met. Since the protocol is freely available, anyone can use it to start new markets or participate in existing ones. The Uniswap protocol relies fundamentally on an AMM structure to facilitate trades. Instead of an order book, this model uses a mathematical algorithm to establish the value of tokens. Traders who contribute liquidity to the protocol do so by placing an equal number of two tokens into a liquidity pool, from which they receive liquidity pool tokens representing a proportional allocation of the pool's total value. In exchange for trading or holding these tokens, users gain access to a proportion of the protocol's transaction fees. 5. Maker Using the Ethereum blockchain, Maker (MKR) operates as a DAO to oversee the Maker Protocol. Dai is a stablecoin whose value is pegged to the US dollar, and it can be created on the Maker protocol, a decentralized lending platform. Using the Maker Protocol, borrowers can secure Ethereum as collateral and borrow Dai at a predetermined collateralization ratio. The system is set up to keep the value of a Dai at 1 USD at all times. MKR is the Maker protocol's token of governance. Holders of MKR can vote on proposed amendments to the protocol, such as the addition or deletion of collateral types and adjustments to the risk parameters. When the collateral value drops below the required collateralization ratio, auctions of unsecured debt are triggered, and MKR holders must participate in keeping the system stable. One of its most notable features is the Maker protocol's flexibility in accepting cryptocurrency, fiat currency, and even other stablecoins as collateral. This ensures that there are no central points of failure in the protocol and that it can continue to operate independently. All transactions and balances in Maker are public and auditable via the blockchain, adding to the protocol's credibility. 6. Yearn Finance Yearn Finance is a DeFi yield farming platform focused on helping its users maximize their cryptocurrency investment returns. Yearn Finance allows owners of ERC20 tokens to either lend out their tokens at potentially high-interest rates or stake them on the blockchain of a given project in exchange for rewards. The Yearn Finance token (YFI) is an ERC20 token unique to the platform. Its primary function is a governance token that entitles token holders to a say in which future projects the platform will support. YFI token holders are also eligible for a cut of the company's profits. A portion of the fees paid by Yean Finance users is allocated to managing the investments delivered to YFI token holders. 7. Dash 2 Trade Dash2Trade, a novel social trading and analytics tool, is another ERC20 token that deserves your attention. Its goal is to arm users with all the data they need to make educated decisions in the cryptocurrency market. Social trading, listing alerts, market news, on-chain analytics, and automated trading tools are just some of the platform's many features. Dash2Trade's native D2T token is what makes the platform work. D2T uses the Ethereum blockchain and has a maximum supply of 1 billion coins. 8. Calvaria Last but not least, we have Calvaria, an innovative crypto-card game. It is the traditional play-to-earn that allows users to earn money by competing against other users. The goal is to create a game that can bridge the gap between the "real world" and the crypto world, making it fun and approachable, and accessible on iPhone, Android, and PC. $RIA will be utilized to support the entire gaming ecosystem and awarded to tournament winners. The tokens are tradable on marketplaces and can be used to purchase virtual goods such as NFT cards. Players will also be rewarded with $eRIA (earned ria) tokens for their time and effort in the game. The $eRIA token will have utility and value in and out of the crypto community. Final Takeaway Investing in ERC20 tokens can be smart for those looking to diversify their cryptocurrency portfolios. With the wide range of benefits, the Ethereum blockchain offers, it's no surprise that many projects choose to release their tokens on this platform. The top 8 ERC20 tokens mentioned in the article offer unique features and growth potential, so diversify your portfolio and maximize your returns in the long term. To purchase DigiToads visit: https://digitoads.worldTo purchase the other tokens on this list head over to eToro or any major crypto exchange Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

About Maker?

The live price of Maker (MKR) today is 686.552 USD, and with the current circulating supply of Maker at 977,631.04 MKR, its market capitalization stands at 671,194,356 USD. In the last 24 hours MKR price has moved 3.8804 USD or 0.01% while 15,413,004 USD worth of MKR has been traded on various exchanges. The current valuation of MKR puts it at #73 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 Price686.552 USD
Market Rank#73
Market Cap671,194,356 USD
24h Volume12,062,938 USD
Circulating Supply977,631.04 MKR
Max Supply1,005,577 MKR
Yesterday's Market Cap676,274,355.94 USD
Yesterday's Open / Close687.868 USD / 691.748 USD
Yesterday's High / Low695.488 USD / 683.724 USD
Yesterday's Change
0.01% ( 3.8804 USD )
Yesterday's Volume15,413,004.28 USD
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