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Prices are in USD.
|Market Cap Rank||#62|
|Price Change 24H||-181.66%|
|Price Change Percentage 24H||-5.87%|
|Market Cap Change 24H||$-172,238,848.00|
|Market Cap Change Percentage 24H||-6.17%|
|Circulating Supply||901,311 mkr|
|All Time High||
May 4, 2021
|All Time Low||
March 17, 2020 -
|Explorers||https://etherscan.io/token/0x9f8f72aa9304c8b593d555f12ef6589cc3a579a2 , https://blockchair.com/ethereum/erc-20/token/0x9f8f72aa9304c8b593d555f12ef6589cc3a579a2 , https://ethplorer.io/address/0x9f8f72aa9304c8b593d555f12ef6589cc3a579a2 ,|
|Wallets||ledger.com , https://e6tltg ,|
|Community||https://twitter.com/MakerDAO , https://reddit.com/r/MakerDAO|
Maker is a decentralized cryptocurrency that supports decentralized governance. The Maker coin is a functional token. It allows holders to govern the Maker System. The coins basically give you a stakeholder position in the Maker ecosystem.
Additionally, the Maker ecosystem has a stable coin. The Dai coin is an ERC-20 coin pledged to the US dollar. A single Dai token is worth 1 US dollar at all times. Dai is also cryptocurrency backed. This is in an attempt to stabilize cryptocurrency prices.
Further, the Maker ecosystem operates a collateralized debt position model. This is a smart contract system that is unique to the Maker platform. It allows users to send ERC20 tokens to the Maker platform in exchange for Dai tokens.
The coins bring the two together. Maker keeps the price of Dai stable using a system of price feeds and collateral from Ethereum. This system makes the company and Dai appealing among cryptocurrency enthusiasts.
Maker coins stabilize the price of Dai using collateralized debt positions (CDPs). When using CDP, users deposit their assets into a smart contract. The asset acts as collateral for a loan. The user is then able to generate the equivalent value they want to borrow in Dai.
Purchasing Dai results in dept. The debt helps stabilize the value of Dai. This is because it locks the collateral deposited within the CDP. The user unlocks the asset once they pay back in Dai. An increase in the need for Dai leads to an increase in CDP. This results in more Maker coins. Maker tokens are created or destroyed depending on Dai demand.
The asset within the CDP could drop in value. The value could drop less than the Dai it is backing. This could lead to a problem. Luckily, Maker has a solution for this. Maker combats this by liquidating CDP. They auction the collateral before its value drops too much. This prevents it from going below the value of Dai it is backing.
The other fail-safe falls on the governance of the token holders. They act as the buyers of last resort. Maker is created and sold in the open market in order to raise the additional collateral.
Can Investors Mine Maker Coins?
The developers create coins according to the supply and demand of Dai. Therefore, it is not possible to mine privately. However, this is a great coin to have in your portfolio. It ranks 40th in market cap share. The market cap stands at $528,794,528.
The circulating supply is small; there are 1.001 million coins in circulation. This is pretty low compared to other cryptocurrencies. For example, the circulating supply of Bitcoins is 18 million coins. This is still considered low. Maker’s supply is about 5% of this.
Even so, we cannot overlook the value of this coin. The price of the coin currently stands at $530.19. It shows a slight rise in value in time. Additionally, users can hold Dai tokens.
The Maker team consists of a diverse team from various places of the world. The headquarters is in Santa Cruz. The founder and CEO of Maker are Rune Christensen based in Denmark. He has a history in biochemistry and international business.
The President and COO is Steven Becker. Additionally, the CTO and software engineer is Andy Milenius. All these team members have vast experience. They are capable of spearheading the coin into the future.
Moreover, the company has efficient communication channels. The development team is active all over social media. They have pages accounts on Twitter, Reddit, YouTube and even WeChat. They provide ample news to users. The dedication of this team is impressive.
Online presence is crucial for the success of any cryptocurrency. Therefore, this is the right move for the Maker team. Continuous engagement puts their name out there. This allows for more people to onboard their ecosystem.
Decentralized governance is another great feature of the Maker ecosystem. Holders of the coins have a stakeholder position in the broader Maker ecosystem. Holders of the MKR coin govern the system through a voting process. They can vote for adjusting Dai savings rate, new CDP types, and others.
The Ethereum blockchain is very secure. Decentralization ensures nodes work together to keep the network safe. Additionally, nodes work together to repair damaged nodes in the case of a successful attack.
However, smart contracts are not. There are cases of attacks on the smart contract network. One of the attacks led to the loss of $50 million in the Ethereum network. Dao, the victim of the attack, lost a third of their funds.
This is a point of controversy for all cryptocurrencies on the Ethereum blockchain. Another cause of concern is transparency. A critic claims that the organization does disclose that you need to pay a stability fee in MKR.
Privacy standards remain the same as with other cryptocurrencies. Transactions are transparent to the public. However, the system uses cryptography and hashing functions to conceal some details. The decentralized nodes also play a role in transparency. They work together to prevent alteration of transactions.
The mission behind Maker is exciting. Stability is undoubtedly an asset in the cryptocurrency space. Maker offers a practical solution to keeping prices stable. Additionally, Maker allows for decentralized governance. The community is able to make decisions concerning the Maker ecosystem.
In a sense, Maker solves the problems of cryptocurrencies. It solves stability issues for decentralized coins and centralization issues for stable coins. However, there is still a lot of skepticism among cryptocurrency enthusiasts. This is mainly because of the vulnerability of smart contracts.
In any case, we believe this coin will see more adoption by the community. The coin development team has an online presence that is crucial for success. Moreover, the value proposition is too good to ignore. Maker is offering a decentralized stable coin.
If you like what Maker offers, then you are in luck. There are several exchanges you can purchase MKR coins from. These include Bitfinex, HitBTC, KuCoin and LocalTrade. This makes it easily accessible. Moreover, there are many wallets that you can store your MKR and Dai coins in.
Some of these include Trezor Wallet Keep Key, Metamask and Mist Wallet. The Maker coin costs $530.19 in the market. You can buy the coin and hold it to sell at a later date. You can hold the coin in your wallet or inside your exchange account.
Stability of prices is an exciting value proposition. The Dai stable coin offers a practical solution to stabilize Dai on the Ethereum blockchain. Further, the entity solves the problem of centralization. Most stable coins do not solve this problem. Therefore, the Maker ecosystem is something to look out for.
Understandably, the company is one of the most popular Ethereum-based systems in the market. Additionally, it ranks 40th in market cap value. We expect this coin to grow in adoption over time.