The Maker Protocol is a decentralized application (dApp) built on the Ethereum blockchain and run by the MakerDAO. It was named one of the largest dApps on the blockchain in 2017.
MakerDAO is composed of all MKR holders across the globe. By staking their MKR tokens, they are given the right to vote on future changes to the Maker Protocol, and ensure DAI’s effectiveness, transparency, and stability.
While ownership of an MKR is vastly different from holding a stock in a traditional company, MKH holders attain an influence over the way the protocol runs. The Maker ecosystem was one of the first DeFi projects to find momentous success in demonstrating the effectiveness of a truly decentralized governance of a blockchain.
This has all details you need about Maker, how it works and it also has information on trading on the eToro platform. platform. There is also a basic guide that will detail what you need to know if you want to invest in this cryptocurrency. Keep reading for more info!
If you are looking to trade or invest in MKR, click the button below. This will take you to the eToro trading page where you can check the current price and buy MKR for any value that coincides with your plan.
Before you trade MKR on eToro, make sure you sign up to them first. You can do this quickly and without any hassle.
68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
History of Maker
As it turns out, MakerDAO has existed almost as long as Ethereum. Rune Christensen came up with the concept in 2015. Development of it soon started and the platform was released in 2017. Christensen is still closely involved in the project and serves as the current CEO. MakerDAO was funded by several venture capital investments instead of going through the route of an ICO. Currently worth over $2 billion, MakerDAO is Ethereum's oldest and longest-running DEFI project.
What is a DAI?
Dai (or DAI) is a decentralized, neutral, collateralized stablecoin pegged to the US dollar. It is basically a cryptocurrency whose price follows the value of the dollar - without requiring a central authority.
What Does Maker (MKR) Solve?
A number of issues associated with traditional financial services are addressed by Maker. Using proprietary technologies, the platform achieves this goal. Maker has become a critical component of the DeFi community. Decentralized financial institutions, or DeFis, are a rapidly expanding sector of the finance industry. Maker provides an integral tool that can help the DeFi sector achieve its goal of providing viable solutions to the current centralized financial services known to the public.
The Maker’s dual crypto strategy helps users not only keep the DAI stablecoin attached to the value of the US dollar, it also does so while reducing volatility, as well as providing greater security when it comes to the project's resilience.
Maker (MKR) in a Nutshell
It is an ERC-20 token developed using the protocols of Ethereum
The appreciation of MKR tokens depends on the direction of the DAI stablecoin
It has a current market capitalization of over $3 Billion
The MKR token is the chief governance currency of the Maker Platform on the Ethereum blockchain
Benefits of Being an MKR Holder
As an MKR holder, you will get the chance to be involved in the decision making and governance of Dai - one of the most popular stablecoins on the market. Here are some examples of the kind of proposals that they can vote on with MKR tokens:
Change the risk parameters of the new cryptocurrencies.
To mint more Dai after selecting new cryptos to add as collaterized assets.
Change the Dai Savings Rate.
Decide which oracles will supplant the Maker system with real-time market data.
It always upgrades its system.
Maker Tokens in Circulation
Maker tokens circulation depends on prevailing market conditions. Currently, there are a little more than 991,000,000 MKR in existence in the crypto currency world with a maximum supply of 1 million.
Are Miners Needed?
As MakerDAO is not a blockchain — rather an application built on top of the Ethereum blockchain — it does not have any needs for miners to operate. There is no mining required to keep the system running. Each DAI in the system is created when a user submits collateral to the system, and each Maker is created after a loan is repaid.
Trading and Investing on MKR
MKR is best bought and traded through a broker or trading platform. Trading platform apps like eToro are especially helpful to newbie traders looking to invest in cryptocurrencies.
How to Trade MKR on eToro?
On your eToro dashboard, click "Discover".
Scroll down to look for "MKR".
Click "Buy" and set the amount you want to invest.
"Click "Open Trade".
MKR’s current price is with a 52-week range of $. It has a total market cap of and a volume of .
Reminder: The prices of cryptocurrencies change rapidly and this can cause sudden changes in the values. The current fiat value may not be accurate because of the volatile nature of the price.
Is MKR a Good Investment?
According to opinions of crypto watchers, Maker is an intriguing project that presents a reasonable investment opportunity for anyone who believes in cryptocurrencies. By buying Maker, you are doing so on a strong forecast that cryptocurrency (specifically Ethereum) will again rise in value. Maker becomes available as when Ethereum's price falls, so when you buy it, you are also making a bet on it. As a result, you will be able to sell your MKR for a small profit. Investing on Maker, especially for those who are bullish on cryptocurrencies, appears as a decent investment.
Ready to trade MKR with eToro?
If you would like to trade Maker, you can do so with the button below. This will take you to the eToro platform which hosts live trading of MKR tokens. Please note that this is the live version of eToro's platform. If you would like to explore or use it, you’ll need to register for an account.
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