Maker (MKR) is the governance token of the Maker Protocol, a decentralized finance (DeFi) platform built on the Ethereum blockchain.
Its main function is to maintain the stability of DAI, a stable cryptocurrency linked to the US dollar.
Main features:
Decentralization: The Maker Protocol operates without a central authority, allowing users to generate DAI by collateralizing assets in smart contracts.
Community governance: MKR holders have the ability to vote on key protocol decisions, including adjustments to stability fees and the inclusion of new types of collateral.
DAI stability: MKR acts as a backup mechanism for DAI, ensuring its stability and maintaining its parity with the US dollar.
Utilities:
DAI generation: Users can lock assets as collateral in smart contracts to generate DAI, using MKR as part of the governance and stability process.
Participation in governance: MKR holders can vote on proposals that affect the development and direction of the Maker Protocol.
Burn mechanism: Fees generated from the use of the protocol are used to buy and burn MKR, reducing its total supply and potentially increasing its value.
Whitepaper:
The Maker technical document is available on its official website.
Annual evolution of Maker (MKR) price:
This is a list with the approximate price of MKR at the end of each year since its launch:
2017: $1,000
2018: $500
2019: $600
2020: $500
2021: $2,500
2022: $1,000
2023: $1,500
2024: $1,754.13 (as of November 27)
