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How to buy Maker (MKR)
A beginner's guide to buying and selling MKR in the US.
How to buy Maker
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Maker.
- Open an account on an exchange that supports MKR.
Most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Maker.
- Buy Maker.
Complete your Maker purchase and then find the best wallet to store MKR.
What is Maker?
Regarded as the first decentralised finance (DeFi) project in the world, MakerDAO is a lending and borrowing platform that eliminates the need for middlemen. It is built on Ethereum and makes use of smart contracts to automate all of its internal transactions as well as govern its associated stablecoin, DAI, which has its value pegged to the US dollar in a 1:1 ratio. MKR is the native cryptocurrency of the MakerDAO ecosystem and has one basic purpose – to help support the value of the DAI token, which is used in all of the platform’s native lending operations. Furthermore, owners of the MKR token can also make key decisions and judgments pertaining to the ecosystem.
Maker (MKR) is the 43rd largest cryptocurrency in the world by market cap, valued at $3,529,417,649. The current price of Maker is $3,925.190, which is 15.325% higher than yesterday. Prices have ranged between $3,920.340 and $3,381.930 over the past 24 hours. All prices are listed in US dollars and accurate as of April 21, 2021 05:04 UTC.
Where to buy MakerFind an exchange to buy, sell and trade MKR by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Maker coin priceUse our graph to track the performance of MKR over time.
Maker at a glance
|Total MKR supply||995,239|
|All time high||US$4,102.110|
|All time high date||April 15, 2021|
Maker price performance over time
How to sell Maker
You can cash out your MKR with the same exchange you bought it through:
- Sign in to the exchange you have MKR on.
If you store your Maker in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of MKR you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Maker.
What to consider when buying Maker
- Trustless operations: The platform works without the need for users having to undergo any identity or credit checks. This is made possible via the deployment of a unique liquidation mechanism wherein the ETH being used as collateral to take loans is sold off in order to pay back the borrowed DAI – plus penalties and fees. This prevents users from borrowing too much money from the system, thus allowing the platform to remain stable.
Furthermore, in certain cases where the value of ETH dips a lot or a large number of liquidations are witnessed simultaneously, new MKR tokens are created and sold off in order to pay back any outstanding loans. There should always be enough MKR tokens in supply to cover any liquidated loans.
- Novel stability mechanism: The total number of MKR tokens that are created or burned is largely dependent on how stable DAI is in relation to the US dollar. If, for example, the value of DAI is stable, then MKR is burned, reducing its overall supply ratio. On the other hand, if DAI’s value fluctuates too much from its 1:1 peg, then MKR tokens are created in order to introduce more stability into the system.
- Governance rights: MKR holders have the right to vote on a number of key governance decisions affiliated with the MakerDAO protocol. For example, owners have a say in things like how high the system’s native fee rates should be as well as which assets should be accepted as collateral. One MKR token directly equates to one vote within the ecosystem and thus users with large MKR holdings have a massive bearing on voting outcomes and subsequently on how the platform is governed.
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