Maker
MakerMKR614.00$ +-0.96%

A decentralized autonomous organization for the Dai stablecoin

51 Rank
1.02B$ Market cap
21.71M$ 24H Volume

MKR price live chart

614.00$-0.96%
Maker Price statistic
Maker price today
Maker price
614.00 $
Price change (24h)
0.96% -5.93 $
Trading volume (24h)
21.71M $
Market Dominance
0.097%
Market rank
#51
Maker price history
All Time High
May 3 2021 (1 year ago)
90.18% 6 247.00 $
Maker Market Cap
Market Cap
1.02B $
Fully Diluted Market Cap
1.04B $
Maker Supply
Circulating Supply
977.63K MKR
Liquid Supply
999.13K MKR

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Maker basics

Name

Maker

Category

Financial

What is Maker?

Maker is a peer-to-contract lending platform enabling over-collateralized loans by locking Ether in a smart contract and minting Dai, a stablecoin pegged to the US dollar. Dai's stability is achieved through a dynamic system of collateralized debt positions, autonomous feedback mechanisms and incentives for external actors. Once generated, Dai can be freely sent to others, used as payments for goods and services, or held as long term savings.

Maker token type

Token name

MKR

Token type

ERC-20

Token uses

Vote

What is Maker used for in 2022?

The MakerDAO network circulates two native tokens: DAI and MKR. Dai is a currency token that seeks to maintain price stability against a specific peg, currently the U.S. dollar, to make it suitable for short-term and medium-term use as a means of exchange and store of value. Tokens with these characteristics are commonly referred to as stablecoins.

The MKR token is used for governance of the platform allowing holders to vote on various parameters such as the stability fee, debt ceiling, types of collateral to be used, Dai Savings Rate and more. MKR is also used to purchase excess Dai from collateral auctions and stability fee payments in the Surplus Auction. Once the auction is ended the protocol automatically burns the MKR leading to a decreasing supply. However, if there is a shortfall of Dai resulting from loans becoming undercollateralized, a Debt Auction will occur to raise more Dai by printing MKR, thereby increasing the supply.

Maker ecosystem
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Compound
Compound is a decentralized protocol which establishes money markets with algorithmically set interest rates based on supply and demand, allowing users to frictionlessly exchange the time value of Ethereum assets.
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Maker history and first price

Launch style

Centralized Distribution

When did Maker launch?

MKR launched with 1,000,000 MKR tokens and has distributed them to early adopters and through three private sales.

How did Maker come about?

The Maker protocol is an open-source project started in 2014 with the goal of creating a permissionless credit system that would allow users to take out loans collateralized by cryptocurrency. These loans are created by smart contracts that mint Dai, a stablecoin with a soft peg to the US dollar. The protocol was built by the Maker Foundation along with a number of outside parties and over time the foundation has worked to reduce its level of control. They have gradually ceded control to a decentralized autonomous organization (DAO) known as MakerDAO which governs the protocol. The DAO is comprised of individuals across the globe that own the MKR token which affords holders the right to vote on important changes.

Single Collateral Dai The first iteration was known as Single Collateral Dai (SCD) because Ethereum was the only asset used as collateral to take out a loan. It launched in December 2017 and grew to support $100 million worth of debt. Despite a 94% decrease in the value of collateral over that time, the system remained healthy and Dai maintained a close peg to $1. Since Dai was the only widespread stablecoin that did not require a company to back it by holding US dollars, it became an integral piece of the growing decentralized finance ecosystem. While SCD proved to be effective, the intended goal was to transition to Multi Collateral Dai (MCD) that could accept collateral other than Dai as well as implement other key design changes.

Transition to Multi Collateral Dai In November 2019 MakerDAO upgraded the protocol to MCD with Basic Attention Token (BAT) being voted as the first additional collateral available. The existing single collateral system continues to function as is while users are encouraged to migrate to the new Dai. Eventually, the single collateral system will be phased out altogether. In addition to the new collateral, MCD made other important design changes such as the introduction of the Dai Savings Rate (DSR) which allows Dai holders to earn yield and collateral auctions that create a competitive market for liquidations.

Internal controversy Towards the end of 2018, the Maker Ecosystem Growth Fund (MEGF) was established to oversee the treasury of MKR tokens by nine board members chosen by the CEO Rune Christensen. According to a document from the former CTO Andy Milenius, titled ”Zandy’s Story”, after some disagreements as to how the fund was to be allocated, Rune presented two divergent choices. The “red pill” was for those who would follow his lead and focus on government compliance and integration into the existing financial system while the blue pill for those who didn’t want a formal organizational structure and would work on MCD and then cease to be funded. However, there was one group that wanted to explore alternative options that called themselves the Purple Pill. When this group was discovered it was seen as conspiratorial and five members of the board that were members of the Purple Pill group were subsequently fired. Those members then sent a legal letter stating they were wrongfully terminated.

Maker roadmap 2022
Single-Collateral Dai (SCD) Launch
December 2017 · Software release

Official Launch of Single Collateral Dai

Restructuring of the Maker Ecosystem Growth Foundation
April 2019 ·

The Maker Ecosystem Growth Foundation (MEGF) restructured its board to bring in additional parties.

Multi-Collateral Dai (MCD) Launch
November 2019 · Software release

Multi-Collateral Dai (MCD) has been on the MakerDAO roadmap since its origination, with Single-Collateral Dai (SCD) acting as the proof-of-concept. Now that SCD has been live for almost two years, the protocol is ready to be upgraded. The major changes include allowing multiple cryptoassets to be used as collateral to create DAI, and the implementation of the Dai Savings Rate (DSR). As part of the transition to MCD, SCD will be deprecated through Emergency Shutdown in the coming months.

Transfer of MKR token control
December 2019 ·

The Maker Foundation handed control of the MKR token contract to the governance community, making the decentralized governance process the only means of changing MKR token authorizations.

Governance Security Module (GSM)
February 2020 · On-chain upgrade

The GSM delay was changed from 0 to 24-hours to allow for Emergency Shutdown to occur in case MKR governance is corrupted and attempts to attack the system.

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Maker technology explained

Vaults (formerly “collateralized debt positions - CDPs) The key component of the Maker protocol and method with which Dai is created is known as a Vault. A Vault is created by depositing collateral into a smart contract which then mints an amount of Dai specified by the user. The dollar value of the collateral must be greater than 150% the value of Dai (current Collateralization Ratio). The user can transact freely with their Dai. If they want to receive their initial collateral they must pay back both the Dai they withdrew plus the interest rate on the loan (Stability Fee). If at any point, the value of the collateral drops below the collateralization ratio, then their position is subject to liquidations where anyone can come in and purchase the underlying collateral to repay the debt. Known as Keepers, these actors are motivated by the profit opportunity from buying the collateral below market price and then selling on the open market.

Auctions There are three types of auctions

  • Surplus Auctions occur when loans remain overcollateralized and payments from stability fees reach a certain amount. After that, Dai is auctioned off to Keepers for MKR which is then subsequently destroyed.
  • Collateral Auctions occur when Vaults drop below the Collateralization Ratio. The collateral in the vault is then sold until the outstanding debt is repaid plus a liquidation penalty. At that point, the auction becomes a reverse auction, where a bidder bids on accepting smaller parts of collateral for that fixed amount of Dai. Once the process ends, the remaining collateral is returned to the vault owner.
  • Debt Auctions occur in the worst-case scenario when the price of collateral drops precipitously such that it can no longer cover the entire debt paid. The system will first look towards the surplus from Stability Fees to cover the debt. If that is not sufficient, a reverse auction occurs to cover the fixed amount of Dai necessary to make the system whole. Bidders compete on willingness to accept decreasing amounts of MKR for the shortfall in Dai.

Dai Savings Rate (DSR) The DSR was implemented in MCD as a way for Dai holders to earn interest on their holdings. Users can deposit Dai into a non-custodial smart contract and immediately begin earning interest funded by Stability Fee payments. They are also free to withdraw at any time. The DSR serves as a monetary policy tool for governance to control the outstanding supply of Dai in order to manage the $1 peg. If the peg were to drop below $1, MKR holders could vote to increase the DSR. This would incentivize Dai holders to lock more Dai up, decreasing the supply and ideally bringing the price back up.

Maker core contributors
Individuals
Companies
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Mariano Conti
Head of Smart Contracts at MakerDAO
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Rune Christensen
Founder and CEO at MakerDAO
Founder and CEO at MakerDAO
User photo
Wouter Kampmann
Head of Engineering at MakerDAO
Head of Engineering at MakerDAO
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Maker Foundation
The Maker Foundation built the Maker protocol and created the initial supply of tokens. They have distributed tokens to early adopters and to investors, but are gradually reducing their level of control over the protocol.
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Dai Foundation
The Dai Foundation is an independent legal entity created to safeguard the Maker community's associated trademarks and intellectual property (IP). The Maker Foundation transferred responsibility of these assets to the newly formed entity on December 31, 2019.
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Maker supply limit

General Emission Type

Burn & Mint

Precise Emission Type

Other Burn & Mint models

Maker supply curve details

New DAI tokens are created when a user withdraws from a CDP and are burnt when the outstanding balance is repaid. When this balance is repaid, MKR tokens are also burned as a part of the fee for settling a CDP. If the collateral on a loan drops rapidly such the loan becomes under-collateralized, then the supply of MKR can be inflated to make sure the debt is repaid.

Who funds Maker core development?
User photo
Jump Capital
Jump Capital is an expansion stage venture firm with operating DNA at its core. We offer unparalleled institutional resources through Jump’s ecosystem, including access to a broad network, top research labs and academic institutions advancing the state of the art in healthcare, high-performance computing, data mining, and machine learning.
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Wyre Capital
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Walden Bridge Capital
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SNZ
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Scanate
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Polychain Capital
Polychain Capital manages a hedge fund focused on an actively managed portfolio of blockchain assets with the goal of helping advance the global adoption of cryptocurrencies.
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Placeholder VC
Placeholder is a venture capital partnership that invests in decentralized information networks.
User photo
Placeholder
We fund the development of decentralized information networks coordinated by a scarce cryptoasset – or token – native to the protocol. Our thesis is that decentralization and standardization at the data layer of the internet is collapsing the production costs of information networks, eliminating data monopolies and creating a new wave of innovation. Cryptonetworks accomplish this by replacing expensive, centralized coordination (e.g. PayPal) with universal financial incentives (e.g. Bitcoin). These networks introduce a new, natively digital asset class which shifts value away from equity in companies to tokens in decentralized networks . We fund the development of decentralized information networks coordinated by a scarce cryptoasset – or token – native to the protocol. Our thesis is that decentralization and standardization at the data layer of the internet is collapsing the production costs of information networks, eliminating data monopolies and creating a new wave of innovation. Cryptonetworks accomplish this by replacing expensive, centralized coordination (e.g. PayPal) with universal financial incentives (e.g. Bitcoin). These networks introduce a new, natively digital asset class which shifts value away from equity in companies to tokens in decentralized networks .
User photo
Paradigm
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Pantera Capital
Pantera Capital is an investment firm focused exclusively on ventures, tokens, and projects related to blockchain tech, digital currency, and crypto assets.
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M31 Capital
M31 Capital is a global investment firm focused on cryptoassets & blockchain technology. The firm restricts itself to cryptoasset-specific investment strategies, including both direct token investments as well as select active network participation opportunities
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LuneX Ventures
LuneX Ventures invests in cryptocurrencies and blockchain companies.
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1Confirmation
A venture fund that seeks to fund exceptional founders who build to advance the decentralization of the web and society
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Inflection
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Fenbushi Capital
Fenbushi Capital is the first China-based venture capital firm that exclusively invests in Blockchain-enabled companies.
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FBG Capital
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Electric Capital
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Dragonfly Capital
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Distributed Capital Partners
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Collaborative Fund
We are an investment fund focused on supporting and investing in the shared future. The fund centers around two macro themes which we think will be driving business innovations in the coming years: the growth of the creative class and the concept of collaborative consumption.
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Astronaut Capital
Astronaut Capital is a licensed asset manager (CIMA: 1491696) focused on providing an outperforming investment vehicle to retail, sophisticated and institutional investors. ASTRO is a close-ended Erc-20 token which has been created to service the needs of the crypto community. The token focuses on exposure to a diversified portfolio including ICO's, cryptocurrencies and altcoins.
User photo
Andreessen Horowitz
Andreessen Horowitz (also called a16z, legal name AH Capital Management, LLC) is a private American venture capital firm, founded in 2009 by Marc Andreessen and Ben Horowitz. The company is headquartered in Menlo Park, California. Andreessen Horowitz invests in both early-stage start-ups, which may raise just $50,000, and established growth companies, which often raise tens of millions of dollars.[1] Its investments span the mobile, gaming, social, e-commerce, education and enterprise IT (including cloud computing, security, and software as a service) industries
User photo
a16z Crypto
a16z crypto is the blockchain and cryptoasset investment arm of Venture Capital firm Andreessen Horowitz. The fund was launched with $300 million to invest in crypto companies and protocols. a16z crypto is structured to hold investments for 10+ years and invest throughout various market cycles. Along with capital a16z Crypto provides support from the a16z team to assist startups with executive and technical recruiting, regulatory affairs, communications and marketing, and general startup management.
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Maker governance

Onchain governance type

Direct On-Chain Vote

What is Maker governance?

The Maker protocol is ultimately governed by the MKR holders, where one token equals one vote. Anyone is free to submit a proposal which then goes through a Governance Poll to establish rough community consensus. Polls can be proactive to account for one-off or intermittent issues that need to be addressed for future issues, or they can be reactive to respond to a present state change. Once there is general agreement, the issue is put up for an Executive Vote where MKR holders vote to enact the change.

Examples of changes that can be made include:

  • New collateral types with their own unique risk parameters such as Collateralization Ratio and debt ceiling
  • Selection of oracle feeds to input the market price of various collateral assets
  • Modifications to the Stability Fee or Dai Savings Rate
  • Allocations of funds from the Maker Buffer which include the totally system’s revenues from Liquidation and Stability Fees
  • Triggering Emergency Shutdown

Emergency Shutdown A critical component of Maker governance is the Emergency Shutdown capability. It serves two functions: to shutdown the old system in the event of a major upgrade as we will see with single collateral Dai, or as a last resort mechanism in the event of any malicious governance activity, attack or security breach. Once 50,000 MKR are placed in the Emergency Shutdown Module, it is enacted immediately to shut down the system and return collateral to Dai holders and Vault owners. Vault owners can withdraw their collateral minus the Dai debt owed which is then available for Dai holders through the main collateral claim process. This is a manual process where Dai holders use Dai to claim collateral at a fixed rate corresponding to the calculated value based on the Dai Target Price. In receiving their proportional claim of the collateral portfolio they could be at risk of a haircut due to the risk in decline of collateral value.

Governance Security Module (GSM) After an Executive Vote gets passed, there is a 24-hour delay period before the change gets deployed to give stakeholders time to review the code and maintain the integrity of the system. If they believe the change is detrimental to the system, MKR holders can opt for an Emergency Shutdown so that all stakeholders receive their fair value currently locked in the system.

MakerDAO hosts weekly governance calls on Thursdays 4pm UTC

Who regulate Maker in 2022?

The Securities Framework Asset Ratings of the Crypto Rating Council (CRC) attributed the score of 4.5 out of 5 to Maker and provided the below summary:

  • Usage of securities-like language
  • Marketing of the token suggesting an opportunity to earn profits
  • Burning features

The CRC is a member-owned and operated organization whose purpose is to assess if a crypto asset, or its development, issuance, and use have characteristics that make it more or less likely to implicate federal securities laws. According to the CRC framework, a score of 5 results when an asset appears to have many characteristics that are consistent with the Howey-test factors. A score of 1 results when an asset appears to have few characteristics that are consistent with the Howey-test factors.

FAQ
1.What is the best app to store Maker?

Store Maker with Cropty cryptocurrency wallet by 3 simple steps:

  1. Download the app from the Apple AppStore or Google Play, or open your browser wallet.
  2. Create your Cropty wallet account with Face ID or Touch ID security options.
  3. Transfer MKR from external wallet.
2. How can I receive Maker?

Receive Maker to your Cropty wallet by QR-code, phone number, e-mail and nickname:

  1. Download the app from the Apple AppStore or Google Play, or open your browser wallet.
  2. Create your Cropty wallet account, set up a nickname.
  3. Click ‘Receive’ and follow the instructions.
3. How can I store Maker safely?

You can transfer your Maker holdings and store it safely with Cropty wallet. Cropty secures safety of your holdings through various verification options like using password, authenticator app, Face ID, Touch ID and backup codes. You can be sure no one can get access to you Maker holding except you.

4. How to start investing in Maker easily and securely?

Start investing in Maker with Cropty cryptocurrency wallet by 3 simple steps:

  1. Download the app from the Apple AppStore or Google Play, or open your browser wallet.
  2. Create your Cropty wallet account, set your authentication settings.
  3. Transfer MKR from external wallet.
5. Why should I choose Cropty to store and transfer Bitcoin?

The Cropty wallet provides the most convenient application for storing and transfering Maker. Cropty targets to become one the best crypto wallets for Android and iOS in 2022. Cropty provides convenient application and secure custodial services, built for crypto beginners, as well as for crypto-savvies.

6. How can I receive Maker as payment?

You can receive Maker as payment in Cropty wallet. It is a convenient mobile app to receive, store and transfer Maker MKR safely and instantly. Open Cropty app, click ‘Receive’, follow simple instructions and get your Maker holdings immediately.

7. How can I receive Maker donations?

You can receive Maker donations instantly with Cropty wallet. Download Android or iOS app or open the web version, sign up, click ‘Receive’ and follow simple instructions. Share your address with someone who wants to donate you in crypto.

8. Can I send Maker without verification?

You can receive Maker donations instantly with Cropty wallet. Download Android or iOS app or open the web version, sign up, click ‘Receive’ and follow simple instructions. Share your address with someone who wants to donate you in crypto.

9. How can I send Maker without fee?

You can send Maker instantly without fee in the Cropty wallet. Download Android or iOS app or open the web version, sign up, click ‘Send’, choose ‘Send via e-mail, phone number or nickname’ and follow simple instructions.

10. How to make money with Maker?
  1. Sign up to Maker wallet.
  2. Top up your balance with Maker.
  3. Store, trade or deposit your Maker.
  4. Get Maker deposit interest directly to your Cropty wallet.
USD to MKR converter
USD
$
MKR
coin
Maker Price statistic
Maker price today
Maker price
614.00 $
Price change (24h)
0.96% -5.93 $
Trading volume (24h)
21.71M $
Market Dominance
0.097%
Market rank
#51
Maker price history
All Time High
May 3 2021 (1 year ago)
90.18% 6 247.00 $
Maker Market Cap
Market Cap
1.02B $
Fully Diluted Market Cap
1.04B $
Maker Supply
Circulating Supply
977.63K MKR
Liquid Supply
999.13K MKR
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