MKR tokens are the utility and governance tokens built to support the MakerDAO and Maker Protocol. The ERC-20 token supports the operation and maintenance of the platform’s stablecoin DAI, which is soft-pegged to the US dollar. The Maker protocol is one of the first projects to provide DeFi (decentralized finance) services and remains in the top 20 biggest DeFi projects.
MKR holders are able to vote on proposals suggested to improve the Maker platform protocol as well as manage the supply of the token through surplus and debt auctions. MKR token holders play an integral role in generating DAI, how well the platform operates, and the overall price of the coin.
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Frequently Asked Questions
The Maker (MKR) token is a governance and utility token powering the MakerDAO and Maker Protocol. The ERC-20 token plays an integral role in maintaining the ecosystem that issues and operates the DAI stablecoin.
The Maker Protocol uses Ethereum smart contracts to facilitate the lending of its stablecoin (DAI) as well as offer additional features such as governance through the MKR token.
The Maker Foundation is an organization created to facilitate the development of the Maker decentralized autonomous organization (DAO) which governs the Maker protocol and DAI stablecoin.
If the Maker system is underperforming its locked coins are sold for a lower value than initially deposited at, causing it to raise capital via a Debt Auction. By undergoing this process, new MKR tokens are minted and put up for auction in exchange for DAI. This ultimately increases the amount of available MKR tokens while simultaneously decreasing its price.
At the time of writing, there are around 978,000 MKR tokens in circulation.
Whether you want to check the MKR price or buy MKR, you can do so directly through your Tap app. Simply open the app, select Maker from the list of supported cryptocurrencies and review the information available.
As MKR is an ERC-20 token it is compatible with any Ethereum wallet that supports such tokens. From hardware wallets to software wallets, be sure to check that the wallet is compatible with ERC-20 before sending the coins there. Alternatively, you can securely store your MKR tokens in your Tap wallet. When creating an account you automatically gain access to a Maker wallet, allowing you to store your tokens for as long as you want.
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