Maker (MKR) is a cryptocurrency on the Ethereum blockchain designed to minimize the price volatility of its own USD-pegged cryptocurrency, DAI. DAI has a monetary value of one USD. Through the MakerDAO system, users can create Collateralized Debt Positions (CDPs) and use Ethereum as collateral to generate DAI. The Maker price page is part of the Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies.
MakerDAO works through a process called “over-collateralization”, where assets supplied by users are locked up in smart contracts as collateral in exchange for newly created DAI tokens. DAI is an ERC-20 token, which means it runs on the Ethereum blockchain. It is designed to maintain a stable value of one US dollar.
The MakerDAO DeFi lending platform works via a collection of smart contracts that allow users to supply and borrow cryptocurrencies without a centralized loan provider.
Users create DAI by depositing some of their cryptos into a smart contract on the platform. Once DAI is created, it functions as a token on the Ethereum blockchain that can be transferred between wallets to facilitate the transfer of value like any other cryptocurrency. DAI is useful as a medium for transfers because each token always aims to be worth one U.S. dollar — which means the value won’t swing wildly during the duration of the transaction. This type of stable cryptocurrency is known as a stablecoin.
Funds deposited to create DAI can be instantly re-acquired by paying off the DAI loan plus any fees.
The maker offers its community of MKR holders the unique opportunity to directly participate in the governing of Dai – one of the most popular stablecoins on the market. They can use their MKR tokens to vote on the following types of proposals:
MKR coin price is seeing a weak consolidated momentum and may test the lower support in the future. Maker price is currently trading with a gain of more than 4% and is near the value of $2899.
The asset price has a very high ROI which has differentiated it from other projects and benefitted investors. One can invest in MKR as per their risk adversity and price action scenario. Maker exceeded in 'Lending/Borrowing, Near Protocol Ecosystem, Decentralized Finance (DeFi), Governance' categories which had 105% growth over the past year so you can find out more here.
MKR's market dominance along with its market cap has seen a decline in the past few weeks. Maker price has to cover more than 64% of its current price to break its all-time high level. The market cap had a very high Rank in the chart on May 4 and May 25 and after them, it has Downtrend as you can find out more here.
However, MKR`s liquidity score is 62% below the market's average score, which means that it would be harder to sell MKR if the market is falling. MKR's Twitter account saw an increase of 34% in the number of followers over the last week. You can find our report about MKR`s market capitalization, price, and liquidity score here.
The weekly technical chart of Maker Coin price hints towards a bearish momentum for upcoming days. In contrast, on the daily chart, the coin price is seeing a consolidated momentum. The volume indicator for the MKR coin is near 1.2K with small selling pressure. The coin price has broken down below the 50 and 100 DMA which suggests a downtrend in price. The 100 DMA is near $2990 suggesting a downtrend in price.
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