Maker (MKR)

About

Maker (MKR) is a decentralized cryptocurrency built on the Ethereum blockchain, serving as the governance token for MakerDAO, a decentralized autonomous organization (DAO). It facilitates the creation and management of DAI, a stablecoin pegged to the US dollar. MKR holders have voting rights in the MakerDAO ecosystem, influencing decisions such as risk management and protocol updates. This decentralized governance model ensures community involvement in the platform's development. Maker's primary use cases include decentralized lending and borrowing through the creation of DAI. Users can generate DAI by locking collateral assets like ETH in smart contracts. MKR tokens are used to settle stability fees and are burned, reducing supply and maintaining scarcity. The platform offers a dual token system with DAI, enhancing decentralization and user control. Maker's technology utilizes smart contracts and oracles to manage collateral values and maintain DAI's stability.