MKR/USD: Convert Maker (MKR) to United States Dollar (USD)

Maker (MKR) is a governance token associated with the MakerDAO and Maker Protocol, both of which are built on the Ethereum blockchain. The primary function of Maker is to manage DAI, a decentralized cryptocurrency that is pegged to the US dollar. The Maker ecosystem, which was conceived in 2015 and fully launched in 2017, is one of the earliest projects in the decentralized finance (DeFi) space. MKR tokens do not pay dividends to their holders, but they do grant voting rights over the development of the Maker Protocol. The value of MKR tokens is expected to appreciate in line with the success of DAI.

Maker works by allowing its holders to participate in the governance of DAI. Holders of MKR tokens can vote on various changes to the Maker Protocol, with their voting power proportional to the size of their MKR stake. They can vote on adding new collateral asset types to the protocol, amending the risk parameters of existing collateral asset types, changing the DAI Savings Rate, choosing the oracles, and upgrading the platform. The issuance and removal of MKR from the system is governed by a complex system of interdependent mechanisms designed to ensure that DAI is always fully collateralized by other cryptocurrency assets and its soft peg to the USD is maintained.

The primary use case for Maker is to participate in the governance of DAI, one of the most popular stablecoins. By holding MKR tokens, individuals can vote on various aspects of the Maker Protocol, influencing the future development of the platform. This ability to participate in the management of one of the largest stablecoins on the market is what drives the demand for MKR tokens. Additionally, DAI, the stablecoin managed by the Maker Protocol, can be used as a store of value, a medium of exchange, a unit of account, and a standard of deferred payment, making it a versatile tool in the cryptocurrency space.

MakerDAO, the first entity within the larger Maker ecosystem, was created in 2015 by Rune Christensen, an entrepreneur from Denmark. Christensen, who holds a degree in biochemistry from Copenhagen University and studied international business at the Copenhagen Business School, co-founded and managed the Try China international recruiting company prior to creating MakerDAO. The Maker Protocol was fully launched in December 2017, and since then, it has become a key player in the decentralized finance (DeFi) space. As of October 2020, the circulating supply of Maker tokens is about 1 million, worth more than $500 million.