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What is makerdao (MKR)?

May 29-31, 2024 - Austin, Texas The biggest and most established global hub for everything crypto, blockchain and Web3. Register Now Maker ( MKR ), the governance token of $5.3 billion decentralized finance ( DeFi) lender MakerDAO, surged to near a one-year high price Friday following the introduction of a token buyback program.

Why did MKR get a price action?

The price action occurred as the lending protocol activated a token buyback scheme on Wednesday, removing MKR supply from the market. The so-called Smart Burn Engine periodically allocates excess DAI stablecoins from Maker’s surplus buffer to purchase MKR from a UniSwap pool, a governance proposal explains.

What is maker (MKR)?

Maker is one of the largest and oldest DeFi lending protocols, and also issues the $4.6 billion DAI stablecoin. It is led by a decentralized autonomous organization ( DAO ), in which MKR holders vote on governance proposals.

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