Maker coin is the utility token which provides functionality to the Maker platform and works alongside its Dai stablecoin. Its main tasks include providing voting rights and enabling the payment of fees and interest on the platform. The Maker coin (MKR) is the cryptocurrency unit native to the Maker platform.
What is makerdao (MKR)?
What is MakerDAO? (MKR) MakerDAO is a software running on Ethereum that aims to incentivize a distributed network of computers to maintain DAI, a cryptocurrency designed to track the price of the U.S. dollar.
What is the MKR token (MKR)?
The MKR token is free to fluctuate in value and helps to facilitate the entire process. Users effectively create their own Dai by using Ether, which must first be wrapped into a compliant token and then shifted into an MKR token before Dai is issued into an account. Funds can then be stored as stable Dai coin.
What is the maker protocol?
Specifically, the Maker Protocol requires two types of tokens to work: DAI and MKR. DAI is created when a user locks another cryptocurrency, such as ETH, in the Maker platform to take out a loan in DAI.
