What cryptocurrency is maker based on?

Maker is used by the MakerDAO, which is built on Ethereum, the second-biggest crypto by market capitalization. MakerDAO also has its own stablecoin, Dai, which is collateralized with other crypto to support price stability for loans and other transactions.

What is maker crypto (MKR)?

Meanwhile, Maker crypto (MKR) is used to maintain this system. The MKR coin stabilizes the price of Dai and also counters fluctuations in the price of Dai. If the price of Dai falls too low, MKR is created. Likewise, if it rises too high, MKR is destroyed.

What is maker & how does it work?

Maker is an Ethereum -based governance and utility token of the Maker system. Maker aims to unlock the potential of decentralized finance by building an inclusive platform for economic empowerment that gives everyone equal access to the global financial marketplace. Notably, the Maker Platform consists of the following components:

What is a maker coin?

Maker coins serve as governance tokens which guarantee their owners the right to vote on any important decision related to the platform. These include risk management, payment of Dai loans or setting the debt ratio. If one wants to take the loan in Dai, the Maker coin is used for the payment of related 1% interest rate.