Probably every trader has heard about the DAI stablecoin, which operates on the Maker platform. However, those who did not go into details might not know about the MKR token, which plays a major role in the functioning of Maker. Today we will tell you about the MKR token, how it is used in the project, what its prospects are, and where to trade the coin profitably.
What is Maker (MKR)?
Maker (MKR) – is a decentralized open source platform, the main goal of which is to create decentralized stablecoins. The platform operates on the basis of the Ethereum blockchain and has two tokens: the DAI stablecoin and the MKR token. Since the project operates on the Ethereum blockchain, it has the same consensus mechanism – Proof-of-Work.
MKR organizes the management and operation of the Maker ecosystem, fixes the cost of the stablecoin DAI and acts as a tool for attracting investors. The DAI stablecoin provides a unique approach to ensuring a stable price. DAI depends on a system of smart contracts with Collateralized Debt Position (CDP), supported by ETH, to maintain its price in equilibrium. That is, each token is backed by a certain asset, which the client borrows from the system, and then gives back. Thus, the Maker project solves the problem that Tether is sinning – it is simply impossible to issue tokens uncontrollably on the platform. And this is also one of the reasons why the MKR token was created, because “fuel” is needed for the platform to function. Further in the review we will describe the main functions of the MKR token.
Why should I exchange Maker?
The key reasons for trading MKR are:
- DAI is one of the most popular stablecoins on the crypto market. In turn, the DAI rate is completely dependent on MKR. Along with the high demand and extremely limited emission of only 1,000,000 coins the price of MKR will only grow.
- In 2021, investors’ interest in the Maker platform increased significantly. MKR is one of those cryptocurrencies that have updated the maximum price of January 2018. At that time the price reached $1690, on May 3, 2021, the coin price was $6,012, i.e. almost 3.5 times more. Analysts’ forecasts are extremely optimistic, for example, DigitalCoin predicts growth to $5,477 by the end of 2021, and $11,155 by 2025.
As of August 17, 2021, the price of MKR is approximately $3,742, with a market capitalization of $3,712,812,337. The minimum price as of January 30, 2017 was $21.06, since then the coin has risen by 17,634%.
Where to trade Maker?
The list of the most reliable platforms for MKR trading includes:
- Binance – the leading crypto exchange, there is functionality for professional trading, OTC transactions, tools for working with futures and many other services.
- OKEx – a multilingual exchange with a wide range of trading instruments: futures, margin trading, and more.
- 7b – a reliable crypto broker, with support for more than 300 cryptocurrencies for trading. The main advantages are security and convenience.
How to exchange Maker using the 7b crypto broker app?
Now is the best time to exchange MKR, and in order for this process to go smoothly, safely, and simply, you can use the services of a 7b crypto broker. Thanks to our platform, buying or selling MKR will take no more than 5 minutes:
- Sign up for your account.
- Deposit funds for trading.
- Use the search bar to instantly find MKR.
- Enter the transaction amount.
- Place a market order.
Where to exchange MKR?
MKR coins can be exchanged through the services of crypto exchanges, brokers, and swap platforms. The exchange on the crypto exchange has its own difficulties and nuances. Therefore, we recommend using other methods. You can choose what suits you by analyzing the pros and cons of the types of services:
|Security||The fee is often higher than on the exchange|
|Number of coins|
|No upper limits|
|Anonymity||There may be security issues|
|Fixed or floating rates|
You can exchange WMR on the following platforms:
- Changelly – a reliable platform for the instant exchange of cryptocurrencies. 170 coins are available.
- SimpleSwap – an anonymous platform that does not require registration. 300 coins are available.
Fee: included in the transaction amount.
- ChangeNOW – a secure platform with no upper limits. 170 coins are available.
Fee: included in the transaction amount.
- Swapzone – a cryptocurrency exchange aggregator where one can compare exchange rates, analyze and swap cryptocurrency in just one interface.
Fee: included in the transaction amount.
How to buy Maker?
There are many options to buy and sell Maker cryptocurrency. We provide our users with the opportunity to trade MKR at the lowest fees and using an easy interface. Try out or then get back to learn more options on how to buy Maker.
Instruction on buying MKR
Buying MKR for the first time might be a bit complicated for a beginner. That is why we have composed step-by-step instructions so that you could buy MKR without any problems:
Step 1. Sign up for a service providing trading or exchanging
Step 2. Deposit your account with BTC or ETH
Step 3. Find MKR/BTC or MKR/ETH trading pair
Step 4. Enter the necessary sum
Step 5. Confirm the transaction
Where to buy Maker?
Choosing a trustworthy platform might be even more complicated. To avoid scam and fraud, use platforms with a significant amount of reviews and good reputation, such as:
- Kraken – an exchange with an ideal reputation in security issues. There are many tools and features available on the platform. However, the platform’s interface is often called complex and old-school.
- Gate.io – attracts the attention of traders with a high level of security and clear interface, as well as a fast speed of deposit and withdrawal of funds.
When is the best time to buy Maker?
According to the most analytical reviews, the best time to buy MKR is now. Thought the price fluctuations might occur from time to time, the general trend is upwards.
However, it is only up to you to decide, while the information above should not be mentioned as financial advice.
How to sell Maker?
Selling MKR does not differ much from buying it, however, to avoid mistakes follow this instruction to sell MKR:
Step 1. Login to the exchange platform you use
Step 2. Find MKR/BTC or MKR/ETH trading pair
Step 3. Enter the necessary sum
Step 4. Confirm the operation
Step 5. Exchange BTC or ETH to fiat (Optional)
What to know before exchanging Maker?
Anyone who wants to exchange any cryptocurrency probably wants to do it as safely, faster, and profitable as possible. To do this, you need to follow a number of recommendations:
- Make sure that you have chosen a platform with a good reputation. You can use the monitoring services as BestChange.
- Make sure that you are aware of the fees charged. You can find information about them on the platform’s website in the FAQ section.
- Make sure that you entered the recipient’s address correctly. An incorrect address will lead to the loss of your funds.
How to buy Maker for fiat currency?
Before choosing a platform where you can buy MKR coins for fiat currency, study the fees charged, reviews, as well as the list of supported currencies. Also, pay attention to the fiat providers with which the platform cooperates. The exchange rate and payment methods depend on the providers. You can buy MKR for your national currency on Changelly and ChangeNOW. Everything you need to do is:
- Navigate to the “Buy” section.
- Select a fiat currency.
- Choose MKR.
- Enter the purchase amount.
- Enter the recipient’s address.
- Confirm the transaction.
Maker token use cases
MKR use cases:
- With MKR coins users pay fees for transactions and the redemption of collateral.
- MKR holders can play a crucial role in managing the Maker platform. Depending on the amount of coins held, the stakeholder can make important decisions, offer improvements, vote, and more.
- MKR plays a crucial role in ensuring the stable value of the DAI coin. The DAI rate fluctuates in the range of only 5%.
Is Maker a good investment?
Yes, MKR is a profitable investment. Firstly, this coin is vital for the functioning of the DAI stablecoin, which is one of the most popular at the moment. Thus, the demand for MKR does not decrease. Moreover, the issue of MKR is very limited, which also affects the price. In addition, the coin shows excellent growth and, according to analysts, the price will grow even more.
How do I invest in Maker?
Right now is the best time to buy MKR, since the price increase is predicted, in order to buy MKR as profitably as possible, choose a service with the best rate, a good trust rating, and security. For example, 7b, where it is simply necessary to make a purchase: top up the balance, select cryptocurrencies for exchange, enter the purchase amount, and click “Buy”.
How to trade MKR for beginners?
Beware of gurus and experts who offer instant earnings schemes. Make a plan and follow it, ignoring the rest of the noise. Crypto broker 7b is the best place for novice traders, as it allows you to trade quickly, safely, and with minimal fees. The process is extremely simple: deposit funds, select a trading pair, indicate the amount, place a market order.
What is Maker Blockchain?
Maker is a cryptocurrency platform created in 2015 based on the Ethereum blockchain. The main goal of the project is to create a decentralized currency tied to real assets, such as the dollar, euro, pounds, and so on. The DAI stablecoin and the MKR token function on the platform. MKR is responsible for the operation of the platform itself and ensures the stability of the DAI rate.