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At launch, 1 million MKR tokens were created to govern the Maker protocol. Anyone who owns these MKR tokens can cast a vote on key decisions using a process known as Executive Voting. If an Executive Vote is passed, then the code in the Maker Protocol is changed to reflect the winning proposal.
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What is Maker? The Maker (MKR) token was created by MakerDAO and its primary purpose is to support the stability of MakerDAO’s DAI token and enable governance for the Dai Credit System. Holders of MKR make key decisions on the operation and future of the system. MakerDAO has two tokens, MKR and DAI.
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The price of Maker has fallen by 16.61% in the past 7 days. The price increased by 3.87% in the last 24 hours. In just the past hour, the price shrunk by 0.26%. The current price is $2,061.13 per MKR. Maker is 67.49% below the all time high of $6,339.02. The current circulating supply is 985,412.007 MKR.
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The price of Maker (MKR) stood at $2,453.83 on 22 December 2021 and it has a market cap of more than $2bn. The value of the Maker cryptocurrency increased almost fourfold during 2021; however, it dropped by more than a fifth in the 30 days from the end of November 2021. Final thoughts
What is Maker (MKR)? Maker token is a special type of token that is used to help govern and support the stability of the DAI system. If you hold Maker tokens, you will have a say in what decisions are made about the future of this system. The Maker token is used to keep the price of the DAI coin stable. This prevents it from fluctuating.
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In 2017, it launched the Maker governance token (MKR) and its first stablecoin iteration known as the Single Collateral Dai , which used Ether as collateral. Two years later in 2019, the Foundation released the Multi-Collateral Dai ( DAI ), phasing out SAI.
Maker (MKR) is the governance token of the MakerDAO and Maker Protocol — respectively a decentralized organization and a software platform, both based on the Ethereum blockchain — that allows users to issue and manage the DAI stablecoin.
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MKR is a cryptocurrency depicted as a smart contract platform and works alongside the Dai coin and aims to act as a hedge currency that provides traders with a stable alternative to the majority of coins currently available on the market. Maker offers a transparent stablecoin system that is fully inspectable on the Ethereum blockchain.