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- r/MakerDAO
- Changpeng Zhao gets 4 months, Sam Bankman-Fried gets 25 years — Why?Cointelegraph.com News – 7 hours agoOne former CEO went to trial and maintained his innocence, one admitted fault and turned himself in. Two figures once considered to be Titans in…
- Price analysis 5/1: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIBCointelegraph.com News – 7 hours agoBitcoin’s drop to $56,500 crushed bullish traders’ sentiment and took a heavy toll on altcoin prices but are generational buying opportunities emerging? Bitcoin (BTC) sliced…
- Meme coins: Betrayal of crypto’s ideals… or its true purpose?Cointelegraph.com News – 9 hours agoMeme coin fans think “serious” crypto investors are mid-curving it. Serious crypto investors think meme coin fans are idiots. When Satoshi Nakamoto invented Bitcoin (BTC),…
- Bitcoin down 20%+ from all-time highs — Is BTC price headed to $50K?Cointelegraph.com News – 9 hours agoWhile the current correction remains in line with historical price corrections, Bitcoin could briefly fall to the $50,000 mark after losing the average ETF inflow…
- Dutch exchange Bitvavo taps Figment to expand staking servicesCointelegraph.com News – 10 hours agoInstitutional staking platform Figment will become an additional infrastructure provider to Dutch exchange Bitvavo. Update (May 1 at 3:00 pm UTC): This article has been…
What is Maker?
Maker is the system responsible for making DAI stable through “collateralized debt position” (CDPs) smart contracts on the Ethereum. MKR is an ERC-20 token created in response to insufficient collateral to back for DAI CDPs.
DAI is created through loan contracts which use Ether as a collateral. MKR Holders are responsible for regulating the collateralized rate making DAI consistently worth $1 and are rewarded for doing it; CDPs include a fee which is paid using MKR that is always burned, evating MKR’s value.
CDPs are automatically liquidated in case Ether drops to a price such that their collateral (ETH) drops below a given value that is not enough to finance the amount of DAI loaned. If the liquidated volume recovered isn’t enough to cover for the corresponding DAI volume loaned, the Maker system automatically creates new MKR tokens which are sold in open markets ensuring a positive balance. This mechanism incentives MKR holders to make rational decisions when voting for collateralized rates.
MakerDAO, the group responsible for Maker, also run a decentralized exchange called OasisDEX.