Maker
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Date | Open | Close | High | Low | Volume |
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# | Source | Pair | Volume | Price | Change | Updated |
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- r/MakerDAO
- Bitcoin forming 'massive' bullish wedge pattern as trader eyes $85KCointelegraph.com News – 5 hours agoBitcoin’s bullish pattern on the chart is signaling to crypto traders a potential 25% price increase from its current level. Bitcoin’s price is forming a…
- RFK Jr. promises BTC strategic reserve, dollar backed by hard assetsCointelegraph.com News – 8 hours agoThe presidential hopeful gave Bitcoin eloquent praise as a future support for the US economy and way to fix broken American money and society. Independent…
- SEC approves Grayscale Bitcoin Mini Trust for Trading on NYSE ArcaCointelegraph.com News – 8 hours agoGrayscale must await final regulatory signoff on its registration filing before listing the fund The United States Securities and Exchange Commission (SEC) approved Grayscale’s newest…
- ‘We have to get rid of the folks who are in the way’ — Senators speak at Bitcoin 2024Cointelegraph.com News – 9 hours agoThe two Republican senators claimed that if their party wins control of the Senate, they will stop the SEC’s “regulation by enforcement.” Republican United States…
- No BTC strategic reserve announcement from Sen. Lummis — Bitcoin 2024Cointelegraph.com News – 9 hours agoUS Senator Lummis recently authored a report highlighting the benefit of the Bitcoin mining industry and denouncing Biden’s proposed 30% tax. United States Senator Cynthia…
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.