Maker

What is Maker (MKR) and how does it work? The Maker crypto project has several components, including two main assets: Dai (DAI) and MKR. The MKR cryptocurrency is sometimes referenced as Maker (MKR), although the name Maker more accurately describes the overall project, while MKR is a primary asset of the project.

The Maker ecosystem

Who are the founders of Maker (MKR)? Rune Christensen is the main founder of Maker — but what exactly is Maker? On a broad level, Maker is a decentralized finance (DeFi) project comprising a decentralized autonomous organization (DAO) called MakerDAO, the Maker Protocol, the DAI stablecoin, the MKR cryptocurrency and the Dai Foundation.

The project formerly included the Maker Foundation, which essentially served as an entity helping to guide the Maker project in the right direction until it could go off on its own as a decentralized operation, at which point the Maker Foundation would be dissolved. The foundation completed its dissolution in 2021. The Dai Foundation, a separate entity, oversees aspects such as copyright.

The Maker Protocol is an Ethereum-based DeFi solution allowing participants to lock certain crypto assets in Maker Vaults as collateral and receive the DAI stablecoin in return. The collateral’s value must exceed the value of the DAI received, with collateral subject to liquidation pending price action. Collecting the collateral back involves returning the DAI and paying a fee.

MKR cryptocurrency

The MKR cryptocurrency, an ERC-20 token, is used within the Maker ecosystem for governance and acts as a form of reserve collateral for the Maker Protocol. MKR tokens and DAI function together, with MKR tokens minted or burned depending on various conditions. The MKR total supply is shown above, but the number excludes burned tokens. Multiplying the MKR circulating supply by its price is how the MKR marketcap is determined.

The Maker price today most directly refers to the value of MKR tokens, which can be priced in U.S. dollars (USD). An MKR to USD live price is shown at the top of the page, in addition to the MKR marketcap and other information. An MKR live price chart also exists above.