Maker Price Today

The current real-time Maker price is $1,632.08 . MKRR price has plummeted by 4.02% in the last day and decreased by 15.04% in the last seven days. It’s important to note that the current Maker market capitalization is $1,454,332,181. The maximum supply is 1,005,577.00 MKR coins, with a circulating supply of 891,089.92. MKR is ranked #71 in terms of market cap.

Maker Explained

Maker (MKR) is a cryptocurrency protocol managed by a Decentralized Autonomous Organization (DAO) called MakerDAO, which comprises holders of the MKR token. The DAO controls the Maker protocol and Maker’s Dai stablecoin. While Maker is a protocol, MKR is an ERC-20 governance token that benefits from its parent network’s decentralization and security. 

MakerDAO, which drives the broader Maker ecosystem, was founded in 2014 and launched in 2017 by Rune Christensen, a Danish businessperson. New updates to the project are now governed entirely by MakerDAO. 

The Mechanics of Maker

Instead of being run by a central authority, Maker takes the form of a DAO, dubbed MakerDAO. The MKR token is used to vote on proposed updates to Maker/Dai and gives the community control over the project. 

To be able to vote on proposed updates to the Maker protocol and the DAI stablecoin, people have to hold MKR and connect their wallets to the Maker platform. However, as users are required to connect to the voting contract, they need Ethereum to pay gas fees, as Maker and DAI are both ERC-20 cryptocurrencies. 

There are several different types of updates on the Maker governance platform. Signal Requests and Maker Improvement Proposals (MIPs) must have a higher number of yes votes than no votes to be accepted. However, MIPs require a minimum of 10,000 MKR to pass. Executive Summaries bundle technical updates, run indefinitely and need more votes than previous proposals to be accepted. 

Maker has built the Spark.fi platform, which is used to balance the price of DAI. The platform ensures that DAI maintains its peg by managing the debt-to-issuance ratio. Maker’s Spark platform lets people borrow DAI by pledging ETH and paying interest. DAI holders can also lock their tokens on Spark to earn crypto rewards of up to 8%. 

The Utility of Maker

It’s relatively common for a crypto project to have a governance token that enables holders to vote on proposed updates. However, MKR allows people to participate in governance for the DAI stablecoin, which MakerDAO manages. 

Token holders can vote on changes like adding support for new collateral assets, changing the DAI savings rate, and upgrading the protocol. Most of Maker’s value is tied to its use as a governance token for DAI, the 3rd largest stablecoin on the market. The amount of votes a person can cast is linked to the quantity of MKR they’ve pledged to the voting contract. 

Complete Maker Price History

Maker was launched in 2017 for a listing price of around $22, a 98.92% discount compared to today’s figures. Over the next few months, MKR exploded due to the 2018 bull run and excitement at the launch of Dai, leading the asset to hit $1,773.93 in January. Over the next  11 months, MKR struggled to find its footing, going into 2019 at $448.21. 

Maker pushed up throughout 2019, stabilizing at around $550, where it hovered until early 2020, which saw the asset crumble due to pandemic woes, falling to $279.51 by April. 

While most of 2020 was uneventful, December saw some positive movement, and MKR exploded in January 2021 alongside the bull run. The asset hit $1,976 in January and $3,041 in February before setting an all-time high of $6,339.02 in May. MKR could not maintain its new valuation and crashed for almost a year straight, bottoming out at $606.69 in May 2023. 

Since then, the Maker and Dai ecosystems have grown steadily, and MKR has recovered well. While the asset hasn’t reached a new high, it rose significantly in late 2023 and early 2024. Splurged on by the broader crypto market’s recovery, MKR hit a high of $4,064.83 in April but trades for $1,632.08 today.