MakerDAO is an open-source project on the Ethereum blockchain and a Decentralized Autonomous Organization created in 2014.
The Maker Protocol, also known as the Multi-Collateral Dai (MCD) system, allows users to generate Dai by leveraging collateral assets approved by “Maker Governance.” Maker Governance is the community organized and operated process of managing the various aspects of the Maker Protocol. Dai is a decentralized, unbiased, collateral-backed cryptocurrency soft-pegged to the US Dollar. Resistant to hyperinflation due to its low volatility, Dai offers economic freedom and opportunity to anyone, anywhere. This has positively affected MKR price.
The Maker Protocol
The Maker Protocol is one of the largest dapps on the Ethereum blockchain. Designed by a disparate group of contributors, including developers within the Maker Foundation, its outside partners, and other persons and entities, it is the first decentralized finance (DeFi) application to see significant adoption.
The Maker Protocol is managed by people around the world if they hold its governance token, MKR. Through a system of scientific governance involving Executive Voting and Governance Polling, MKR holders govern the Protocol and the financial risks of Dai to ensure its stability, transparency, and efficiency. One MKR token locked in a voting contract equals one vote.
The Dai Stablecoin
The Dai stablecoin is a decentralized, unbiased, collateral-backed cryptocurrency soft-pegged to the US Dollar. Dai is held in cryptocurrency wallets or within platforms and is supported on Ethereum and other popular blockchains.
Dai is easy to generate, access, and use. Users generate Dai by depositing collateral assets into Maker Vaults within the Maker Protocol. This is how Dai is entered into circulation and how users gain access to liquidity. Others obtain Dai by buying it from brokers or exchanges, or simply by receiving it as a means of payment.
Let us review MKR priceThe Maker Protocol, built on the Ethereum blockchain,2 enables users to create currency.
MKR/USD – Price Prediction
MKR is currently trading above the support zone $4000. As long as MKR is above this zone, we could start seeing a move towards $4742, $5191, $5554, $5917, $6434, $7093 and $8994. If this support breaks, we could start seeing a drop towards $3770, $3515 and $3171.
MKR is currently trading at $4238 with a market cap of $3,825,122,943. Its 24 hour trading volume was $261,518,300.
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