MKR/USD is one of several ways to express the value of MKR versus the US Dollar. Other ways to express the pair include MKR USD, MKR-USD, and MKR to USD. MKR – Maker coin – is the cryptocurrency native to the Maker platform, sometimes known as the MakerDAO. MKR has been a highly valuable cryptocurrency since its launch in 2015, once peaking with an all-time high of over $6,000 per MKR token. The purpose of MKR tokens is less straightforward than some popular crypto, in part because its existence is tied up with that of another token, the stablecoin DAI. Nevertheless, MKR is a popular cryptocurrency with investors and traders, many of whom see long-term growth in the MakerDAO project. You can trade MKR/USD with ease at eToroX, taking advantage of the latest MKR USD chart, MKR-USD lives prices, and the latest news and analysis about the MKR crypto market.
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MKR’s purpose is mainly to regulate the price and activities of DAI, a stablecoin that aims to keep its value of 1 USD. Holders of MKR are part of the MakerDAO, a financial dApp that is part of a larger system called the Maker protocol, which aims to maintain and regulate the DAI stablecoin. In essence, those wanting to invest in DAI, which, as a stablecoin, is useful for purchases and DeFi loans, can deposit other cryptocurrencies (usually Ethereum) in the Maker protocol. This deposit, in turn, gets wrapped with MKR, which facilitates the issuance of DAI. The success of the pair, DAI, and MKR, are intertwined, with demand for the former increasing the value of the latter. DAI is considered by many to be a top decentralized stablecoin, and holders of MKR are given voting power in how DAI is governed.
Traders and investors are likely attracted to MKR for several main reasons. Most notably, there is the positioning of MKR/DAI in the arena of DeFi, aka decentralized finance. DeFi is expected to grow in importance in the coming years, with DeFi products facilitating loans, savings, and interest in a similar way to traditional banks. MKR and DAI are central to some of those DeFi projects. MKR is currently (as of March 2022) one of the most valuable crypto tokens. And while it is currently a long way off its all-time high (ATH) of $6,292, some experts assume that isn’t the highest it will go. One of the attractions of MKR is its relatively limited supply of 1 million tokens. For comparison, the max supply of XRP is 100 billion tokens. Around 97% of MKR tokens are currently in circulation. Want to start trading MKR/USD? Look for expert crypto investment opportunities at eToroX.
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