MakerDAO is one of the oldest decentralized finance (DeFi) products in the cryptocurrency ecosystem. Maker (MKR) is the governance token of MakerDAO, a decentralized autonomous organization (DAO). The Maker Protocol, which underpins the MakerDAO platform, is governed by holders of Maker (MKR).
The Maker Protocol was developed with support from the Maker Foundation. Alongside the MakerDAO community, the Maker Foundation works to uphold the project’s decentralized governance model and maintain decentralization across the network.
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How Does Maker (MKR) Work?
Maker (MKR) is an ERC-20 smart contract token built on the Ethereum platform. As MakerDAO’s digital asset, MKR is used to manage the financial risks of the Maker Protocol and its stablecoin, DAI, ensuring stability, transparency, and efficiency.
Maker (MKR) holders are the primary stakeholders of the system and vote using the blockchain-based governance system of the Maker Protocol. Governance polls occur on the blockchain and reflect the preferences of voting MKR holders. Using the Maker Foundation’s Governance Portal, users can view active and concluded development proposals and cast their votes. To participate, voters can connect to the Governance Portal with their cryptocurrency wallets.
Users can view the details of development proposals on the voting page. Votes can be cast within the voting period to approve supported proposals. Since voting occurs on the Ethereum network, users voting with MKR must have sufficient Ether (ETH) in their wallets to cover transaction fees (Gas fees).
How to Store Maker (MKR)?
Maker (MKR) is a digital asset created on the Ethereum blockchain and can be stored in any wallet that supports ERC-20 Ethereum tokens. MKR can be held in browser, desktop, web, mobile, or online wallets. Additionally, hardware wallets compatible with Ethereum also support MKR.
How to Buy and Sell Maker (MKR)?
You can buy and sell Maker (MKR) with Tether (USDT) using the BtcTurk | Global website or mobile app. If you’re not yet a member, you can easily register on our website or app and buy Maker (MKR) by depositing cryptocurrency.
