De-Fi means decentralized finances. Maker is one of the earliest defi project in the cryptocurrency that aims to bring decentralized finances to the retailers. This is achieved by created dApps on smart contract enabled ecosystem.
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What is DAI and its management
DAI is one of the most popular stablecoins in the world. It has its value pegged to the US Dollar. The DAI is currently listed on the 35th spot on coinmarketcap and has a market dominance of about 0.25%. The daily trading volume has increased by almost 37.23%. The total DAI in circulation is around 6.74B.
MakerDAO and Maker Protocol are decentralized organization and a software platform which are used for the management of DAI. It allows the users to issue and manage the DAI stablecoin.
The Native Token MKR
The native token of MakerDAO and Maker Protocol is MKR. It is sued for governance and voting. Holders can vote for various changes in the protocol. Some of the things that people can vote on are:
- DAI Savings Rate: The users can lock their DAI an d earn rewards on it. They can change the rate of savings.
- Up gradation to the platform
- Risk parameter changes
- New collateral asset types
The amount of DAI in the circulation is controlled through the burning and issuance of DAI through MKR tokens.
At the time of writing MKR is being traded at the price of $2507. The price has increased by almost 2.57% in the past 24 hours. MKR is listed on coinmarketcap on the 59th spot and has a market dominance of 0.09%. The trading volume has increased by almost 39.09% today and has reached a value of $146,622,372. MKR has created its all time high around the price of $6360.84 during the month of May 2021 before dropping to the value of $1826.54. The month of May closed in red at the value of $3590.39.
Long Term Investment
Wallet Investor considers MKR to be a very good investment. According to their prediction MKR will reach a price of $5063 within one year. For a five year plan MKR is to reach a value of $15412. This is almost 7 times of the value at which MKR is currently being traded.