What kind of currency is MKR coin? Introduction to the official website, circulation and trading platform of MKR coins

MKR holders, with their utility token, actively participate in Maker Protocol governance, influencing crucial decisions that ensure the lending platform's stability and functionality.

Oct 10, 2024 at 05:29 pm

What is MKR Coin?

MKR is a utility token used in the Maker Protocol, a decentralized lending platform that allows users to lend and borrow crypto assets without the need for intermediaries. MKR holders play a crucial role in the governance of the Maker Protocol, influencing decision-making regarding interest rates, stability fees, and collateral types.

Official Website

The official website of the Maker Protocol and MKR coin is: https://makerdao.com/

Circulation

As of March 2023, the circulating supply of MKR coins is approximately 986,641.

Trading Platforms

MKR coins are available for trading on various cryptocurrency exchanges, including:

1. Binance
2. Coinbase
3. Kraken
4. Gemini
5. Huobi Global

Functionality

MKR holders have the following functions within the Maker Protocol:

1. Governance: MKR holders can vote on proposals to change the protocol's parameters, such as interest rates, stability fees, and collateral types.
2. Surplus Distribution: When the Maker Protocol generates surplus revenue, it is distributed to MKR holders as a reward for their participation in governance.
3. System Stability: MKR coins are used as a buffer to absorb losses in the event of a shortfall in the Maker Protocol's collateralized debt positions. By holding MKR coins, users contribute to the stability and resilience of the system.