When was MKR coin issued? Learn about the origin of MKR coin in one article

Created in 2017, MKR is the native token of MakerDAO, with key roles in governance, stability maintenance, and collateralization for the Dai stablecoin.

Oct 14, 2024 at 12:18 am

The Origin of the MKR Coin

1. Creation and Initial Coin Offering (ICO)

• Date: March 19, 2017
• MKR coin was created by Rune Christensen, the co-founder of MakerDAO.
• The coin was issued through an ICO, raising over $12 million.

2. Purpose of MKR

MKR is the native token of the MakerDAO ecosystem and serves several crucial purposes:

• Governance: MKR holders participate in the Maker Protocol's governance by voting on key decisions.
• Stability Fee: MKR is used to pay stability fees incurred by holders of MakerDAO's synthetic asset MKR.
• Safety: MKR acts as collateral for Maker's stablecoin Dai. By maintaining a sufficient ratio of MKR to Dai, it helps protect the stability of the stablecoin.

3. Utility and Growth

In the years since its creation, MKR has seen significant utility and growth:

• Decentralized Lending: MKR enables participants to lend and borrow digital assets on the MakerDAO platform.
• Staking: Staking MKR allows participants to contribute to the network's security and earn rewards.
• Integration: MKR has been integrated into various DeFi platforms and services, expanding its reach and utility.

4. Value and Performance

• Market Capitalization: As of January 2023, MKR has a market capitalization of over $965 million, ranking it among the top 100 cryptocurrencies.
• Price Volatility: MKR has experienced price volatility over time, but its value has generally trended upwards.

5. Current Status and Future Development

MKR continues to play a vital role in the MakerDAO ecosystem and the broader DeFi landscape. Its utility and demand are expected to grow as DeFi adoption expands. The MakerDAO team is actively working on developing new features and applications for MKR to enhance its usefulness and longevity.