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MKR is a governance token that gives its holders the right to participate in the governance process of the Maker Protocol. MKR exists as an ERC-20 standard token on the Ethereum blockchain. Maker is one of the earliest projects on Ethereum, having launched already in 2015 (the same year in which the Ethereum mainnet went live).
The Maker Protocol one of the cornerstones of Ethereum’s decentralized finance ecosystem. The Maker Protocol allows users to lock up their crypto assets as collateral and receive a loan in the form of Dai, a stablecoin that’s designed to trade as close to $1 as possible. The process is completely trustless, functioning through a system of smart contracts on Ethereum In addition to ETH, other Ethereum-based assets such as Basic Attention Token and USD Coin can also be used to generate Dai.
Key Maker (MKR) features:
- Launched in 2015
- ERC-20 token on the Ethereum blockchain
- Used for Maker Protocol governance
- Acts as a recapitalization source for the Maker Protocol
- Initial supply was 1 million tokens
MKR holders can propose changes and vote on various aspects on the Maker Protocol through governance polls and executive votes. Some of the aspects of the Maker Protocol that MKR holders can vote on are the protocol’s stability fees and the Dai Savings Rate.
At launch, the total supply of MKR was 1 million tokens. However, the supply of MKR tokens can fluctuate depending on market circumstances within the Maker Protocol. This is because MKR is not just a governance token, but is also used as a recapitalization source for the Maker ProtocoI. If there is an excess of DAI tokens in the system, they are auctioned off for MKR, which is then burned.
Conversely, if there are not enough DAI tokens in the system, new MKR tokens are created and auctioned off for DAI. Such an auction took place in March of 2020, when a large drop in the price of ETH created issues for the Maker Protocol and resulted in a DAI deficit.