What is Maker (MKR)?

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There are two currencies on the Maker platform, DAI and MKR. DAI, which was briefly mentioned above, is a stable coin. On the other hand, MKR coin is used to fix the price of this stable coin and support having a say in the DAI platform. In other words, the system burns MKR to produce DAI. Conversely, if the value of DAI increases, new MKR tokens are printed, the supply is increased and the price is balanced. Therefore, if the number of tokens decreases, the demands for the DAI currency will automatically be reflected in the MKR coin. The basic operation of this project developed by DAO Maker is realized through collateralized debt positions or Vaults, as they are newly named. Vaults, which are financial instruments where users can show a certain crypto asset as collateral and borrow another crypto asset in return, can be liquidated in case the debt is not repaid. In this system, users first lock a certain amount of crypto assets on a platform as collateral. Then, a certain percentage of the collateral can be borrowed. When the value of the collateral falls below a whatsapp number list certain threshold, the position is liquidated and the debt is closed by selling the collateral. This mechanism allows users to obtain liquidity without selling their crypto assets and use the borrowed assets in various investment strategies. Users create DAI by depositing Ethereum and other supported crypto assets as collateral. In this process, users must maintain a certain percentage of their collateral; otherwise, their collateral is liquidated. MKR token holders play an active role in the management of the system and make important decisions, such as which assets will be accepted as collateral or determining the stabilization fees. Management decisions are made through community votes, and these votes determine how the protocol will work and what updates will be made. Various mechanisms are also used to ensure that the value of DAI is fixed at 1 USD.

Although the answer to the question of who is Maker coin is not clearly given, Rune Christensen is among the founders of the platform. Christensen, a Danish entrepreneur, is the founder and CEO of MakerDAO. Christensen founded MakerDAO in 2014 and has been working to develop and manage the project since then. In addition, since MakerDAO is an open-source project, many developers, researchers and users from around the world contribute. Due to its decentralized structure, the development and management of the project is carried out by the community. Maker coin was first launched in December 2017 as the platform's basic cryptocurrency.