Maker is a DeFi protocol based on smart contracts. It serves as the governing platform for the Dai, the third-largest stablecoin by market capitalization.
The Maker platform is powered by the MKR token. It is one of the earliest projects in the decentralized finance (DeFi) scene.
The token allows users to directly participate in the governance of Dai. The organization behind the project is MakerDAO, which was founded in 2015.
This piece will provide you with all the information you need to know about the Maker platform and its gas token MKR.
I will discuss the key features of the ecosystem and the economics of the token. In the end, you can find details on if you should and where and how you can buy the token.
Let’s get started without any further ado.
Maker Key Features
| Multi-Collateral Dai (MCD) | The Maker Protocol sometimes called the MCD system, enables users to generate Dai by leveraging collateral assets. |
| Decentralized Governance | MakerDAO, the team behind the Maker protocol, is a decentralized autonomous organization (DAO). |
| Dai Stablecoin | Dai is a decentralized stablecoin created within the Maker protocol and users can generate Dai by locking up an approved collateral like Ethereum. |
| Maker Collateral Vaults | Users can create collateral vaults by locking up assets. The system will ensure stability by adjusting the supply. |
| Oracles | Oracles will provide external information to the Maker protocol. They feed real-world data into smart contracts which affects Dai’s stability. |
Maker (MKR) Tokenomics
The maximum supply of MKR is capped at 1,005,577 tokens. There is a total supply of 977,631 MKR, out of which 923,281 of them are in existing circulation. At launch, 1 million MKR tokens were minted.
Out of which 69.50 percent was allocated to the founders and the project. Another 15 percent was given to the team. The remaining 15.5 percent of the tokens were distributed in three private funding rounds.
Maker (MKR) Past Performance
Starting in January 2017, MKR started trading just above $20. The token immediately entered a bull run and hit the $1500 mark by the start of next year.
MKR gradually matured to the sub-$700 level and continued there until the end of 2020. In the crypto bull run of 2021, MKR has also made significant gains, hitting an all-time high of $6339.02 in May.
The prices gradually came down to the sub-$700s before it has regained momentum starting from mid-2023.
As I am writing these lines, MKR is traded at $2143.65, making up a market capitalization close to $2 billion and a 24-hour trading volume of $104 million.
Maker (MKR) Price Forecast 2024
According to our expert team’s technical analysis, the current sentiment is bullish while the Fear & Greed Index is at 82 signaling Extreme Greed.
MKR has recorded 17 (57%) out of the past 30 days in green territory with a price volatility of 3.19%.
Our quants forecast that the price of Maker will drop by 11.61% and reach $ 1,906.02 by the end of next week.
Maker (MKR) Price Forecast 2025
Coming to 2025, MKR’s price is expected to fall between $ 1,691.05 on the lower end and $ 10,432 on the high end.
If we compare that to today’s prices, the upper price target will be a gain of 385.69%.
Maker (MKR) Price Forecast 2030
Our MKR price prediction for 2030 currently stands between $ 6,921.81 on the lower band and $ 11,900 on the higher band.
Compared to the current price, this will be translated into a return of 453.92% for the investor.
Where to Buy Maker (MKR)?
You can buy MKR from a centralized exchange like Binance, HTX, Coinbase, OKX, Bybit, KuCoin, Kraken, etc. or you can swap them from a decentralized exchange (DEX) like Uniswap.
How to Buy Maker (MKR)?
Though you have plenty of options here, I will go with Binance, and here are the steps you need to follow to buy MKR.
- First, create a free Binance account on the website or the smartphone app. Verify your identity.
- Load your account with a fiat currency. You can do this via your credit card, bank transfer, or PayPal.
- On the trading section, click ‘buy crypto’ and purchase Tether.
- On the search bar, type USDT/MKR or choose it from the dropdown list.
- Hit ‘buy’ followed by ‘confirm’.
- Once your transaction is confirmed your MKR tokens will appear on your Binance wallet.
Conclusion
As the governing platform of Dai, Maker plays a pivotal role in the world of DeFi. Using a soft-pegging mechanism for tracking the dollar, also does away with many of the disadvantages of other popular stablecoins.
For over a year, particularly in the past month, the market price of MKR has been on the rise. Our technical analysis gives a bullish view of the token.
However, remember that cryptocurrencies are susceptible to large price fluctuations and are considered a risky asset class.
The reader is warned to exercise caution before putting their money into such investments. As always, don’t invest with borrowed money.
