Buy Maker.

Maker (MKR) is the governance token behind the MakerDAO and Maker Protocol — decentralized platforms built on Ethereum that enable the creation and management of DAI, the world's first decentralized stablecoin. Introduced in 2017, Maker pioneered some of the foundational concepts of decentralized finance (DeFi), offering users a trustless way to generate stable value without relying on traditional banks.

Through the Maker Protocol, users can deposit a variety of crypto assets, such as Ether (ETH) or Wrapped Bitcoin (WBTC), into smart contract-based Vaults to mint DAI. To maintain DAI’s 1:1 peg to the US dollar, the system requires overcollateralization, ensuring there is always more value backing DAI than the stablecoin’s total issuance. If a Vault’s collateral falls below the minimum threshold, the system triggers an automatic liquidation to stabilize the ecosystem.

The MKR token plays a critical role in maintaining the health and governance of the Maker ecosystem. MKR holders participate in key decisions, such as approving new collateral types, adjusting risk parameters, setting stability fees, and updating system governance processes. This decentralized governance model ensures that no single entity controls the Maker Protocol, aligning incentives between users and stakeholders.

The total supply of MKR tokens is capped at 1,005,577, with a circulating supply currently around and a total supply of 419,077.62. The current price of MKR stands at $1,795.32, contributing to a market capitalization of approximately . Maker reached its all-time high price of $6,292.31 on May 3, 2021.

Beyond governance, MKR also acts as a recapitalization resource. In extreme market events where the system becomes undercollateralized, new MKR tokens can be minted and sold to raise the necessary collateral, ensuring DAI’s stability even in volatile conditions. This mechanism further reinforces the value proposition of MKR as both a governance and risk-management asset.