This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Maker?

Maker (MKR) is a decentralized ERC-20 token native to the Maker Protocol, a decentralized finance (DeFi) project. It is used for governance and utility within the MakerDAO ecosystem, where MKR holders vote on proposals to maintain the stability of the DAI stablecoin, which is soft-pegged to the US dollar.

How is Maker used?

Maker (MKR) is a cryptocurrency that plays a crucial role in the MakerDAO ecosystem. It has several key uses:

  1. Governance Token: MKR holders have the right to vote on risk management and business logic decisions within the Maker system, ensuring that the platform is governed responsibly.

  2. Transaction Fees: MKR is used to pay various fees associated with generating DAI, the stablecoin issued by MakerDAO. When fees are paid, MKR is burned, reducing the supply and maintaining the balance of the system.

  3. Recapitalization Resource: MKR can be used to recapitalize the system if debt exceeds the available collateral. This incentivizes MKR holders to manage risk responsibly and maintain the stability of the platform.

  1. Collateral: MKR can be used as collateral to generate and borrow DAI, ensuring that the borrowed amount is repaid.

  2. Risk Management: MKR is sold to offset losses if the value of DAI collateral drops, helping to maintain the stability of the system.

These uses highlight the importance of MKR in maintaining the stability and decentralization of the Maker ecosystem.

How do I store Maker?

To store Maker (MKR) tokens, you need a crypto wallet that supports ERC-20 tokens. Here are some options:

  1. Zengo Wallet: Zengo offers a secure and user-friendly wallet that supports MKR tokens. It features advanced security measures, including biometrics and recovery methods, ensuring your assets are safe even if your device is lost or compromised.

  2. Tap Wallet: Tap Global provides a secure and accessible wallet for storing MKR tokens. The wallet is compatible with any Ethereum wallet that supports ERC-20 tokens, and it offers features like 2FA authentication and bank-level encryption.

  3. Sapien Wallet: Sapien Wallet is a highly recommended multi-currency wallet for storing MKR coins. It offers advanced security features like fingerprint authentication, two-factor authentication, and PIN code, making it a secure option for long-term storage.

  1. Hardware Wallets: Cold hardware wallets like Trezor Wallet are also a safe option for storing MKR and DAI coins, providing an offline storage solution.

Before choosing a wallet, ensure it supports ERC-20 tokens and has robust security features to protect your MKR tokens.

How to buy Maker?

To buy Maker (MKR) tokens, you can follow these steps on various cryptocurrency exchanges:

Coinbase
  1. Create an Account: Download the Coinbase app and sign up with a valid ID and proof of address.
  2. Add a Payment Method: Connect a bank account, debit card, or initiate a wire transfer.
  3. Start a Trade: Select "Buy & Sell" on the website or tap the "+" button on the mobile app.
  4. Select Maker: Search for Maker and select it from the list of assets.
  5. Enter the Amount: Input the amount you want to spend in your local currency.
  6. Finalize the Purchase: Preview the purchase details and confirm the buy order.
Kraken
  1. Create an Account: Sign up for a free account on Kraken's crypto exchange.
  2. Connect a Funding Method: Add a payment method to buy over 200 cryptocurrencies, including MKR.
KuCoin
  1. Create an Account: Sign up with your email address, mobile phone number, and country of residence.
  2. Secure Your Account: Set up Google 2FA, anti-phishing code, and trading password.
  3. Verify Your Account: Upload a valid Photo ID.
  4. Add a Payment Method: Link a credit/debit card or bank account.
  5. Buy Maker: Use a variety of payment options to purchase MKR.
Binance
  1. Create an Account: Register on the Binance website or app.
  2. Choose a Payment Method: Select "Card" as the payment method and confirm.
  3. Check Payment Details: Review fees and confirm your order within 1 minute.
CoinList

CoinList provides a platform for token sales and incentivized testnets but does not directly facilitate buying Maker tokens.

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