Easy way to Buy MaMaker(MKR) Online with Wigwam crypto app

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Maker | MKRMaker1,223 MKR

How to buy and hold MKR with Wigwam

MKR

1. Choose a token number that you want to buy

2. Create a wallet, where to store your crypto

3. Pay with credit card

153.77 MKR

4. Check your crypto in the created wallet

Why Wigwam is the best crypto wallet for Maker (MKR) storage

Ultimate security, only you have access to your Maker tokens

Send, Receive, Store your Maker tokens free and without limitations

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Buy, Sell, Exchange Maker (MKR) directly in the wallet

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Why Wigwam is the best crypto wallet for Maker (MKR) storage

MKR (MAKER) Token  Review

Maker (MKR) is the native token of the Maker Protocol, one of the largest decentralized finance applications on the Ethereum chain. It is the ERC-20 Ethereum token, describing itself as a governance token, utility token, and recapitalization resource of the Maker ecosystem. 

The Maker protocol is also known as a Multi-collateral DAI(MCD) system, where users can leverage their digital assets to generate and borrow DAI, a stablecoin that maintains its price at 1 US dollar. 

About Maker

Maker is an Ethereum-based decentralized finance platform, where users can borrow DAI (A stable token that is decentralized and directly worth the value of the US dollar). Maker was made to provide financial services to everyone on the Internet.

 

Maker is governed by a decentralized autonomous organization MakerDAO, consisting entirely of MKR holders worldwide. MakerDAO was founded in 2014 by Rune Christensen making it Ethereum network’s longest-running project.  

MKR Use Cases

Governance:  In the MakerDAO, an MKR holder gets voting rights in the Maker’s continuous voting system. It is a procedure in the Maker ecosystem called Continuous Approval Voting. In this process, every MKR holder uses their tokens to either vote in support or against the submitted proposal. Any MKR holder can submit their proposals regarding fundamental factors such as stability fees, collateral assets, and many more. 

Releasing DAI and Regulating its price: The Maker ecosystem utilizes a smart contract called Collateralized Debt Positions (CDPs), which allows MKR holders to lend themselves some Dai by depositing some of their ETH in CDPs contract. The CDPs contract acts as a loan agreement between the borrower and the MakerDAO which means when a borrower has repaid their borrowed DAIi, the contract automatically transfers the ETH to the respective borrower.

MakerDAO also allows the MKR holders to manage and stabilize DAI’s price. Maker has a trigger known as Emergency Shutdown, if enough MKR holders vote in support for the shutdown, they can instantly trigger it by depositing 50,000 MKR into the Emergency Shutdown Module(ESM). ESM is used as a last resort, it is triggered in the event of serious emergencies such as a security breach, a system upgrade, or long-term market fluctuations. ESM shuts down the Maker protocol and makes sure that all the users receive the net value of their assets based on the protocol’s smart contract.

Debt Recapitalization:  In the Maker protocol, borrowers pay the stability fees and liquidation penalties balancing the Maker ecosystem’s balance sheet. However, the cryptocurrencies that borrowers use as collateral are not stable coins, their prices vary. This leads to situations where these fees do not cover the losses of Maker protocol.

 

To cover losses like these, MKR is minted and sold in the market. MKR holders get to vote on such recapitalization decisions as more MKR supply can negatively affect the token’s price. 

Economic value

MKR has a total maximum supply of 1 Million and the circulating supply is 918, 878 with tokens distributed between its MakerDAO, private investors, developers, and the fund, and a part of the supply is utilized for trading in exchanges.

MKR tokens are minted to cover losses on DAI loans and DAI is created when a user locks an unstable cryptocurrency and borrows a loan of DAI. MKR’s price is volatile as compared to DAI's as the losses and the market demand can vary. 

Maker protocol destroys MKR when MKR exceeds a minimum threshold, which leads to the excess auction of DAI for MKR which is then destroyed. Inversely, if the Maker Protocol’s debt exceeds a maximum threshold, MKR is created and auctioned for DAI. MKR and Dai create a unique economic dynamic within the MakerDAO ecosystem. 

Challenges

Since Maker is based on Ethereum, it faces the issue of scalability and expensive gas fees which is preventing wider adoption among the users. MakerDAO protocol also could easily lead to the devaluation of MKR if a poor decision is passed. 

FAQ

You can buy MKR tokens in a few clicks on the Wigwam crypto app or register and buy on centralized exchanges such as Binance, BlueBit, OKX, and ByBit.

You can’t stake MKR in a traditional way. However, some DeFi projects allow you to use this token in staking. You may find available options on DeFiLama or other DeFi aggregators.

A: You can view it by visiting Ethereum BlockChain Explorer - Etherescan, and entering your wallet address in the search bar.

 Before adding MKR to your wallet, make sure that the wallets support ERC-20 tokens. The steps specifics might vary based on the wallet you are using but the general steps will be as follows:

Open your crypto wallet, and click on the option of “Add tokens”, this will open a list of blockchains, select Ethereum chain, and then enter the MKR token details as follows

  1. Token Contract Address: 0x9f8F72aA9304c8B593d555F12eF6589cC3A579A2
  2. Token Symbol: MKR
  3. Decimal Precision: With 18 Decimals

After entering the token details click on “Save” to add the CAKE token to your wallet.

MKR is not a stablecoin and it comes with a high risk of market volatility. MakerDAO and fluctuations can impact the stability of MKR, making it crucial to inquire before investing in it.