MakerDAO Coin is Now Listed on fox.exchange!
fox.exchange is excited to announce the listing of Maker (MKR) on our exchange.
Through our partnership with the MakerDao Company, our users will now be able to easily access the MKR token and be part of a revolutionary margin trading experience.
What is Maker?
Since the launch of Bitcoin as the first cryptocurrency, volatility has been a concern in the crypto world. To solve that, several stablecoins have come to the forefront. Stablecoins are cryptocurrencies that are backed by an asset with a stable value to solve the problem of volatility. The MKR token is part of the Maker project on Ethereum’s blockchain which is an organization that aims to use smart contracts to solve volatility.
Through a dynamic system of Collateralized Debt Positions (debt backed by a pool of crypto securities), a group of incentivized actors, and an autonomous feedback mechanism, MKR can stabilize the value of a stablecoin on Maker called Dai.
The Dai stablecoin, like any other stablecoins, is backed by the U.S. dollar. However, MKR’s objective is to minimize the price volatility of Dai against the U.S. dollar. Ultimately, the goal of the Maker project is to create decentralized digital assets that are tied to the value of real-world assets and investment instruments like gold, silver, and real-estate.
How does the MakerDAO platform work?
The method used to solve volatility on the Maker project is pretty similar to that of fractional reserve banking where a bank is only required to hold a fraction of its deposit liabilities. As an open-source project, anyone in the world holding the MKR token can participate in the platform’s executive voting system. The capacity of each MKR token holder is determined by the amount of MKR tokens a voter stakes, therefore, the more MKR tokens a voter has the greater the power of the vote.
Since Maker’s Dai is a stablecoin, it can be used to generate liquidity. Therefore, users can generate Dai by depositing collateral assets into the Maker protocol through a vault. Once Dai is generated, it can be sold on exchanges like fox.exchange or used to make payments like any other cryptocurrency.
To achieve transparency, all Dai transactions are viewable on Ethereum’s public blockchain. Furthermore, all Dai in circulation is backed by excess collateral thus ensuring stability as the value of Dai debt remains significantly lower than that of the collateral.
How does Maker (MKR) stand out?
Transparency is the defining edge of the MakerDao platform. Since MKR acts as a utility token while Dai is used as a stablecoin, this revolutionary dual-token concept operates on a democratized system of governance that is completely transparent. For instance, semi-weekly governance meetings of the Dai credit system are posted online with a catalog on SoundCloud that goes as far back as 2 years ago.
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