Maker is a smart contract and decentralized finance platform based on the Ethereum network. The primary goal of Maker is to maintain the value of the DAI stablecoin. To achieve this, the Maker system utilizes a dynamic system called Collateralized Debt Positions (CDPs). This system includes autonomous feedback mechanisms and elements such as incentives for external actors. MKR tokens are created or destroyed in response to these mechanisms, thus maintaining the price stability of the DAI coin. The value of DAI is pegged to the US dollar, and this peg is facilitated by what is referred to as Maker Coin.
What is Maker Coin?
MKR, also known as MKR Coin or more commonly Maker Coin, is not only a pivotal element of the Ethereum ecosystem but also a pioneer in the cryptocurrency sector. Besides DAI being one of the first stablecoins in the industry, its autonomous feedback mechanism has played an active role in creating the DeFi revolution.
Smart contracts facilitate the automatic issuance or withdrawal of new MKR in the market. All fees, including transaction fees for the new DAI supply, are paid with MKR Coin. In this respect, MKR can be considered a utility or service token.
If the demand for the stablecoin DAI increases, this implies an increase in demand for MKR as well. It is known that users can directly obtain DAI by depositing MKR collateral in a decentralized manner. In addition, the network’s Proof-of-Stake consensus model also provides token investors with the right to vote.
MKR Coin Review
MKR Coin has definitely become one of the pioneers of the rapidly evolving DeFi sector. The first decentralized finance application, Maker DAO, could maintain its positive status for a long time. Maker Coin, which has introduced a crypto-based credit system that eliminates the need for banks, has recently caught the attention of many investors.
This has increased the number of people wanting to buy MKR Coin on Google and various platforms. So what needs to be done to purchase MKR Coin? In fact, MKR Coin can be directly bought from the world’s leading exchanges like Binance.
Where to Buy Maker Coin?
The steps required to purchase MKR Coin from Binance, the leading cryptocurrency exchange by trading volume, are quite simple.
The following steps are sufficient for the purchase of MKR Coin:
- To buy MKR, you first need to deposit USD balance into the exchange or purchase a cryptocurrency that can be used instead. For this, first go to the Binance homepage, click on the “Buy Crypto” option at the top left, and then click on the “Credit/Bank Card” tab.
- In the opened tab, select how much USD you want to trade with, and mark USDT i.e., Tether in the Coin section.
- After acquiring USDT, preview the “Buy-Sell” option at the top left again and click on the “Classic” tab.
- In the opened section, select the USDT tab at the top right, type MKR in the search button, and select the opened MKR/USDT pair below.
- Then go to the “BUY MKR” tab in the middle, enter the amount you want to buy.
- Enter the desired amount and complete the MKR purchase by confirming the transaction.
