Overview of Maker Ecosystem

Before we start with detailed Maker price prediction, let’s check the Maker Ecosystem. MakerDAO is an ideal decentralized autonomous organization that provides cheaper and lightning-fast transactions eliminating the complexities involved in the decentralized ecosystem by using Maker protocol. Maker has been created with the sole objective of a multi-functional and multipurpose advantage in all walks of life. Before we start with detailed Maker price prediction, let’s dive into overview of Maker.

Maker Overview

Cryptocurrency Maker
Ticker Symbol MKR
Price $1,483.28
Price Change 24H +7.34%
Price Change 7D -9.73%
Market Cap $1,245,771,178
Circulating Supply 977,631 MKR
Trading Volume $106,923,135
All Time High $6,339.02
All Time Low $21.06
Maker ROI +5694.13%

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Understanding Ecospace of MakerDAO

To bring stability and address the accessibility issues in the cryptocurrency landscape, MakerDAO took the initiative of floating the Maker Protocol. The entire objective behind Maker Protocol is to create a pedestal that allows the convenience of creating or generating Stable coin Dai against crypto collateral assets anytime, anywhere. The Maker Protocol deputes a two-token system.

Understanding DAI & MKR

As aforesaid, the purpose of the MakerDAO was to create a collateral-backed stable coin DAI. This coin was carved to offer immense advantages of digital money, keeping the fiat and its associated problems at bay.

Another MKR token has been routed as a governance token. As the name suggests, it has been coined with the idea of governing and managing Dai. This is the actual system that drives the entire ecospace of Maker Protocol and is hugely aided by the public and other external parties.

Hence, the whole Maker Protocol is devoted to the cause unlocking the potential of decentralized finance for everyone. The only mantra that drives this eco-space is “Empower Economic Development.” This in itself will facilitate equal access to the global financial marketplace.

What is Cooking in Maker Lab?

Cross-traffic is the main feature that drives Maker Protocol. The new version of this is Multi Collateral Dai, which is now being floated on the Ethereum network. The acceptability of Ethereum based assets as collateral is a significant contribution to the DeFi space. Salient features for the same include:

  • New Dai token ($DAI)
  • Support for multiple Vault collateral types- like Oasis Borrow
  • Dai Savings Rate (DSR) – using Oasis Save
  • More robust peg ensuring mechanisms (MKR acting as a backstop)
  • Stability fees paid every block, rather than on Dai repayment
  • MKR and governance remains the same
  • The Dai Javascript allows developers to build DeFi Apps easily

Maker (MKR): The Vast Potential

For payments, integrating MKR on dapps enables settlement of payment whenever, wherever. The confirmation of such transactions gets processed in a fraction of seconds. This happens due to faster block generation times wherein the fees are the lowest. Maker provides APIs/SDKs for dapps, merchants, and users to instantly accept or pay in crypto assets like ERC20 tokens, ETH, and others. Maker enables decentralized exchanges to offer expeditious and inexpensive trades for their users. Integration with Maker helps these exchanges to run on steroids, making them trustworthy and secure. No wonder these decentralized exchanges drive the future of digital assets.

Maker reinforces gaming networks, thereby speeding up their performance in processing transactions. Maker also acts as a Lending & Credit scoring platform for merchants. The traders can ascertain the worthiness and credibility of their borrowers, viewing their transaction history facilitating lending of tokens to those who stand a better chance of timely repayment.

Maker users can easily access many financial service applications like DEXs, Lending dapps, and many others. Ultimately, it can be seen that Maker (MKR) has endeavored an exemplary move to enhance customer experience facilitating the user-friendly implementation of tools.

Maker Foundation & Partnerships:

MakerDAO is also active in community collaborations. To leverage more scalability with Maker Foundation plays a crucial role in public offerings, and the token MKR is listed on various exchanges viz. Bitcoin Trade, Buenbit, Panda Exchange, VWyre, Swissborg and Coinbase. The Maker Foundation also has generated apps for supporting the Maker Protocol of blockchain algorithm. These are Migrate, Governance, Oasis, to name a few.

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The Historical Data Analysis of MKR Token

The psychology of users plays a pivotal role in the crypto market sentiment. Prices are susceptible to a crowd mental approach towards giving a push to any crypto token. Maker, too, is no exception to bear this volatility. The inertia that initially played for Maker in 2019 is no more there as the token has gained customer trust bringing profit for investors and traders.

The downswing that played for the price of Maker in 2019 evaporated in the backdrop of its technological solutions. They were by no means paradigm but sure, in the EnY perspective, it can be said the token was being tracked for movement.