MKR is the governance token of MakerDAO.
MKR is the governance token of the MakerDAO. A governance token is a type of token that allows its holders to vote on the proposals that will determine the future of the DAO. This DAO (which is an acronym for "decentralized autonomous organization) is a fully autonomous organization not run by a single entity, but by a series of self-executing smart contracts.
MakerDAO is responsible for ensuring the stability of DAI.
The objective of the MakerDAO is to minimize the price volatility of its own stablecoin Dai, against USD. The MakerDAO uses these smart contracts to ensure the stability of its Dai stablecoin against the US dollar, without any human intervention.
There are over 400 dApps in the Maker Ecosystem.
Due to the success of MakerDAO and the popularity of the DAI stablecoin, there are over 400 DApps that are currently utilizing the Maker Ecosystem. This includes centralized and decentralized exchanges, crypto wallets, DeFi platforms, and even games.
Disclaimer: The information and publications in this article are not intended to be and do not constitute financial advice, investment advice, trading advice, or any other advice or recommendation offered or endorsed by Coins.
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