Trending over the last week, Maker (MKR) is another project that has come onto my radar. Defi and lending seem well poised to perform well in the next bull run so it might be smart to bear these types of projects in mind (NFA).
The MKR token is an Ethereum-based DeFi lending platform. It enables users to lock ETH into smart contracts for the purpose of generating Maker's stablecoin, Dai. MakerDAO is composed of MKR token holders who make important decisions such as protocol upgrades, stability fees and and the Dai Savings Rate (DSR). The DSR allows Dai holder to earn savings by locking their Dai into the DSR contract in the Maker Protocol. Users aren’t required to deposit a minimum amount to earn the DSR. They can also withdraw any or all of their Dai from the DSR contract at any time.
The Maker protocol offers loans and charges interest on borrowings and in Dai. No KYC is necessary, and loans are issued in a decentralized manner through smart contracts, which makes it attractive for users and investors.
MKR can be bought on exchanges or can be acquired by participating in the protocol’s auctions which serve to keep DAI stable. Show Less
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