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The Multi-Collateral Dai (MCD) system is also known as the Maker Protocol, or MKR. MakerDAO was founded in 2014 as a Decentralized Autonomous Organization and open-source project on the Ethereum network. The token used for global governance is called MKR, and it is held by those in charge of it. The community organizes and controls a procedure called Maker Governance, which is used to regulate many aspects of the Maker Protocol.
Maker Protocol (MKR) Logo
The Maker Protocol's introduction
It is one of the most popular decentralized applications (dApps) on the Ethereum blockchain and the first application for decentralized finance (DeFi) to gain global acceptance. On the protocol, users can construct their own money. The Maker Protocol currently consists of the Maker Collateral Vaults, Dai stablecoin, and Voting. MakerDAO governs the Maker Protocol by determining on crucial issues like stability fees, collateral types, and more using the voting power of MKR holders. Owners of MKR are responsible for the stability, transparency, and efficiency of the Protocol as well as the financial risks related to Dai. One MKR token locked in a voting contract equates to one vote.
How is Maker put to use?
The Maker Protocol generates new Dai using Maker Vaults, a kind of smart contract. These contracts can be created using a variety of web programs and interfaces, which essentially act as network gateways. To acquire their collateralized coin through the smart contract, users must first return the Dai they generated along with a stability charge.
Maker Protocol may also employ MKR tokens for governance. Smart contracts are used for voting proposals, and they can be started from any Ethereum address. The MKR address with the most MKR approval votes will be awarded administrative authority to implement the proposed change to the Maker Protocol after MKR holders have a chance to vote on which proposal they would like to pass.
How can I buy an MKR?
Buying an MKR on MEXC involves the following steps:
Maker Protocol (MKR) Logo
The Maker Protocol's introduction
It is one of the most popular decentralized applications (dApps) on the Ethereum blockchain and the first application for decentralized finance (DeFi) to gain global acceptance. On the protocol, users can construct their own money. The Maker Protocol currently consists of the Maker Collateral Vaults, Dai stablecoin, and Voting. MakerDAO governs the Maker Protocol by determining on crucial issues like stability fees, collateral types, and more using the voting power of MKR holders. Owners of MKR are responsible for the stability, transparency, and efficiency of the Protocol as well as the financial risks related to Dai. One MKR token locked in a voting contract equates to one vote.
How is Maker put to use?
The Maker Protocol generates new Dai using Maker Vaults, a kind of smart contract. These contracts can be created using a variety of web programs and interfaces, which essentially act as network gateways. To acquire their collateralized coin through the smart contract, users must first return the Dai they generated along with a stability charge.
Maker Protocol may also employ MKR tokens for governance. Smart contracts are used for voting proposals, and they can be started from any Ethereum address. The MKR address with the most MKR approval votes will be awarded administrative authority to implement the proposed change to the Maker Protocol after MKR holders have a chance to vote on which proposal they would like to pass.
How can I buy an MKR?
Buying an MKR on MEXC involves the following steps:
- Enter your MEXC account credentials, then select [Trade]. Select [Spot].
- To view the trading pairs that are accessible, type "MKR" into the search field. MKR/USDT is a good illustration.
- Go to the [Spot] box by scrolling down. Enter how many tokens you wish to purchase. Open a Limit order, a Market order, or a Stop-limit order, as appropriate. Use a market order as an illustration. Confirm your order by clicking [Buy MKR]. The purchased tokens can be found in your Spot Wallet.
