1. Trade MKR directly with Singapore Dollars (SGD) 🇸🇬
The NEW MKR/SGD trading pair prices MKR against the Singapore Dollar (SGD), and our users will be able to buy & sell MKR when they fund their accounts with SGD through direct bank transfers.
2. Trade MKR directly with Vietnamese Dong Trading (VNDT) 🇻🇳
The NEW MKR/VNDT trading pair on Coinhako prices MKR against the Vietnamese Dong (VND), and our Vietnam users will be able to buy & sell MKR when they fund their accounts with VND through direct bank transfers.
3. Trade MKR directly with US Dollars (USD) 🇺🇸
The NEW MKR/USD trading pair prices MKR against the United States Dollar (USD), and our users will be able to buy & sell MKR when they fund their accounts with USD with a Stablecoin deposit.
4. MKR Swaps (Crypto-to-crypto trading)
Coinhako users will also be able to trade MKR with other cryptocurrencies that are supported in their countries, with our ‘Swap’ function.
5. MKR wallet for all
With the MKR wallet feature, Coinhako users can securely send (withdraw), receive (deposit) and store MKR
What is MKR?
Currently ranked 34th among all cryptocurrencies, MKR was created to serve as a governance and utility token for MakerDAO, a Decentralised Autonomous Organisation (DAO) built on the Ethereum blockchain.
Helmed by CEO and co-founder Rune Christensen, MakerDAO is in charge of both MKR and DAI tokens, two closely interlinked tokens whose prices share a correlation to keep the price of DAI consistent.
Users who hold the ERC-20 MKR token are awarded governance rights, allowing them to vote for risk management and business logic of the Maker protocol. This is done via continuous approval voting, a process that enables MKR users to vote for proposals, submit proposals, and cast or withdraw their votes at any point in time.
MKR plays a key role in supporting the price stability of its partner token, DAI. To keep DAI valued consistently at $1, the supply of MKR is calibrated to increase or decrease in tandem with DAI price fluctuations. This means that MKR tokens are burned or created to keep DAI closely pegged to the US Dollar. On top of this, MakerDAO’s algorithms automatically manage the price of DAI, keeping the platform truly decentralised.
What makes MKR so special? Unlike BTC, MKR cannot be mined — MKR tokens are issued by purchasing a collateralized debt position (CDP), which is a contract that functions as a loan.
MKR is trading at $559.98 USD at the time of writing.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.