Maker Price
Maker is the governance token of a protocol that does something specific and unusual: it lets anyone create a dollar-tracking stablecoin by locking up crypto collateral, instead of wiring money to a company that promises to hold reserves. The stablecoin is mi…
Market data via Binance · signals computed live from daily closes · not financial advice.
Key market insights
A plain-language read of live indicators computed from daily closes — these describe current price behaviour, not a forecast.
Technical analysis
Moving averages, momentum and support/resistance from daily closing prices — a snapshot of current structure, not a forecast.
Historical performance
52-week high and low with trailing returns across time windows. Computed from up to 365 daily closes.
Automated observations
Generated mechanically from current market data (volatility, trend, distance from highs) — descriptive, not advice.
Strengths · tailwinds
- Price sits above its 50- and 200-day averages — a classic uptrend alignment.
- MACD is above its signal line — near-term momentum is upward.
Risks · headwinds
- Annualised volatility of 92% — large day-to-day swings.
- Max drawdown of -61% over the window — has endured deep peak-to-trough losses.
Supply structure
Maker has no fixed maximum supply. Circulating supply is a curated estimate used to derive market cap.
Maker derivatives
Live perpetual-swap metrics. Funding is the periodic payment between longs and shorts; open interest is the total value of outstanding contracts. Informational — not a recommendation to trade leveraged products.
Source: Binance Futures · funding shown per 8h and annualised. Leveraged products carry high risk; informational only.
Convert Maker to US Dollar
Two-way MKR ↔ USD at the live Binance price. Type an amount in either field, or tap a preset.
About Maker
Maker is the governance token of a protocol that does something specific and unusual: it lets anyone create a dollar-tracking <a href="/glossary/stablecoin/">stablecoin</a> by locking up crypto collateral, instead of wiring money to a company that promises to hold reserves. The stablecoin is minted by smart contracts on Ethereum. MKR is the token that steers those contracts — and backstops them when things go wrong.
The mechanism turns on over-collateralisation. To mint the stablecoin you must deposit more value than you draw out, because collateral prices move and the buffer absorbs that movement. Each vault has a threshold; fall below it and the position is auctioned to repay the debt, with a penalty on top. MKR holders vote on which collateral is accepted, how large each cushion must be, and what borrowing costs. If an auction ever raises less than the debt owed, the protocol mints and sells fresh MKR to cover the gap — dilution is the backstop of last resort.
In practice the system is used to borrow against crypto without selling it, to build leverage, and as the source of a widely integrated decentralised stablecoin that circulates across lending markets and exchanges. MKR itself is mostly a governance and risk-bearing asset. Holding it is closer to owning a slice of the protocol’s policy decisions and its tail risk than to holding a currency.
The stresses are real and worth naming. Violent market moves are precisely when the <a href="/glossary/liquidation/">liquidation</a> machinery is tested: auctions can clear badly when blockspace is congested and bidders disappear, and the shortfall lands on MKR holders. Price <a href="/glossary/oracle/">oracles</a> are a hard dependency. Collateral has at times included centralised stablecoins and real-world assets, reintroducing the counterparty risk the design set out to avoid. The project has also pursued a wide restructuring involving new branding and tokens, so check its own documentation before assuming how things stand. Read it alongside <a href="/learn/stablecoins-and-their-risks/">how stablecoins actually fail</a>.
Maker vs peers
| Coin | Price | 24h | Market Cap |
|---|---|---|---|
| Maker MKR | $1,813.70 | +0.76% | $1.64B |
| Chainlink LINK | $8.38 | +0.72% | $5.36B |
| Uniswap UNI | $3.68 | -2.31% | $2.21B |
| Aave AAVE | $91.51 | -1.50% | $1.37B |
| Injective INJ | $5.08 | -1.30% | $502.72M |
| Lido DAO LDO | $0.3740 | +0.08% | $334.73M |
Maker FAQ
Is MKR a stablecoin?
No, and this trips up newcomers constantly. MKR is a freely floating governance token whose price moves like any other crypto asset. The stablecoin is a separate token created by the protocol MKR governs. Confusing the two is a costly mistake: one is designed to track a dollar, the other is explicitly not, and it absorbs the system's losses when the design is stressed.
What does over-collateralised mean here?
It means you always lock up more value than you borrow. Deposit volatile collateral, and the protocol will only let you mint a stablecoin amount comfortably below what that collateral is worth. The gap is the safety buffer that absorbs price falls. It makes the system capital-inefficient by design, which is the price paid for not relying on a company's promise to hold reserves.
What happens if my vault gets liquidated?
Once your collateral value falls through the required threshold, anyone can trigger liquidation. Your collateral is auctioned to repay the debt you drew, and a penalty is taken on top. Whatever remains after debt and penalty is returned to you. It happens automatically and quickly, which is why borrowers usually keep a much larger buffer than the minimum the protocol technically allows.
What do MKR holders actually vote on?
Risk parameters, mostly: which assets can be used as collateral, how much over-collateralisation each type requires, what interest is charged on borrowing, how auctions are configured, and how the protocol's surplus is used. These are not cosmetic votes. A loose parameter set can leave the system undercollateralised in a crash, and the consequences fall on MKR holders themselves.
Why is MKR described as a risk-bearing token?
Because it is the system's last line of defence. If liquidation auctions fail to recover enough to cover outstanding debt, the protocol issues new MKR and sells it to plug the hole, diluting existing holders. In calmer conditions the flow runs the other way and surplus is used to buy and burn MKR. So holders capture the upside of good risk management and eat the downside of bad.
Do I need MKR to use the stablecoin it governs?
No. You can hold, send or borrow the stablecoin without ever touching MKR. The governance token only matters if you want a say in how the protocol is run, or exposure to that governance. Anyone holding the stablecoin should still understand the mechanism behind it, because a crypto-collateralised peg holds only for as long as its collateral and liquidation machinery hold.
Last updated Jul 25, 2026