Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Maker, and is trustworthy!
You can find our top 3 exchanges for buying Maker here, alternatively you can also check our comparison of the best Australian crypto trading platforms, if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy Maker
And of course, the final step is to find Maker on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy Maker (MKR)
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How to Sell Maker
- Sign into the exchange
- Find where you stored your Maker, either on a hardware wallet or on the exchange.
- Transfer your Maker to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Maker.
Considerations when looking to buy Maker.
Maker (MKR), the governance token for MakerDAO and Maker Protocol, is a decentralized organisation and software platform based on Ethereum blockchain. It allows users to issue and control the DAI stablecoin.
Maker was originally created in 2015 and launched fully in December 2017.
MKR tokens are a type of voting share that the organization manages DAI. While they don't pay dividends, they give their holders voting rights over the development Maker Protocol. They can also be expected to appreciate in price in line with DAI's success.
The Maker ecosystem is one of the earliest projects on the decentralized finance (DeFi) scene: the industry that seeks to build decentralized financial products on top of smart-contract-enabled blockchains, such as Ethereum.
DAI, a stablecoin (cryptocurrencies whose prices can be pegged to the USD) is the most in-demand cryptocurrency as of October 2020. It is the 25th most popular cryptocurrency with a market capitalization of over $800 millions. Additionally, it has more active addresses that USDT -- which is the largest stablecoin.
MKR's unique feature is that its holders can directly participate in the governance of DAI. Each holder of Maker tokens can vote on any number of changes to Maker Protocol. Their voting power is dependent on how large their MKR stake. The protocol's aspects that holders can vote on include:
- The protocol can now be extended to include new collateral asset types, which allows users to submit new cryptos to make more DAI.
- Modify the risk parameters for existing collateral asset types.
- The DAI Savings rate can be changed: DAI token holders can save money by locking them into a contract. The Savings Rate has an impact on the contract's profitability.
- Select the oracles, entities that aim to provide trustworthy off-blockchain data for the Maker ecosystem.
- Upgrades to the platform
The ability to manage one of the most valuable stablecoins is what drives MKR tokens' demand and, correspondingly, their value.