Looking forward to buying Maker Token (MKR) on Bitfinex

Maker protocol’s native utility cryptocurrency, Maker Token, is worth buying for someone who believes in the network and wants to enter the ecosystem.

You might want to consider what protocol has to offer what’s it’s potential other than the Maker coin price to buy. After all, it’s important to consider all those critical measures.

MakerDAO is a decentralized organization, and its protocol goes with the name Maker Protocol, which is its software platform. Both are based on the Ethereum blockchain. The protocol has its native cryptocurrency Maker Token (MKR) that allows users to issue and manage its stablecoin DAI.

Maker Token acts as a governance token on the protocol. It is also used to ensure the changes to keep operating DAI stablecoin. Token holders can decide by vote about which cryptocurrencies to be locked and collateralized on Maker’s protocol to access DAI.

Well, till now, you might have got an idea about the potential of Maker Token, and if you have made your mind to have it, we’ve got you covered for that as well.

We’ll discuss Maker Protocol and its utility cryptocurrency Maker Token later, after the description of buying Maker Token.

Here’s you need to consider to buy Maker Crypto Coin

Buying any digital assets or cryptocurrency starts by choosing an appropriate exchange platform. You can get numerous available options regarding this and choose according to your preference.

Here we will discuss how you can buy Maker Token on Bitfinex, one of the leading digital asset trading platforms.

Get an exchange of your choice

By default, it would be your first step to have any cryptocurrency, in this case, Maker crypto coin. A cryptocurrency exchange is the best place to buy the Token. Exchange platforms bring buyers and sellers together in an online marketplace. They often offer the best possible price.

We are considering Bitfinex because it’s one of the leading crypto trading and exchange platforms. It has best-in-class trading tools, has innovative technology, and outstanding customer service.

Make an account and sign up on the platform

To get on the platform, you need to get registered by putting your details and signing up. After fulfilling your required data, it would ask for your photo ID proof to check authenticity. Passing those formalities, you are good to go.

After the authentication process is completed, your account on the platform will start getting displayed on the dashboard. Before moving ahead, you must fund your exchange account wallet to buy your desired Maker Token.

Purchase Maker crypto coin

Now all you have left to do is buy your Maker token. Go on Bitfinex’ ‘Exchange’ section where you would find Maker token MKR or you can directly search for it. Your search will get you to the page where you would have displayed the options to trade Maker token against USD or USDT.

The same display will show you the Maker coin price against USD or USDT. Choose your preferred option to pay in and put the amount of Maker Token you want to buy. After putting the amount of MKR you want or USD value for which you want MKR, you will be left with two options.

Along with this, it also displays a Maker coin chart showcasing its performance in recent times.

Those will be asking you to sell or buy Maker token and you can choose by your choice but here you want to buy, choose exchange buy.

After the transaction is done, you will have Maker Token in your wallet.

MakerDAOs’ importance to make Maker Token relevant

MakerDAO is a peer-to-peer organization that is created on the Ethereum Network blockchain. The organization allows people to lend and borrow cryptocurrencies. DAO is a decentralized autonomous organization that is a peer-to-peer organization whose work is determined by a clear set of rules that is Smart Contract.

It’s because of the Smart contracts feature it executes the process of lending and borrowing as the conditions met that effectively do not end intermediaries.

Due to the volatile nature of cryptocurrencies, they are not much suitable for this purpose which gets solved by using stablecoin.

In order to operate as crypto lending and borrowing, the MakerDAO platform uses DAI stablecoins.

MakerDAO stablecoin DAI and Maker token MKR

You have seen the relevance of MakerDAO’s stablecoin DAI to resolve the lending and borrowing issues. In addition to that, MakerDAO also has a Maker token known as MKR. As we have already discussed, it’s a native utility token used for governance, transactions, and collateral.

Maker Token holders will have the power to vote for execution on the platform, bringing changes in DAO or vote for DAI’s trading pair with other crypto and many more.

Buying Maker Token is a good investment as it lets you in the ecosystem of decentralized protocol MakerDAO. By owning a Maker token, the holder automatically becomes part of the community and gains governance rights. In short, it gives the autonomy to decide the organization’s future in the hands of the token holders.

Another reason to have a Maker Token is its scarcity. The maximum supply of Maker tokens is limited to a little more than one million, out of which 977 thousand are in-store currently.

At present, MKR is trading at approx $1535. It had an all-time low trading price of $21 in Jan 2012, which later moved up to its highest price of approx $6339 in May 2021.

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Past insights of MakerDAO and its founders

In 2015. Rune Christensen founded MakerDAO and is currently headquartered in Santa Cruz, California. When you find the longest-running project on the Ethereum blockchain, you will get its MakerDAO. It has more than 2.3 million Ethereum in its protocol.

In its current working team, there are 11 team members, including President and COO Steven Becker, Andy Milenius, who’s CTO, Head of product Søren Peter Nielsen, and Brian Avello, who is General Counsel at MakerDAO.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing