The Maker Protocol is a decentralized platform that allows users to lock specific cryptocurrencies as collateral in Maker Vaults in exchange for the DAI stablecoin. The value of the collateral must be greater than the value of the DAI received, and the collateral is subject to liquidation if the value decreases. Users can collect their collateral by returning the DAI and paying a fee.
The MKR cryptocurrency is an ERC-20 token used within the Maker ecosystem for governance and as a reserve collateral for the Maker Protocol. The MKR token is minted or burned based on various conditions, and its total supply is determined by the number of tokens that have not been burned. The MKR market capitalization is calculated by multiplying the circulating supply of MKR tokens by their price in US dollars.
The Maker price today refers to the value of MKR tokens, which can be traded on various cryptocurrency exchanges. The value of MKR tokens is determined by supply and demand in the market, as well as the overall performance of the Maker project.