.4 MakerDAO is an open source, self-governing, decentralized enterprise project on the ETH network. This platform makes it possible to lend and borrow cryptocurrencies without the need for intermediaries. MakerDAO consists of an intelligent contract service that manages the borrowing and lending process. This platform has two cryptocurrencies called DAI and MKR.
MKR is the name of token, a decentralized financial platform from MakerDAO, and was launched in 2017. The project of this token is developed on the ETH blockchain and uses the ERC-20 standard. The platform also has a stablecoin called DAI, which is supported by US dollars. In fact, the function and nature of MKR is to support the production of DAI and its price stability.
The maker is an ERC-20 token made in the ETH blockchain and cannot be extracted. Maker tokens are created or destroyed based on DAI price fluctuations, ensuring that DAI can maintain its value against the US dollar.
The Maker is, in fact, a government token and instrument in MakerDAO that is built to consolidate the value of DAI using smart contracts, known as guaranteed debt positions.
5. Ankr was developed in 2017 with the idea of creating an application platform with easy access to Web 3.0. Ankr is a mid-chain infrastructure based on blockchain and decentralized finance that enables the staking and development of decentralized applications (Dapps). This infrastructure can host protocols related to decentralized program development and decentralized finance.
Ankr tokens, like the ones we talked about earlier, are not mineable. Although Ankr uses a special type of proof-of-work algorithm called Proof of Useful Work, this token is accessible by staking.