What is Maker (MKR)?
Did you know “maker” refers to both a top DeFi protocol and a crucial type of trading fee? Whether you’re curious about MakerDAO and MKR or want to understand how maker fees can save you money when trading, this guide breaks it all down. The Maker ecosystem powers the DAI stablecoin, while “maker” fees shape how you trade crypto efficiently.
In this beginner-friendly article, you’ll discover what Maker (MKR) is, how DAI works, why “maker” and “taker” fees matter, and how to maximize your experience trading Maker assets on OKX. Get ready to master both meanings of maker—protocol and order type—while learning how to trade smarter.
What is Maker (MKR) and MakerDAO?
MakerDAO is a leading decentralized finance (DeFi) project built on the Ethereum blockchain. It governs the Maker Protocol, which issues and manages DAI—a decentralized, crypto-backed stablecoin pegged to the US dollar. The Maker (MKR) token is at the heart of MakerDAO, acting as a governance and utility token for the protocol.
Founded in 2015 by Rune Christensen, MakerDAO’s mission drives towards financial transparency, stability, and decentralization. The protocol’s unique model allows users anywhere in the world to generate DAI by depositing supported cryptocurrencies as collateral. This system eliminates the need for traditional intermediaries and provides a stable digital currency in volatile markets.
DAI’s utility as a stablecoin is vital—it enables individuals and businesses to transact, save, or invest without exposure to crypto market swings. MakerDAO and its community govern DAI’s rules and ensure the entire system remains overcollateralized, secure, and open-source.
OKX supports both MKR and DAI trading, giving users worldwide access to decentralized finance assets and the tools to interact securely with the Maker ecosystem.
MKR and DAI: Key Differences
- MKR: A governance and utility token. MKR holders propose and vote on protocol upgrades, risk parameters, and manage stability fees. MKR is also used in risk management (e.g., if collateral is insufficient to support DAI).
- DAI: A decentralized, crypto-backed stablecoin. DAI is designed to maintain a $1 USD value and is the asset users primarily interact with—borrowing, trading, or saving across DeFi protocols. Unlike MKR, DAI is not used for governance.
How MakerDAO and DAI Work
DAI stablecoin is created when users lock up approved collateral (like ETH, WBTC, or USDC) in MakerDAO’s smart contracts. By depositing, for example, $1,500 worth of ETH, a user can mint up to roughly $1,000 in DAI (maintaining a 150%+ collateralization ratio). If collateral value drops, the protocol can liquidate to maintain DAI’s backing.
Smart contracts automate all key functions, removing human error and ensuring transparency. When DAI is minted, the smart contracts hold and manage the collateral securely. To get the collateral back, users repay the borrowed DAI along with a small stability fee.
DAI’s dollar-pegged value is maintained through overcollateralization, automatic liquidations, and adjustments to protocol incentives. Community governance updates stability fees and risk parameters to keep DAI close to $1, especially during market volatility.
All system operations are transparent and auditable on-chain, reassuring OKX users and traders globally that DAI’s mechanics are sound and accessible at any time.
💡 Pro Tip: Always monitor collateral ratios when interacting with DAI to avoid unexpected liquidations during sharp price swings.
MKR Token Utility and Governance
The MKR token gives holders real power over the Maker Protocol’s rules and risk management. Anyone holding MKR can propose and vote on changes such as collateral types, debt ceilings, and stability fees. These decisions are executed automatically through smart contracts, making protocol upgrades efficient and transparent.
MKR is also a vital risk management tool. If the system’s collateral falls short of covering all DAI in circulation, new MKR can be minted and sold to recapitalize the system—giving holders a strong incentive to manage protocol risk prudently.
Proposals and votes happen on the blockchain, with larger MKR holders having proportionally more voting weight. Regular votes help adapt to changing markets, ensuring DAI stability and protocol resilience.
OKX enables users to easily and securely trade MKR, allowing participation in Maker governance, portfolio diversification, or access to broader DeFi opportunities.
Current Maker (MKR) Price, Market Data and Charts
Maker (MKR) has established itself as a key DeFi asset with a high market capitalization and substantial trading volume. As of today, MKR trades at approximately $2,500 USD, with a circulating supply of about 900,000 tokens and a market cap surpassing $2.2 billion.
Daily trading volumes average between $100 million and $200 million, reflecting global liquidity and strong institutional interest. Prices can fluctuate significantly, influenced by governance updates, new collateral integrations, and shifting DeFi market sentiment.
To monitor MKR/DAI price trends, users can leverage OKX’s advanced trading charts, analytics, and price alerts. Key charts include candlestick patterns, moving averages, and order book depth—essential tools for informed trading decisions.
DAI, in contrast, consistently holds a $1 value due to its stablecoin design and robust on-chain collateralization mechanisms. OKX provides up-to-the-minute price data and easy access to both MKR and DAI trading pairs.
What Are Maker and Taker Fees? (Trading Fee Models Explained)
In crypto trading, “maker” and “taker” refer to the roles your order plays on an exchange. A maker order adds liquidity to the order book—meaning it waits for someone to match it. A taker order removes liquidity by matching with an existing order instantly.
Exchanges typically use a maker/taker fee model. Makers, by providing liquidity, enjoy lower fees or even rebates, while takers pay a slightly higher fee for their immediacy. This structure rewards active market participants and ensures a robust, liquid trading environment.
Here’s how the maker and taker fee models compare across top crypto platforms:
| Exchange | Maker Fee | Taker Fee | Notes |
|---|---|---|---|
| OKX | 0.08% | 0.10% | Lowest for high-volume users; rebates |
| Binance | 0.10% | 0.10% | Volume discounts |
| Coinbase Pro | 0.50% | 0.50% | Higher for small traders |
| Kraken | 0.16% | 0.26% | Volume discounts |
At OKX, the fee schedule is transparent and competitive. Makers can even receive fee rebates at high volumes—maximizing profits for liquidity providers. All users benefit from clear, published fee tiers and no hidden charges.
For an in-depth guide, visit crypto trading fees explained.
Maker vs Taker: Quick Comparison
| Maker Order | Taker Order | |
|---|---|---|
| Fee | Lower/possible rebate | Standard/higher |
| Adds or Removes Liquidity? | Adds | Removes |
| When Filled? | When matched by taker | Instantly |
💡 Pro Tip: Place limit orders on OKX to act as a “maker”—this lowers your trading costs over time.
How to Trade MKR and DAI on OKX
Trading Maker (MKR) and DAI on OKX is simple and efficient. Here’s how you can start:
- Create or log in to your OKX account.
- Deposit funds: Add crypto (like ETH or USDT) or fiat for easy trading.
- Choose your trading pair: Popular pairs include MKR/USDT, DAI/USDT, and MKR/DAI.
- Select order type: Market orders (taker) execute instantly, while limit orders (maker) may lower your fees.
- Monitor your position with OKX’s real-time charts and risk tools.
- Withdraw MKR or DAI anytime to your secure non-custodial wallet or keep trading.
OKX offers deep liquidity on both tokens, 24/7 support, and a host of incentives—making it the premier platform for DAI and MKR traders. To get started with purchases, visit the buy MKR page or explore all stablecoins on OKX.
OKX Pro Tip: Lower Your Trading Fees
Placing limit orders helps you act as a maker and benefit from discounted fees—or even rebates—at OKX. This is especially powerful for high-frequency or large-volume traders who prioritize cost efficiency over instant execution.
Frequently Asked Questions
What is the difference between Maker (MKR) and a maker order?
“Maker” in crypto can mean the Maker Protocol and its MKR governance token (focused on DAI’s stability), or it can refer to a “maker order” on an exchange, which provides liquidity and typically earns lower fees or rebates.
Is DAI safer than other stablecoins?
DAI is considered one of the most transparent and secure stablecoins. It is overcollateralized with on-chain assets, governed by MakerDAO, and its reserves are openly auditable. This makes DAI less susceptible to centralized risks.
How do maker and taker fees work on OKX?
OKX uses a maker/taker fee model. Maker orders (limit) usually get lower fees or earn rebates, while taker orders (market) pay standard rates. OKX also gives volume discounts for active traders.
Can I earn rewards from holding MKR or DAI?
MKR can be used to participate in Maker governance votes, sometimes offering rewards. DAI holders can earn yield by lending, providing liquidity, or staking via OKX Earn and DeFi integrations.
Where can I buy MKR and DAI?
You can buy MKR and DAI on leading crypto exchanges such as OKX, Binance, and Coinbase. OKX offers global access, fast settlement, and low fees for both tokens.
Does OKX support DAI deposits and withdrawals?
Yes, OKX supports both DAI deposits and withdrawals over multiple Ethereum-compatible chains. Fees are minimal and shown transparently before confirming transfers.
Conclusion
Maker is unique in crypto, meaning both a powerful DeFi project (with MKR and DAI) and a type of order in trading fee models. Understanding both aspects helps you unlock greater value and save on costs. Remember:
- MakerDAO governs DAI, a decentralized stablecoin.
- MKR enables protocol governance and risk management.
- Maker orders mean lower trading fees on OKX.
- OKX offers superior tools to trade MKR, DAI, and benefit from competitive maker/taker fees.
Ready to take control of your trading journey? Sign up and experience seamless Maker and DAI trading on OKX today.
Risk Disclaimer: Cryptocurrency trading and DeFi participation involve risks, including market volatility and possible loss of funds. Always use secure wallets, enable 2FA, and do your own research before investing.
