Maker is a governance, recapitalization, and utility token in the Maker ecosystem that operates on the Ethereum blockchain. It is abbreviated as MKR. The token is often exchanged for DAI, which is a stablecoin. This strategy was designed by the smart contract developers to promote the DAI stablecoin.
Through a process known as “over-collateralization,” the investors can lock up their MKR in smart contracts to create DAI, which operates at a rate of 1:1 against the US dollar.
Currently, the price of MKR has shot up because the demand is especially high. If you want to discover how to earn MKR, you have a couple of options as discussed below.
Earn MKR on a Crypto Savings Platform
Saving crypto gives investors interest at different APY rates, which are determined by the platform. MKR is no different. Choose a savings platform that offers an appealing APY rate and other benefits and give it a try to earn MKR. Here are some popular platforms.
- YouHodler – This platform has become very popular because it accepts dozens of crypto coins and tokens. Currently, it is giving 2.5% APY on MKR, which is quite competitive compared to other platforms. So, if you want to know how to earn MKR, get an account, save your MKR, and start earning instantly.
- Crypto.com – You can earn MKR on this platform at a rate of 2.0% APY, which is also very competitive. The platform is highly trusted by thousands of users all over the world who have discovered how to earn MKR, so you too can try it with confidence.
- Inlock – Although it is not as popular as YouHodler, it is possible to earn MKR on the Inlock crypto savings platform at a rate of 1.2% APY. If you check this platform in detail, you will discover additional benefits you can enjoy from using it.
Earn MKR Through Staking
Staking is a popular option to earn crypto tokens on smart contract platforms. The Maker protocol enables governance of its tokens, and investors who stake either MKR or DAI can earn rewards in return. Staking is similar to saving because your principal token remains intact even though it is given to the smart contract platform for use. In return, you will earn a portion of the income generated from the smart contract operations and lending of crypto loans by the platforms.
So, if you are looking for a lucrative way to earn MKR, try staking on the Maker protocol platform or any other platform it has collaborated with.
Buy and Sell MKR for Profit
Buying Maker and selling it at a profit is a perfect earning opportunity for anyone who is looking for how to earn MKR. You can buy more MKR with the profit to grow your investment and then the cycle will continue. Platforms such as Kraken, Coinbase, Coinmama, and others are the best to buy Maker from. They have mobile apps that you can download and start using instantly.
The good thing is that you can HODL the bought MKR in the crypto savings platforms we have discussed above if it is not the right time to sell. This will further grow your investment and also open an opportunity to borrow using your saved assets as collateral.
These are all great options for those wondering how to earn MKR. Now, you have the information necessary to benefit from earning this exciting cryptocurrency. Start with the option that matches your preferences and investment goals to earn MKR for your crypto investment portfolio.