🥇
Kra
Kraken
US and EU users who prioritise a spotless security record — no major hack since 2011 — and want a serious pro-grade trading terminal.
9.1
Score
★ Live priceDecentralized Finance (DeFi)USD · spot
Maker
MKR
$1,413.61
24h
−4.34%
7d
−1.09%
30d
+9.25%
1y
−30.99%
24h low24h high
$1,403.84
$1,479.31
Market cap
$0
24-hour volume
$134.61K
spot and derivatives
Circulating
0
0.0% of max
All-time high
$6,292.31
−77.53% from ATH
Price action
12-month historyMaker price chart
Range$1,177.02 → $1,910.97−26.03%
$1,910.97$1,727.48$1,543.99$1,360.51$1,177.02
April 30, 2026July 24, 2026
Snapshot
Key numbers
Rank
—
Market cap
$0
24h volume
$134.61K
FDV
$126.94M
Circulating
0
Max supply
1.01M
Calculator
Maker converter
Convert between MKR and US dollars at the live rate.
★ Live rate1 MKR = $1,413.61
MKR
$USD
Records
Maker all-time history
▲ All-time highMay 3, 2021
$6,292.31
−77.53% from current
▼ All-time lowMarch 16, 2020
$168.36
+739.64% from current
Where to buy
Full ranking Top exchanges for Maker
Independent editorial ranking. Score is 0–10 across six criteria: Security, Fees, UX, Features, Support, Reputation.
- 🥈CoiCoinbase Exchange
Institutions and funds requiring an SEC-registered venue with segregated qualified custody and audited on-chain reserves.
9.0Score - 🥉BinBinance
Active spot traders chasing the deepest global liquidity and the widest listing catalogue outside the US perimeter.
8.8Score - #4OKXOKX
Traders who mix spot and on-chain — the Web3 wallet, DEX aggregator and Ethereum L2 X Layer sit inside the same account as CEX pairs.
8.4Score - #5BitBitstamp
Long-horizon EU holders who want the oldest continuously-operating exchange (2011) with conservative listings and full MiCA licensing.
8.4Score - #6BybBybit
Derivatives-first traders who want tighter perp funding and a maker-friendly fee schedule; accept offshore regulatory footprint.
8.0Score
Adjacent
More Decentralized Finance (DeFi)
Top coins in the same category, ordered by market cap.
Briefing
About Maker (MKR)
What is Maker / Sky Protocol?
Maker (MKR) is the governance token of what is now the Sky Protocol — the decentralised finance system that issues the DAI stablecoin and its successor USDS. Originally launched in 2014-2017 as MakerDAO by Rune Christensen, the protocol has evolved significantly since, most notably through the 2024 rebrand to Sky Protocol and the introduction of USDS as a next-generation stablecoin alongside the legacy DAI.
In 2026, Sky Protocol's combined stablecoin issuance (DAI + USDS) sits at approximately $8-10 billion in circulation. Sky is one of the oldest continuously-operating DeFi protocols, has survived multiple major stress events (March 2020 Black Thursday, various depeg attempts, the 2022 CeFi collapses), and continues to evolve its collateral model and governance mechanism.
The Endgame plan — Christensen's multi-year vision for restructuring MakerDAO into a set of specialised SubDAOs coordinated by a central Governance Facilitator — has been progressively implemented through 2024-2026. SubDAOs (Spark, various stablecoin subDAOs, RWA subDAOs) operate with more autonomy than the previous monolithic MakerDAO structure while remaining coordinated through MKR/SKY governance.
How Sky Protocol works — CDPs and PSMs
The core Maker/Sky mechanism is the Vault (previously CDP — Collateralized Debt Position). Users deposit collateral (originally only ETH, now expanded to include LSTs, stablecoins, RWA-backed assets, and more) and mint DAI or USDS against it up to the collateral-specific loan-to-value limit. If collateral value falls below the liquidation threshold, the position is liquidated and the collateral is auctioned.
The Peg Stability Module (PSM) is a critical mechanism for keeping DAI/USDS pegged to $1. PSMs allow direct 1:1 conversion between DAI/USDS and specific whitelisted stablecoins (USDC, USDP, and others). This creates an efficient arbitrage path: if DAI trades above $1, arbitrageurs can mint DAI via PSM (using USDC) and sell for a profit; if below, the reverse. PSMs have been essential to DAI/USDS peg stability.
Real-world assets have become an increasingly important collateral category. Sky Protocol holds substantial positions in tokenised US Treasuries and other RWA collateral that generate yield for the protocol's Surplus Buffer, which funds ongoing operations and MKR/SKY value accrual.
MKR / SKY tokenomics and the rebrand
MKR (the original Maker token) has a supply that varies based on protocol operations — MKR is minted when protocol debt exceeds surplus (to cover shortfalls via auction) and burned when protocol surplus is used to buy back and burn MKR. This creates a supply mechanism directly tied to protocol financial health.
The 2024 Sky Protocol rebrand introduced SKY as an alternative token for MKR holders — 1 MKR converts to 24,000 SKY on a permanent basis (though MKR itself continues to trade). This restructuring was part of Endgame's vision for aligning token economics with SubDAO governance and enabling more granular participation.
As of July 2026, both MKR and SKY are actively traded. MKR maintains higher per-token price and remains the reference asset for many governance mechanisms. SKY provides an alternative representation with fractional exposure and different SubDAO participation dynamics.
DAI vs USDS — the stablecoin evolution
DAI has been Sky Protocol's primary stablecoin since 2017 (multi-collateral DAI launched 2019). It targets $1 through the CDP + PSM mechanism described above. DAI remains widely integrated across DeFi and centralised exchanges.
USDS is Sky Protocol's newer stablecoin, launched in 2024 as part of the rebrand. USDS is designed to be more capital-efficient and to enable the Sky Savings Rate (a native yield-bearing wrapper called sUSDS). USDS is progressively taking share from DAI within the Sky ecosystem, though DAI remains the more widely-integrated stablecoin externally.
sUSDS (staked USDS) provides yield to holders — currently around 6-8% APR in 2026 depending on Sky Savings Rate configuration. This is competitive with other yield-bearing stablecoin alternatives (Ethena's sUSDe, Ondo's USDY).
The Sky Protocol ecosystem in 2026
- DAI and USDS. Combined ~$8-10B in stablecoin issuance.
- Spark Protocol. Sky-adjacent lending protocol; provides borrowing against DAI/USDS deposits.
- Various SubDAOs. Autonomous entities focused on specific verticals (RWA, DeFi integration, ecosystem grants).
- Endgame Governance. Restructured governance with MKR + SKY participation.
- Real-world asset collateral. Substantial holdings in tokenised US Treasuries and other RWA.
Sky's multi-year evolution from MakerDAO to Sky Protocol represents one of the most ambitious restructurings in DeFi. Whether Endgame ultimately delivers meaningful improvements over pre-Endgame MakerDAO remains an ongoing question.
Use cases for MKR / SKY in 2026
- Sky Protocol governance. Vote on protocol parameter changes, collateral additions, SubDAO oversight.
- DAI/USDS backstop. MKR/SKY holders are effectively the ultimate insurance capital for the stablecoin system.
- SubDAO participation. Various SubDAOs offer specialised participation opportunities.
- Sky Savings Rate participation. sUSDS yield accrual.
- DeFi collateral. MKR is widely accepted as collateral in DeFi lending markets.
Risks and structural questions
- RWA collateral concentration. Substantial exposure to tokenised US Treasuries introduces off-chain regulatory and counterparty risk.
- DAI vs USDS competition dynamics. Managing two competing stablecoins in the same protocol is operationally complex.
- Endgame execution risk. Multi-year restructuring with ongoing governance uncertainty.
- Stablecoin market competition. USDC (regulated), USDT (dominant), USDe (yield), USDS/DAI all compete for the same on-chain dollar demand.
- Complexity for retail users. Sky Protocol's architecture has become significantly more complex over its evolution.
- Regulatory perimeter for algorithmic-adjacent stablecoins. Regulatory treatment of CDP-backed stablecoins varies by jurisdiction.
Outlook for Maker / Sky in 2026
Sky Protocol's 2026 setup is defined by continued Endgame execution and stablecoin market share dynamics. If USDS successfully takes share from DAI within Sky while combined DAI+USDS grows against USDC/USDT competition, MKR/SKY value accrual improves. If Endgame implementation stalls or DAI erodes faster than USDS grows, the protocol's market position weakens.
The bull case is Sky becoming the dominant decentralised stablecoin issuer with a compound multi-billion-dollar RWA collateral base generating substantial protocol yield. The bear case is regulated stablecoins (USDC) continuing to dominate the market and yield-bearing alternatives (sUSDe, USDY) taking DeFi share from sUSDS.
For a comparison of DAI, USDS, USDC, USDT, and USDe stablecoins, see our stablecoin comparison guide and our independent rating of stablecoins.
Analysis last updated:
Maker price analysis
Maker (MKR) trades at $1,413.61 with a 24-hour volume of $134.61K and a market capitalization of $0. The asset is currently ranked unranked among all tracked cryptocurrencies.
In the last 24 hours, the MKR price has fallen +4.34%. On a seven-day window, Maker has retraced +1.09%, under sustained selling pressure on both windows. Short-term moves are often amplified by liquidity, news flow, and derivatives positioning, so confirm signals across multiple indicators before acting.
Maker's all-time high of $6,292.31 was set on May 3, 2021. The current price sits +77.53% below that peak. Distance from the all-time high is a common reference point when evaluating long recoveries and macro support or resistance.
How to buy Maker
Buying Maker (MKR) is a five-step routine once you have picked the right venue and pair. The steps below mirror what most investors do today.
- Pick a reputable exchange. Choose a platform that lists MKR with deep liquidity, transparent fees, and a clean security record. Our top-rated exchanges guide compares the leading venues side by side.
- Create and verify your account. Complete the exchange's KYC process — most platforms require a government-issued ID and a short identity check. It is a one-off step that usually takes a few minutes.
- Fund your account. Deposit fiat via bank transfer or card, or use a stablecoin like USDT or USDC. Stablecoin deposits settle the fastest and cost the least.
- Place a buy order. Open the MKR/USD or MKR/USDT pair, then execute a market order for instant fills or a limit order at your preferred entry.
- Secure your MKR. For long-term holdings, move tokens to a non-custodial wallet — a hardware device for highest security, or a reputable software wallet for frequent access.
You can also use the Maker converter above to estimate how much MKR you would get for a given dollar amount before placing the order.
Is Maker a good investment?
Whether Maker is a good investment depends on your goals, time horizon, and tolerance for volatility. Like all cryptocurrencies, MKR carries real market risk: prices can rise or fall sharply in a day, and past performance is not a reliable indicator of future returns.
Potential strengths
- Ranked #— by market cap with an established trading history and active exchange coverage.
- Transparent on-chain data: real-time supply, circulation metrics, and publicly auditable transactions.
- Ongoing ecosystem development and community engagement, reflected in Decentralized Finance (DeFi) and Avalanche Ecosystem activity.
Key risks to consider
- Volatility: 5–15% intraday moves are common across crypto markets.
- Regulatory uncertainty: policy changes in major jurisdictions can meaningfully affect price and access.
- Liquidity and custody risk: not all exchanges are equally safe, and self-custody requires careful key management.
This page provides data and analysis for educational purposes only. It is not financial advice. Always do your own research, diversify, and never invest more than you can afford to lose.
FAQ
Common questions about Maker
What is Maker/Sky Protocol?
Sky Protocol (rebranded from MakerDAO in 2024) is a decentralised finance system that issues DAI and USDS stablecoins. Founded by Rune Christensen in 2014-2017, it is one of the oldest continuously-operating DeFi protocols. MKR is the governance token; SKY is an alternative representation introduced in the 2024 rebrand.
What is DAI?
DAI is Sky Protocol's primary stablecoin, targeting $1. Users mint DAI by depositing collateral (ETH, LSTs, stablecoins, RWA) into vaults and borrowing against it. Peg stability is maintained through the Peg Stability Module (PSM) allowing direct 1:1 conversion with USDC.
What is USDS?
USDS is Sky Protocol's newer stablecoin, launched in 2024 as part of the rebrand. Designed to be more capital-efficient than DAI and enables the Sky Savings Rate (sUSDS) yield-bearing wrapper. Progressively taking share from DAI within the Sky ecosystem.
How much can I earn with sUSDS?
The Sky Savings Rate (via sUSDS) yields approximately 6-8% APR in 2026 depending on protocol configuration. Competitive with other yield-bearing stablecoin alternatives (Ethena's sUSDe, Ondo's USDY).
Should I hold MKR or SKY?
Both MKR and SKY are actively traded. 1 MKR converts to 24,000 SKY on a permanent basis. MKR maintains higher per-token price and remains the reference for many governance mechanisms. SKY provides fractional exposure and different SubDAO participation dynamics.
How does DAI stay pegged to $1?
DAI peg is maintained through multiple mechanisms: overcollateralisation of CDPs, liquidation of underwater positions, and — most importantly — the Peg Stability Module (PSM) that allows direct 1:1 conversion with USDC and other whitelisted stablecoins.
What is Endgame?
Endgame is Rune Christensen's multi-year vision for restructuring MakerDAO into specialised SubDAOs coordinated by central governance. Progressively implemented through 2024-2026, it aims to make Sky Protocol more modular and scalable than the previous monolithic MakerDAO structure.
Where can I buy MKR?
MKR is listed on all major exchanges including Coinbase, Kraken, Binance, KuCoin, and Bybit. DAI and USDS are available through exchanges and directly minted via Sky Protocol vaults. See our exchange rating for detailed recommendations.
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