Convert between MKR and US dollars at the live rate.
$6,292.31
−76.42% from current
$168.36
+781.35% from current
Independent editorial ranking. Score is 0–10 across six criteria: Security, Fees, UX, Features, Support, Reputation.
US and EU users who prioritise a spotless security record — no major hack since 2011 — and want a serious pro-grade trading terminal.
Institutions and funds requiring an SEC-registered venue with segregated qualified custody and audited on-chain reserves.
Active spot traders chasing the deepest global liquidity and the widest listing catalogue outside the US perimeter.
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.
Long-horizon EU holders who want the oldest continuously-operating exchange (2011) with conservative listings and full MiCA licensing.
Derivatives-first traders who want tighter perp funding and a maker-friendly fee schedule; accept offshore regulatory footprint.
Top coins in the same category, ordered by market cap.
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.
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 (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 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).
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.
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 (MKR) trades at $1,483.84 with a 24-hour volume of $132.1K 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 +5.47%. On a seven-day window, Maker has retraced +7.51%, 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 +76.42% below that peak. Distance from the all-time high is a common reference point when evaluating long recoveries and macro support or resistance.
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.
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.
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.
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.
