Cryptocurrencies

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How to get MKR coins? This article teaches you how to get MKR coins

To acquire MKR coins, users can purchase them on cryptocurrency exchanges, participate in MakerDAO governance, convert Dai into MKR, earn rewards through liquidity provision, delegate MKR for rewards, or acquire them through airdrops or promotions.

Oct 08, 2024 at 12:05 pm

How to Obtain MKR Coins

MKR is the governance token of the MakerDAO platform, which allows users to create and manage decentralized stablecoins known as Dai. Here are the steps involved in acquiring MKR coins:

1. Purchase MKR on Exchanges:

Several cryptocurrency exchanges, such as Binance, Coinbase, and Kraken, allow you to buy MKR coins. Create an account on any of these platforms, complete the KYC process, and deposit funds to purchase MKR.

2. Participate in MakerDAO Governance:

As an MKR holder, you can participate in the governance of the MakerDAO platform by voting on proposals that impact the system's parameters or functionality. By actively participating, you contribute to the stability and future direction of Dai and can earn rewards in the form of MKR tokens.

3. Convert Dai to MKR:

MakerDAO introduced a feature called "Vault Collateral Lock Withdrawal," which allows Dai holders to convert their Dai collateral into MKR. By maintaining a certain amount of Dai in a CDP (Collateralized Debt Position), you can withdraw MKR proportional to the amount of Dai converted.

4. Earn MKR through Liquidity Provision:

Certain decentralized exchanges (DEXs) offer liquidity pools for MKR. By providing liquidity to these pools, you can earn trading fees in MKR as a reward for contributing to market liquidity.

5. Delegate MKR for Rewards:

You can delegate your MKR tokens to other users who actively participate in governance. By doing so, you support their voting power and can potentially earn a share of the rewards they receive for participation.

6. Acquire MKR through Airdrops and Promotions:

Occasionally, airdrops or promotions are held that distribute MKR coins to qualifying users. Follow MakerDAO's official channels and community forums to stay updated on such opportunities.

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