Maker (MKR) is an ERC-20 token native to the Maker protocol, a decentralized financial project (DeFi) also known as the Multi-Collateral Dai (MCD) system as it allows users to use resources to generate Dai - a community managed decentralized cryptocurrency that tracks price USD.
Maker acts as a management token, so MKR holders can vote on the development of the Maker protocol and the proposals affecting the use of Dai. Despite the differences, owning MKR is somewhat similar to owning stock in a traditional company in the sense that shareholders have an influence on the way the company operates. The Maker protocol generates new Dai using smart contracts known as Maker Vaults. These contracts can be created using a variety of web interfaces and applications that essentially act as portals to access the web. When a user wants to retrieve their secured crypto from a smart contract, they must first pay off the Dai they generated, along with a stability fee.
The Maker Ecosystem was one of the first DeFi projects to be very successful - a testament to the effectiveness of truly decentralized management. 1 000 000 MKR was released into circulation, and its market capitalization was 585 530 325 USD at the end of July 2019. In the description of the creator of this coin, we can read that MKR is a tool token, management token and a resource recapitalization of the Maker system.