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Aave MKR (MKR) is a cryptocurrency token used on the Aave protocol, which is an open-source, decentralized, and non-custodial lending and borrowing platform that allows users to lend and borrow digital assets. Aave MKR is a governance token for the Aave protocol and is used by Aave’s community of token holders to manage the protocol. MKR was initially created by MakerDAO and launched in 2017 as a governance token for MakerDAO’s Dai stablecoin. In 2020, MakerDAO sold the Maker Protocol to Aave, and MKR became the governance token for the Aave protocol.
MKR is an ERC-20 token, and its value is determined by the Aave protocol’s performance and the demand for the token. The token is used to ensure the Aave protocol is secure and stable by providing holders with voting rights to elect the protocol’s risk parameters, such as liquidation factors, reserve requirements, and more. Holders of MKR also receive rewards from the Aave protocol in the form of fees and can use their MKR to pay for transaction fees. MKR’s value has grown significantly since its launch and is now one of the top 10 cryptocurrencies by market capitalization.