As much as we love a shiny metaverse or NFT token, there’s always a place for the old-school DeFi tokens on Nexo. After all, not many cryptocurrencies can boast about being in the game since 2017. Maker (MKR) certainly can. We’ve now added MakerDAO’s native token to the Nexo Exchange to buy, top up, exchange, and borrow against. You can also use MKR for purchases with the Nexo Card without selling it.
- Buy: Buy MKR with a card in seconds and get up to 0.5% cashback per transaction.*
- Spend: Use your MKR as collateral and spend its value with the Nexo Card.
- Top Up: Transfer MKR to your secure Nexo account.
- Exchange: Swap MKR on the Nexo Exchange, available in seven pairs.
- Borrow: Borrow against your MKR at rates as low as 0% APR.
- Boost: Leverage your current portfolio and buy up to 3x more MKR.
*The amount of cashback you receive depends on your Loyalty tier. The higher your tier, the more cashback you get. Ex. Platinum users get the full 0.5% cashback.
Keeping It Stable
To emphasize on the importance of MKR for DeFi, we need to turn our attention to DAI. In its essence, DAI is a cryptocurrency-backed stablecoin, one of the longest-running ones in the space, and it’s pegged to the value of the US dollar. Its existence is made possible by MakerDAO’s Collateralized Debt Position (CDP) product and the Maker token. The CDP allows users to lock crypto assets as collateral to generate DAI. MKR’s role? To control the supply of DAI. The combination of the two is what keeps DAI’s dollar-equivalent value.
The Maker ecosystem comprises one of the earliest DeFi projects and, to put it simply, DAI wouldn’t be much of a stablecoin without MKR.
Buy & Top Up Maker on Nexo
While the technology behind the Maker ecosystem might sound like rocket science, buying MKR on Nexo is far from it. Simply use your Visa or Mastercard and get it in seconds. As an automatic bonus, once you finish your purchase you receive up to 0.5% cashback. Alternatively, visit the Nexo Exchange and swap any of the following assets for MKR.
The Nexo Booster is also available for MKR. It allows you to use your existing crypto assets as leverage to get up to three times more MKR. This means you can grow your exposure to the asset if you feel extra bullish on it.
To transfer your MKR from an external wallet to your Nexo account, use the top up option.
Enjoy the Nexo Card with MKR
The Nexo Card encourages you to HODL your Maker, rather than selling it. You simply use your tokens as collateral to receive funds for your purchases. On every transaction you receive up to 2% cashback. Learn more about the Nexo Card here.
Your MKR can also be used for our Instant Crypto Credit Lines to borrow cash or stablecoins, DAI included. This way, you have a quick source of liquidity and you don’t sell your crypto. There’s a minimum borrowing amount of just $50 and the interest rates are the lowest in the industry, starting at 0%. We don’t run credit checks and there are no mandatory monthly repayments. Visit our Borrow webpage here and see how you can put your MKR to use.
You can also utilize your Maker tokens to spend at over 90M+ merchants worldwide with the first ever MKR-backed crypto credit card. Visit our Borrow webpage here and see how you can put your MKR to use.
Maker is one of the largest and oldest lending protocols in DeFi, currently holding approximately $16.5B in TVL. The protocol issues the decentralized stablecoin DAI that is pegged to the U.S. dollar, and uses MKR, a governance token, allowing holders to participate in on-chain voting decisions.
The Maker protocol is run and maintained by MakerDAO and its community – the MKR tokenholders.