MKR/USD price feed

MKR holders govern Maker, the protocol that issues DAI plus one of the longest-running institutions in DeFi. The token is a claim on decisions: parameters, collateral lists, the system's direction. Our DAI page covers the dollar this system produces; this page covers the asset that steers it.

The Maker ecosystem now operates under the Sky brand, with a public conversion path between MKR and the newer SKY token. This page takes no position on that choice. MKR remains a traded asset with its own pools; that is all this page needs.

Governance tokens get marked like any other asset: treasuries hold them, credit desks take them as collateral, reports need a number. The number should come from real markets, stated with their size. For an asset whose depth lives elsewhere, that statement of size is half the service.

Most MKR volume clears on centralized venues. The on-chain market is small, a fact this page does not dress up; the specs above state the book as it stands, refreshed as it changes.

A small book still carries real information. These pools are where MKR settles inside DeFi, where collateral unwinds, where on-chain treasuries actually transact. A rate computed from them prices that activity directly, rather than borrowing a number from venues that on-chain settlement cannot reach.

The honest limits are part of the product: this is the on-chain slice of a larger market, weighted by what the slice holds. For anything settling on-chain, the slice is the market that matters.

The on-chain book is a small museum. Pools running since DeFi's early days have kept pricing this asset alongside venues from later exchange generations, several AMM designs live side by side. Which vintage carries the most weight at any moment is left to the data underneath; the persistence itself is the story.

Old pools persisting is itself a reading. Liquidity that has sat through multiple cycles tends to belong to patient owners, which explains why this small book has been so durable. The feed reads reserves, not vintage; the vintage just tells you who is on the other side.