cMKR wallet

What is cMKR (CMKR)?

cMKR is what Compound's v2 lending market issues when MKR is supplied to it. Behind each unit sits a share of the pooled MKR in that market, and the share is redeemable through the same contract that minted it.

MKR is an unusual underlying for a money market. It is the governance token of the Maker system, historically scarce, held in small amounts, and quoted in whole units rather than fractions of a cent. Wrapping it into cMKR changes what that holding can do: the MKR is inside a contract, so it is no longer available for voting while it sits there. Anyone holding cMKR for governance reasons should understand that the vote follows the MKR, not the receipt.

The receipt itself carries 8 decimals and a rising exchange rate against MKR, so the displayed quantity stays flat while the redeemable amount behind it shifts. Wallets that do not recognise the cMKR contract will show nothing at all, or show a raw token with no relation to MKR's price, which is the usual reason a holder thinks the balance has disappeared.

A position like this is often left alone for a very long time. Tangem generates the private key inside the card and never exports it, and the backup is a second card holding the same key rather than a phrase on paper, though you can still add a seed phrase if you prefer one. Where a holding is meant to sit untouched for years, that is a storage model worth having.

Supported networks in Tangem (1): Ethereum.