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Maker(DAO) is a decentralized platform built on the basis of the Ethereum blockchain that offers users a unique ecosystem with the MKR token and stablecoin DAI.

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What is maker?

Maker(DAO) is a decentralized platform built on the basis of the Ethereum blockchain that offers users a unique ecosystem with the MKR token and stablecoin DAI, that can be used in a number of business areas such as gambling and financial markets, foreign trade, and transparent bookkeeping systems. MKR is not the main token on the MakerDAO platform, but is closely related to the DAI stablecoin and is essentially a service token. The price of DAI is equal to 1 USD, but the MKR rate fluctuates strongly, providing the opportunity for traders to make a good profit. It has a volatile market price because of its unique supply mechanics and plays a significant role in the platform life. MKR has multiple functions: it is simultaneously a utility token, governance token, and recapitalization resource of the MakerDAO ecosystem. It is responsible for the overall operation of the platform, ensures fixing the DAI price, and is also used to invest in the project. All MKR holders have an influence on the ecosystem, making decisions by community voting.

MKR Features

MakerDAO is an open-source platform where management rights are distributed among MKR token holders who manage the Maker protocol and the financial risks of DAI, ensuring stability, transparency, and operational efficiency. The Maker protocol, created on the basis of the Ethereum blockchain, allows for the creation of a digital currency. The protocol includes the following elements: DAI stablecoin, secured Maker vaults, oracles, and the voting system. MakerDAO manages the Maker protocol, deciding on key parameters (stability fees, types and sizes of collateral, etc.) at a vote held among MKR token holders. Maker Protocol is one of the largest decentralized applications on the Ethereum blockchain.

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MKR utility function

As a utility token, MKR is required for paying the fees accrued on CDPs that have been used to produce DAI in the Maker environment. CDP is the dynamic system that stores collateral assets that have been deposited to users. Only MKR can pay these fees and, once paid, burn them out of the total supply. This means that if the adoption and demand for DAI and CDPs increases, there will be additional demand for MKR so users can pay the fees. This also means that the supply will decrease as MKR is burned.

MKR governance function

As a governance token, MKR is used by the holders to vote for the risk management and business logic of the Maker environment. Risk management is crucial to the success and survival of the system and is carried out by voting on specific risk parameters for each collateral asset and CDP type. Risk criteria need to be set rigorously in order to conform to the risk profile of collateral assets used by the CDPs in the Maker system, and to determine factors such as how much additional collateral is required to generate DAI with a collateral asset, or how much DAI can be fully backed by a specific collateral asset.

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MKR voting function

The voting process for the governance of the system is carried out through a vote of approval. Any MKR holder can vote on any proposals and may submit a new proposal at any time. The proposal that has the most votes from all token holders becomes a "top proposal" and can be activated to implement changes to the system's risk parameters. There is a security delay system after the proposal is activated, before its amendments are implemented, in order to give the community sufficient time to react and prevent malicious proposals from damaging the system. The initial governance framework for DAI risk management uses Sunday meetings to raise awareness and coordinate votes on new proposals. The developers try to establish a comprehensive structure for future governance of the scalability that the system must require in the long term. More advanced features, such as votes delegating to a confidant and the option to vote anonymously with MKR stored in cold storage are expected for the future.

MKR recapitalization function

In the event of errors or unexpected circumstances, portions of the debt portfolio may become undercollateralized. Once this occurs, the last feature of the MKR token is triggered: automated recapitalization by forced dilution of the MKR token. This means that the Maker system automatically creates and sells new MKR tokens on the market, instantly raising money to recapitalize the system's value shortfall and bring it back from insolvency. MKR also performs the transaction fees and the redemption of deposits on the MakerDAO platform. With the help of the MKR token and complex algorithms, the development team have managed to achieve DAI exchange rate fluctuations within 5%. This is fuel for the MakerDAO ecosystem.

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