Maker is a DeFi lending platform that makes use of ERC-20 tokens as collateral in order to mint and create $DAI - a stablecoin pegged to the dollar. Maker is almost the perfect platform for most DeFi enthusiasts that are looking for loans, but also have large holdings in ERC-20 tokens that they would prefer to hodl instead of liquidating for stablecoins.
We've seen many instances and cases of stablecoins depegging, but what is interesting is that in the past 3 years since inception, $DAI has stayed relatively stable and retains it's peg very healthily, which shows immense strength for the project and it's concept.
With a dual token model, $MKR is used as a governance token that provides voting rights in MakerDAO's governance, and also accrues value based on $DAI adoption. I also think it's interesting that the Maker Team did not hold any ICO back in 2017 - during the ICO boom, where many other projects opt to bootstrap tokens via ICOs.
What's lastly amazing is that MakerDAO accounts for over 11% of the TVL across the Ethereum ecosystem, only losing out to Aave (12%) and Lido (34%), truly showing the strength of the platform. Show Less
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