makerdao

Maker is an Ethereum-based DAO (Decentralised Autonomous Organization) token of the MakerDAO and Maker Protocol that aims to generate another Ethereum token. It intends to transact on exchanges at a cost of US$1.00. MakerDAO was created in 2014 by Rune Christensen, but it was only launched in December of 2017. The Maker platform is one of the initial projects in the decentralized finance space. The ecosystem has its native token, MKR, that could be utilized for the payment of a related 1% interest rate. Further, the utility token is also utilized for the payment of fees. MKR tokens also play a pivotal role in offering voting rights to the holders. The Maker DAO protocol assists in providing collateral loans against its own stablecoin DAI. Users can lend funds using their own ETH by locking them in MakerDAO’s smart contracts. Therefore, users just use their ETH to convert it into DAI to get collateral loans and pay interest. It was MakerDAO that created a core layer of decentralized finance, which became very popular as DeFi.