About Maker

MakerDAO is a decentralized lending platform built on Ethereum, enabling collateral-backed loans without intermediaries. Its widespread adoption and DeFi integration have established it as a significant protocol in the crypto space. The platform operates through smart contracts, managing borrowing and lending using two tokens: DAI and MKR. DAI is a stablecoin pegged to the US dollar, while MKR serves as a governance token. When a user takes out a loan on MakerDAO, DAI is generated, representing the borrowed amount. Users repay the loan with DAI, which is then burned. MKR holders vote on protocol changes, influencing the direction of MakerDAO. DAI is issued when users purchase a CDP (Collateralized Debt Position) with ETH, using ETH as collateral. Essentially, users can borrow against their...