Maker is a protocol built on the Ethereum blockchain. It was created in 2014. Its creators describe it as "a utility token, governance token, and recapitalization resource of the Maker system." The purpose of the Maker system is to generate another Ethereum token, called DAI, that seeks to trade on exchanges at a value of exactly $1.00.MakerDAO
works through a process called "over-collateralization", where assets supplied by users are locked up in smart contracts as collateral in exchange for newly created DAI tokens. DAI is an ERC-20 token, which means it runs on the Ethereum blockchain. It is designed to maintain a stable value of one US dollar.
The MakerDAO DeFi lending platform works via a collection of smart contracts that allow users to supply and borrow cryptocurrencies without a centralized loan provider.
MakerDAO is the largest decentralized lending platform with a market capitalization of $2.39B.