MakerDAO (MKR)
A Decentralized Stablecoin Platform on Ethereum.- MakerDAO is a decentralized stablecoin platform, operating on the Ethereum blockchain.
- By staking the MKR token, users can vote on network specs and governance initiatives, including the stability fee, collateralization rates, and assets allowed to be used as collateral, etc.
- Users may deposit predetermined assets as collateral against which they may print the DAI stablecoin.
- The MakerDAO platform has built an infrastructure that aims to stabilize the price of DAI at 1 USD.
- When a user decides to deposit DAI stablecoins into her Vault and withdraw her collateral, she is also required to pay an interest, or stability fee, to the network.
- Stability fees are also used to buy back MKR tokens from the open market, which are subsequently burnt.