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Maker is an open-source protocol based on the Ethereum blockchain. It was created by the Maker Foundation that was introduced in 2014. The protocol utilizes smart contracts to maintain the stability of the DAI stablecoin. It was initially created as a permission-less protocol and has since grown exponentially.

The Maker Protocol functions with the help of smart contracts that participate in generating DAI. MKR is an ERC-20 token that serves as a critical stabilization factor of the ecosystem and as a governance token. Balance is achieved through algorithmic creation and token burns, depending on market price movements. While stablecoins are not a new concept, this is the oldest one that runs in a transparent and decentralized environment. Today, Maker tokens and DAI coins trade on multiple platforms. There is no maximum supply since it is produced depending on the prevailing market conditions.

On July 20, 2021, Rune Christensen, the CEO of Maker Foundation, announced that MakerDAO is officially fully decentralized. Since that day, the DAO has become fully self-sufficient and the Foundation dissolved within the next few months.

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