What is maker?

Maker is a decentralized autonomous organization (DAO) on the Ethereum blockchain that allows users to create and use the stablecoin Dai, which is pegged to the value of the U.S. dollar. Maker holders can participate in the governance of the protocol and make decisions, such as setting interest rates and collateral requirements, through a voting system. The Maker system also utilizes collateralized debt positions (CDPs), where users can lock up Ethereum as collateral to generate Dai loans. This system ensures that there is always enough collateral backing the issuance of Dai in circulation. Maker was created in 2014 and has become one of the most popular DeFi protocols in the Ethereum ecosystem.