A stablecoin from MakerDAO that is pegged to the U.S. dollar. Launched in 2017 and residing on Ethereum, invested parties stake ether or approved crypto tokens in return for the MKR governance token. The more MKR, the more voting rights people have regarding technical changes to the Maker Protocol. As of 2022, there is roughly $10 billion staked on Ethereum.
The Maker Protocol
Formerly the Dai Stablecoin System, the Maker Protocol provides a framework for new stablecoin development. The Maker Protocol is also known as the Multi-Collateral DAI (MCD) system. See stablecoin