Question 1

What is MakerDAO?

Accepted Answer

MakerDAO is an open-source project on the Ethereum blockchain and a Decentralized Autonomous Organization (DAO) created in 2014. The project is managed by people around the world who hold its governance token, MKR. Through a system of scientific governance involving Executive Voting and Governance Polling, MKR holders manage the Maker Protocol and the financial risks of Dai to ensure its stability, transparency, and efficiency. MKR voting weight is proportional to the amount of MKR a voter stakes in the voting contract, DSChief. In other words, the more MKR tokens locked in the contract, the greater the voter’s decision-making power.

Question 2

MakerDAO’s Transition to Sky

Accepted Answer

MakerDAO has announced its strategic transition into Sky, encompassing the introduction of two new tokens—Sky Dollar (USDS) and the SKY governance token—as part of its "Endgame" overhaul. Effective from September 18, 2024, this transition offers DAI and MKR holders the option to upgrade their tokens to USDS and SKY, respectively. It's important to note that both original tokens, DAI and MKR, will continue to be available, with their functionality unchanged for the foreseeable future. This approach allows participants in the MakerDAO ecosystem to either stick with the established tokens or opt for the new tokens, which are integrated with enhanced features and governance capabilities.

Question 3

About the Maker Protocol

Accepted Answer

The Maker Protocol, built on the Ethereum blockchain, enables users to create currency. Current elements of the Maker Protocol include the Dai stablecoin, Maker Collateral Vaults, Oracles, and Voting. MakerDAO governs the Maker Protocol by deciding on key parameters (e.g., stability fees, collateral types/rates, etc.) through the voting power of MKR holders.

The Maker Protocol, one of the largest decentralized applications (dapps) on the Ethereum blockchain, was the first decentralized finance (DeFi) application to earn significant adoption. As part of the transition to Sky, governance functions will gradually be integrated into the new SKY token, while USDS will serve as the next phase of MakerDAO’s stablecoin model.

Question 4

About the Maker Foundation

Accepted Answer

The Maker Foundation, which is part of the global Maker community, built and launched the Maker Protocol in conjunction with a number of outside partners. It is currently working with the MakerDAO community to bootstrap decentralized governance of the project and drive it toward complete decentralization.

Question 5

Who created it?

Accepted Answer

MakerDAO was created by Rune Christensen in March 2015 and the Maker Foundation was established in 2014. The Maker token (MKR) was launched in August 2015 and the first MakerDAO and DAI white paper was published in December 2017. MCD became live in 2019 and half a billion DAI was generated from crypto assets approved by Maker Governance in September 2020.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Open	24h High
1	MKR-USD mkrusd	bitstamp	AA	1,398.99USD	0.00%	0MKR	1,398.99USD	1,398.99USD
2	MKR-EUR mkreur	bitstamp	AA	1,379.41EUR	0.00%	0MKR	1,379.41EUR	1,379.41EUR
3	MKR-INR MKRINR	bitbns	-	2,600.00INR	0.00%	0MKR	2,600.00INR	2,600.00INR
4	MKR-USDT MKRUSDT	latoken	D	1,699.99USDT	0.00%	0MKR	1,699.99USDT	1,699.99USDT
5	MKR-USD MKR-USD	coinbase	AA	1,300.86USD	0.00%	0MKR	1,300.86USD	1,300.86USD
6	MKR-BTC MKR-BTC	coinbase	AA	0.01522BTC	0.00%	0MKR	0.01522BTC	0.01522BTC
7	MKR-JPY mkr_jpy	bitbank	C	259,371.00JPY	0.00%	0MKR	259,371.00JPY	259,371.00JPY