MakerDAO is one of the first and largest decentralized lending protocols, often tagged as the central bank of crypto. It also issues the $6 billion stablecoin, DAI, whose value is backed by some $8 billion assets in its reserve. The protocol is governed by a decentralized autonomous organization (DAO), where contributors manage the platform and discuss decision-making proposals in a forum, and owners of the platform’s governance token, maker (MKR), vote to approve or reject each proposal.
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