### What is Maker?

Maker (MKR) is a smart contract platform built on the Ethereum blockchain, designed to address the volatility of the crypto market. It serves as the foundation for a blockchain-based financial system that enables quicker international payments and peer-to-peer transactions. MKR is also a governance token for MakerDAO, influencing decisions about the Dai stablecoin and the overall protocol.

### How does Maker work?

Maker operates using smart contracts on the Ethereum blockchain, specifically through Maker Vaults. These contracts allow users to deposit collateral, such as ETH or other accepted cryptocurrencies, to generate the Dai stablecoin. MKR holders participate in governance by voting on protocol decisions, such as setting interest rates and managing risks. The system relies on Ethereum's Proof of Stake (PoS) consensus mechanism, and it uses trusted oracles to ensure the accurate valuation of collateral.

### What are the potential use cases for Maker?

Maker is primarily used within the decentralised finance (DeFi) ecosystem, where it governs the Dai stablecoin. Dai can be used for lending, borrowing, cross-border transactions, e-commerce, and in gaming or prediction markets. Additionally, Maker's platform can be beneficial for charities wanting transparency and in the integration with financial services or e-commerce platforms as a stable currency alternative.

### What is the history of Maker?

MakerDAO was founded in 2014 by Rune Christensen. The project launched its Dai stablecoin on Ethereum in 2017. In 2018, the Maker Foundation was established with a $15 million investment from Andreessen Horowitz. In 2020, Maker reached over 1 billion Dai in circulation and implemented several protocol and governance upgrades. As a key player in the DeFi ecosystem, Maker continues to evolve and scale, without experiencing any major forks, as it solidifies its market presence and institutional adoption.

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