Maker

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.

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.