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Maker DAO

MakerDAO is a DAO that manages the DAI stablecoin on the Ethereum blockchain.

The MakerDAO system is governed by the MKR token holders who vote on proposals to manage the DAI stablecoin. See DAI and MakerDAO for more information.

Questions​

Can a DAO govern a multi-billion dollar stablecoin long-term without drifting toward effective centralization under large token holders?

  • MKR holders vote on risk parameters that affect DAI's peg — what stops a coordinated bloc of large holders from voting in their own interest at the expense of DAI stability?
  • MakerDAO rebranded to Sky — does rebranding a mature DAO signal genuine governance evolution or cosmetic restructuring?
  • DAI maintains its peg through collateralized debt positions rather than reserves — how does that model hold under a sustained market-wide collateral crash?