![]() ![]() Some examples of changes that have been proposed or implemented in the protocol are: adding a new collateral asset, modifying the Dai Savings Rate (DSR), choosing a set of oracle feeds and upgrading the Maker contract’s functionality. ![]() Further details on polls can be found in Maker’s whitepaper. The smart contract address which receives the highest number of MKR tokens is then elected as the active proposal. In that stage, MKR holders officially vote to approve or disapprove a proposal. It is a preliminary step, conducted to ensure that proposals are well thought out before formal voting begins in executive polling. The former is used to gauge the consensus of the Maker community towards a proposed change. This is done via two types of polls which are executed through smart contracts: i) proposal polling and ii) executive polling. In terms of governance, MKR token holders are responsible for monitoring, participating, and voting on proposals or changes to ensure the overall health of the Maker protocol. The Maker token has two core functions: i) governance and ii) recapitalization. The platform has enjoyed widespread adoption and is the largest decentralized lending platform with around $2.58 billion in total value locked (TVL), as of December 2020. Two years later in 2019, the Foundation released the Multi-Collateral Dai ( DAI), phasing out SAI. In 2017, it launched the Maker governance token (MKR) and its first stablecoin iteration known as the Single Collateral Dai ( SAI), which used Ether ( ETH) as collateral. It was founded by the Maker Foundation in 2015 as an open-source project to offer economic freedom and opportunities to anyone, anywhere. Maker is a smart contract lending platform that enables users to take out loans by locking-in collateral in exchange for Dai. ![]() Holders of the token can participate and vote on changes to the protocol’s smart contract and system parameters such as Stability Fees and the Dai Savings Rate (DSR). The Maker token (MRK) is a governance token that is used to govern and recapitalize the Maker protocol. ![]()
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