With a big boom in demand for Decentralized Finance (DeFi) applications, the total value locked has crossed $33.95 billion, indicating the sector’s rapid growth. The industry will expand more in the future with better interoperability, the collaboration between different protocols, and the use of layer 2 technology.
MakerDAO is one of the ambitious projects out there in the industry. Built on the robust Ethereum blockchain network and launched in December 2017, it mainly focuses on lending credit to borrowers. It has received more than $5.89 billion of funds into its platform. The Maker (MKR), an ERC20 token, is currently trading at $2285 and is the largest DeFi token in the market.
A Brief History and Must-Know Facts About MakerDAO
- The brain behind the Maker DeFi protocol is an entrepreneur named Rune Christensen who is also the CEO of the DeFi platform. He founded the project in 2014.
- $15 million from a venture capital company located in Silicon Valley named Andreessen Horowitz in 2018. It was done in exchange for a 6% in the total circulation of the MKR crypto token.
- The main aim of the platform is to create an unbiased and non-volatile currency for the entire world.