Andy Milenius

Maker is one of the largest decentralized applications that allows people to lend and borrow cryptocurrencies. 

MakerDAO is a lending platform launched on the Ethereum blockchain in 2017. It powers a decentralized stablecoin called DAI, which is pegged to the value of the U.S. dollar.

The protocol allows users to obtain loans in DAI by using other cryptocurrencies as collateral. These loans have an overcollateralization requirement, meaning users must deposit more cryptocurrency than the value of the loan. For example, the collateralization rate for an ETH vault may be 170%, requiring $170,000 worth of ETH to receive $100,000 worth of DAI.

Overcollateralization is implemented to safeguard against potential crashes of the underlying collateral assets, such as ETH or other supported coins like wrapped bitcoin (wBTC), USDC, and USDP, which back the value of DAI.

Andy Milenius

Maker. Chief Technical Officer

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Maker (Chief Technical Officer)