MakerDAO is a decentralised organisation that has created the Maker Protocol, which employs a two-token system. The Maker Protocol is a platform where anyone, anywhere can generate the DAI stablecoin against crypto collateral assets.
As a decentralised autonomous organisation, MakerDAO is governed by its token holders. MKR is a utility token that gives holders the right to vote on how to grow and manage the organisation. In return for voting rights, it also carries a financial obligation - holders of MKR are responsible for collateralising the system when it creates new DAI tokens.
DAI is a decentralised cryptocurrency that has no volatility associated with it, meaning its price does not change during market cycles. It's pegged to the U.S. dollar which means 1 DAI = $1 USD. DAI also removes exposure to centralised financial risks like funding liquidations and bankruptcy by holding collateral at a stable value.
The Maker Protocol works by bringing together individuals who want to create DAI and individuals who want to buy DAI. Through this system, users will post collateral into their account in exchange for a loan of DAI. This smart contract is known as a "collateralised debt position" (CDP) which allows users to open loans with each other in a trust less way.
MakerDAO was founded in 2015 by Rune Christensen from Denmark. Since 2015, Christensen has focused on establishing the vision and organisational structure of the MakerDAO and the economic foundations of the DAI stablecoin.
Prior to founding MakerDAO, Christensen served as co-founder of Try China, a company providing international recruiting.
MakerDAO is the first stablecoin to do away with traditional collateral and opt for a crypto-collateralised system using ETH as their base. They're an ERC-20 token utilising smart contracts so they can be easily integrated into other dApps or software projects.
Maker also uses a unique DAO governance model where MKR owners vote to make managerial decisions, even though MKR is non-transferable. This feature is likely one of the main factors behind their listing on FTX Signal.