What is MakerDAO (MKR)?

MakerDAO is a decentralized autonomous organization (DAO) built on the Ethereum blockchain that aims to provide a stable coin called DAI, which is pegged to the value of the U.S. dollar. The core component of MakerDAO is a system of smart contracts that governs the creation and redemption of DAI. Users can "lock up" ether (ETH), the native cryptocurrency of the Ethereum network, as collateral in the system, and in return, they can mint an equivalent value of DAI. The…