MakerDAO: The Cornerstone of the Decentralized Stablecoin DAI
MakerDAO is a decentralized autonomous organization (DAO) founded in 2014 at Ethereum, with a core mission to issue the decentralized stablecoin Dai (DAI).DAI maintains its soft peg to the U.S. dollar through overcollateralization with various crypto assets, including real-world assets (RWAs). MakerDAO employs a two-token model: DAI serves as the stablecoin, while MKR acts as the governance token, granting holders voting rights on protocol parameters and future direction.
“Endgame Plan”: MakerDAO’s Comprehensive Transformation and Rebranding
MakerDAO is executing a comprehensive roadmap called the “Endgame Plan,” aimed at significantly enhancing the protocol’s efficiency, resilience, and engagement, while substantially increasing the supply of DAI. The plan is being implemented in multiple phases:
- Rebranding to Sky: MakerDAO officially changed its name to “Sky” in August 2024, marking a significant step in its transformation.
- New Token System: The plan calls for the introduction of a new stablecoin, USDS, and a governance token, SKY. Users will have the option to upgrade their DAI to USDS, and MKR tokens will be converted to SKY at a ratio of 1:24,000.
- Sub-DAOs: The plan calls for the creation of six independent Maker sub-DAOs. Each sub-DAO will have its own governance token and operate independently while remaining aligned with the overall mission of the Maker Protocol.
- AI Governance Tools: Phase three of the Endgame Plan will focus on designing and integrating AI tools for governance, with the aim of improving decision-making efficiency.
- NewChain: The goal of the final phase is to deploy Maker’s core processes on a custom blockchain network called “NewChain,” which will be closely integrated with the Ethereum ecosystem.
The initial proposal for the “Endgame Plan” was presented in May 2023, and the first phase, “Launch Season,” began in the summer of 2024.
The USDS Stablecoin and the Controversy It Has Sparked
As a newly introduced stablecoin by MakerDAO, USDS is designed to be primarily backed by real-world assets (RWAs) such as U.S. government bonds.However, a key feature of USDS is its token freeze mechanism, which means that under certain circumstances, tokens may be frozen. This feature has sparked widespread discussion within the community regarding the degree of centralization in USDS, with some arguing that it deviates from the core spirit of decentralization.
Recent Governance Developments and Challenges
MakerDAO’s transformation has been accompanied by a series of governance actions and community discussions:
- July 2026 Governance Update: As of this writing, the MakerDAO governance body has implemented a series of parameter adjustments under the “Sky” transition framework, including “Sky Spreads,” standardization of staking rewards, and the delisting of certain legacy real-world asset vaults.
- April 2026 WBTC Liquidation Lawsuit Investigation: BA Labs previously proposed a measure regarding the “devaluation” and “delisting” of wrappedBitcoin (WBTC) collateral. Currently, this proposal is under investigation due to a lawsuit, sparking market concerns about forced liquidations and potential losses for WBTC holders.
- February 2025 Emergency Governance Scandal Rumors: There were rumors that an emergency proposal was rapidly passed without following standard governance procedures, allowing users to borrow more USDT using MKR as collateral and lowering the collateralization ratio from 200% to 125%.This move raised questions within the community regarding governance transparency and fairness.
- Historical Event Recap: Looking back at the “Black Thursday” incident in March 2020, network congestion on Ethereum caused oracles to fail, resulting in some ETH collateral being liquidated at a zero DAI price. This left $4.5 million in DAI uncollateralized within the system, causing losses for users.This incident highlighted the potential vulnerability of decentralized protocols under extreme market conditions.
MKR Token Economics and Market Performance
MKR is MakerDAO’s governance token, and its value is closely tied to the success of the Maker protocol and the adoption rate of DAI. The total supply cap for MKR is 1,000,000 tokens.
- Market Data (as of July 23, 2026):
- MKR Price: Approximately $1,466.35
- 24-hour trading volume: approximately $75,860
- Market Capitalization: Approximately $1.23 billion
- Circulating Supply: Approximately 874,492 MKR
- Historical Performance: MKR’s all-time high (ATH) was $6,357.37 (May 2, 2021), and its all-time low (ATL) was $168.36 (March 16, 2020).
- Total Value Locked (TVL): The total value locked (TVL) in the MakerDAO protocol is approximately $6.13 billion (this figure is subject to change over time and is provided for reference only).
Please note that the cryptocurrency market is highly volatile. The data above is merely a historical snapshot and does not represent future performance, nor does it constitute investment advice.
Summary and Outlook
MakerDAO is undergoing an ambitious transformation through its “Endgame Plan,” aimed at addressing governance complexities, improving efficiency, and expanding the DAI ecosystem.The rebranding to Sky, the introduction of the new tokens USDS and SKY, and the future migration to NewChain all signal that MakerDAO is entering a brand-new phase of development.However, the accompanying discussions regarding the centralization of USDS, governance transparency, and potential risks also serve as a reminder to the market and the community that the path of innovation in decentralized finance is fraught with both opportunities and challenges. MKR holders and the MakerDAO community will continue to collectively shape the protocol’s future within this complex and dynamic environment.
