MakerDAO is a stablecoin protocol and one of the most established DeFi projects in the space. The protocol enables the overcollateralized borrowing of DAI, a stablecoin soft pegged to the U.S. dollar, against crypto assets such as ETH and liquid-staked ETH, BTC, and other established tokens on Ethereum. Naturally, DAI can also be acquired on the open market.

DAI's stability is maintained through variable borrowing rates, the DAI Savings Rate, additional risk parameters, external actors, and Peg Stability Modules, which enable users to swap DAI against other stablecoins. MakerDAO's product suite also includes Spark Protocol, a DAI-centric money market protocol.