MakerDAO: The internet's first community-owned credit facility

Note: The MakerDAO system is constantly changing. We will periodically update this document overtime to account for material changes to the system.

MakerDAO is a non-custodial collateralized credit facility built on top of Ethereum, garnering excitement and interest across crypto communities. Created as a way to bootstrap a decentralized stablecoin (called Dai), the system uses smart contracts to hold over-collateralized debt positions (CDPs) in order to back stablecoin issuance while targeting a 1:1 peg to the U.S. dollar.