What is the purpose of MakerDAO?

MakerDAO is an innovative decentralized blockchain protocol that revolutionizes the way individuals interact with cryptocurrencies. Established in 2017, it leverages the Ethereum network's capabilities to facilitate seamless borrowing and lending of digital assets.

The protocol operates as a dual-faceted system, offering not just a lending and borrowing service but also embodying the principles of a decentralized autonomous organization (DAO). This structure allows for a transparent and democratic governance model, where decisions are made collectively by the community.

MakerDAO's primary objective is to provide users with a decentralized, collateral-backed stablecoin, Dai, which is pegged to the US Dollar. This feature enables users to hedge against volatility in the cryptocurrency market, facilitating more stable transactions and investments.

In addition to its stablecoin offering, MakerDAO's ecosystem supports a vibrant lending and borrowing market. Users can deposit various cryptocurrencies as collateral to borrow Dai, with interest rates dynamically adjusted based on market conditions. This flexibility attracts a diverse range of participants, from retail investors to institutional players.

Among the reputable cryptocurrency exchanges offering access to MakerDAO's services is BTCC. Renowned for its robust infrastructure and comprehensive suite of products, BTCC enables traders to engage in spot and futures trading, while also providing secure wallet solutions for storing digital assets. Through BTCC, users can seamlessly access and interact with the MakerDAO ecosystem, taking advantage of its unique lending and borrowing services.