The MakerDAO organization as a whole is making a renewed effort to promote itself as the provider of essential cryptocurrency tools for venture capital relationships and more.
“After three successful years of marking our relevance in the cryptocurrency space, it is a new dawn for us here at DAO Maker as we stay true to our commitment to community development and pull the veil off another level of the DAO Maker project,” writes a “Guest Author,” assumedly an internal spokesperson, at NewsBTC today. “Following the well-known success of the Orion Protocol DYCO, we threw our hat in the ring with our next-generation DYCO 2.0 for the DAO Maker token. Now that the private sale has been completed, we are finally happy to announce that the DAO token is now live and listed on exchanges. We understand that this has been long coming and we are thankful for the support we have received from our ever loyal community and follower-base.”
Unlike the Dai stablecoin which is pegged to the dollar, the DAO or MKR token would have its own market pricing. As seen in the announcement, Dao also promotes its DYCO accelerator project.
All of this shows how Ethereum blockchain administrators can unlock financial opportunity with ecosystems that allow for vibrant types of user activity and trading, staking, and cryptocurrency documentation
The semantics of the platform, though, could stand some clarification.
“As a utility token, MKR is required for paying the fees accrued on CDPs that have been used to generate Dai in the Maker system,” writes another anonymous expert at Medium. “Only MKR can pay these fees, and when paid the MKR is burned, removing it from the supply. This means that if the adoption and demand for Dai and CDPs increases, there will be additional demand for MKR so users can pay the fees. It also means the supply will decrease as MKR is burned.”
As for the token’s use as a governance token, the author points out that MKR is “used by MKR holders to vote for the risk management and business logic of the Maker system.”
Clear as mud!
Notwithstanding the confusion and multiple ticker systems, though, the Dao ecosystem does have potential to help renovate the fintech sector. Stay informed to benefit from the best vantage point for investing in new financial technologies.