The Maker Protocol is a software platform that allows users to trade DAI, Maker’s native stablecoin. DAI is soft-pegged to the US Dollar, so the value of one DAI token is equal to $1 USD. Holders of its other token, MKR–which is not pegged to any fiat currency, and is expected to increase in value based on the success of DAI–can vote on MakerDAO’s operating protocols and governance proposals. As of July 2020, MakerDAO has become “fully decentralized,” according to co-founder Rune Christensen.