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MakerDAO Business Model Canvas: Complete BMC Analysis

MakerDAO Cryptocurrency
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Key Partnerships

  • Chainlink (oracle price feeds for collateral)
  • Real World Asset partners (Centrifuge, Monetalis)
  • US Treasury investment managers
  • DeFi protocols using DAI (Aave, Compound, Uniswap)
  • MKR governance delegates
  • Audit firms (security)
  • Institutional lending partners (RWA)

Key Activities

  • DAI stablecoin issuance and peg management
  • Vault/CDP system operations (multi-collateral)
  • MKR governance (stability fees, collateral parameters)
  • Real World Asset (RWA) portfolio management
  • DAI Savings Rate (DSR) management
  • Protocol risk management (liquidations)
  • Sky rebrand transition (SKY, USDS tokens)

Key Resources

  • DAI stablecoin ($8B+ supply — largest decentralized)
  • Multi-collateral Vault system
  • MKR governance token
  • $3B+ Real World Asset portfolio (US Treasuries)
  • DAI Savings Rate (DSR) infrastructure
  • Rune Christensen — founder
  • 9+ year protocol track record (since 2015)
  • $100M+ annual revenue
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Value Propositions

  • DAI — largest decentralized stablecoin ($8B+)
  • Vaults (borrow DAI against crypto and RWA collateral)
  • DAI Savings Rate (DSR — earn yield on DAI)
  • MKR governance (decentralized protocol control)
  • Real World Asset integration (US Treasuries)
  • 9+ year track record (battle-tested since 2015)
  • Multi-collateral support (ETH, WBTC, RWAs)
  • Protocol profitability ($100M+ annual revenue)

Customer Relationships

  • MKR governance voting (on-chain)
  • MakerDAO governance forum
  • Risk dashboards (daistats.com)
  • Community calls and AMAs
  • Discord and Twitter/X community
  • Delegate system (governance representation)
  • Developer documentation

Channels

  • oasis.app / spark.fi (Vault interface)
  • DeFi aggregators (use DAI across protocols)
  • MKR governance portal
  • DAI integration in 400+ DeFi protocols
  • Maker governance forum
  • Social media (Twitter/X, Discord)
  • Developer SDK and documentation
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Customer Segments

  • DAI borrowers (Vault users — leverage, liquidity)
  • DAI holders (stable savings — DSR yield)
  • DeFi protocols integrating DAI (Aave, Compound)
  • MKR governance participants
  • Institutional investors (RWA exposure)
  • Stablecoin users seeking decentralization
  • Cross-chain DAI users

Cost Structure

  • Smart contract development and audits
  • RWA portfolio management costs
  • Oracle costs (Chainlink price feeds)
  • Governance infrastructure
  • DSR payments to DAI depositors
  • Bug bounty and security
  • Community management
  • Liquidation engine operations

Revenue Streams

  • Stability fees (interest on DAI borrows)
  • Liquidation penalty fees (13%)
  • RWA portfolio yield (US Treasury returns)
  • DSR spread (earn more on RWA than pay on DSR)
  • Protocol surplus (accrues to MKR via burns)
  • Sky token ecosystem (future revenue)
  • Liquidation auction keepers
  • Institutional vault fees

MakerDAO Business Model Canvas: Complete BMC Analysis

The MakerDAO Business Model Canvas reveals how the foundational DeFi protocol — created by Rune Christensen in 2015 — birthed DAI, the largest decentralized stablecoin ($8B+ supply). MakerDAO lets users deposit crypto collateral (ETH, WBTC, stablecoins, and real-world assets) into Vaults to mint DAI — a dollar-pegged stablecoin that's not backed by bank deposits like USDC or USDT, but by on-chain overcollateralized crypto and RWAs. MKR governance token holders vote on stability fees, collateral types, and protocol parameters. MakerDAO pioneered Real World Asset (RWA) integration — investing protocol reserves in US Treasuries and institutional lending. In 2024, MakerDAO rebranded to Sky (with SKY and USDS tokens), while DAI and MKR remain functional. MakerDAO/Sky generates $100M+ annual revenue, making it one of the most profitable DeFi protocols.

Value Propositions in MakerDAO's BMC

MakerDAO's Value Propositions include DAI — the largest decentralized stablecoin ($8B+), Vaults (borrow DAI against crypto and RWA collateral), DAI Savings Rate (DSR — earn yield on DAI), MKR governance (decentralized protocol control), Real World Asset integration (US Treasuries), 9+ year track record (since 2015), multi-collateral support, and protocol profitability ($100M+ annual). This decentralized stablecoin model contrasts with Circle's centralized USDC and Tether's USDT.

Comparing DeFi Protocol Business Model Canvases

Study related BMC examples: the Aave BMC (DeFi lending), the Compound BMC (lending pioneer), the Circle BMC (USDC), the Tether BMC (USDT), and the Uniswap BMC (DeFi DEX).

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Frequently asked questions about MakerDAO

How does MakerDAO make money?

MakerDAO makes money primarily through Stability fees (interest on DAI borrows), Liquidation penalty fees (13%), RWA portfolio yield (US Treasury returns), DSR spread (earn more on RWA than pay on DSR), Protocol surplus (accrues to MKR via burns) and Sky token ecosystem (future revenue). These revenue streams are the foundation of MakerDAO's business model and show how the company monetizes the value it creates for its customers.

What is MakerDAO's business model?

MakerDAO's business model is built on delivering DAI — largest decentralized stablecoin ($8B+), Vaults (borrow DAI against crypto and RWA collateral), DAI Savings Rate (DSR — earn yield on DAI), MKR governance (decentralized protocol control), Real World Asset integration (US Treasuries) and 9+ year track record (battle-tested since 2015). It targets DAI borrowers (Vault users — leverage, liquidity), DAI holders (stable savings — DSR yield), DeFi protocols integrating DAI (Aave, Compound), MKR governance participants, Institutional investors (RWA exposure) and Stablecoin users seeking decentralization and generates revenue from Stability fees (interest on DAI borrows), Liquidation penalty fees (13%), RWA portfolio yield (US Treasury returns), DSR spread (earn more on RWA than pay on DSR), Protocol surplus (accrues to MKR via burns) and Sky token ecosystem (future revenue), mapped across the nine building blocks of the Business Model Canvas.

Who are MakerDAO's target customers?

MakerDAO primarily serves DAI borrowers (Vault users — leverage, liquidity), DAI holders (stable savings — DSR yield), DeFi protocols integrating DAI (Aave, Compound), MKR governance participants, Institutional investors (RWA exposure) and Stablecoin users seeking decentralization. Understanding these customer segments is key to how MakerDAO designs its products, pricing and go-to-market strategy.

What is MakerDAO's value proposition?

MakerDAO's core value propositions are DAI — largest decentralized stablecoin ($8B+), Vaults (borrow DAI against crypto and RWA collateral), DAI Savings Rate (DSR — earn yield on DAI), MKR governance (decentralized protocol control), Real World Asset integration (US Treasuries) and 9+ year track record (battle-tested since 2015). These are the main reasons customers choose MakerDAO over the alternatives.

Who are MakerDAO's key partners?

MakerDAO works with key partners such as Chainlink (oracle price feeds for collateral), Real World Asset partners (Centrifuge, Monetalis), US Treasury investment managers, DeFi protocols using DAI (Aave, Compound, Uniswap), MKR governance delegates and Audit firms (security). These partnerships help MakerDAO reduce risk, access resources and scale its business model.

What are MakerDAO's main costs?

MakerDAO's cost structure is driven mainly by Smart contract development and audits, RWA portfolio management costs, Oracle costs (Chainlink price feeds), Governance infrastructure, DSR payments to DAI depositors and Bug bounty and security. Managing these costs efficiently is central to MakerDAO's profitability and long-term sustainability.

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