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).