Since launching Single-Collateral Dai (SCD) in December 2017, Maker has become one of the most widely used protocols on Ethereum. A diverse ecosystem of borrowers, currency users, keepers, and speculators continues to drive rapid growth of the system. This report presents Maker as a network of heterogenous actors, examining the activity of each of its key stakeholders in an attempt to isolate the key economic drivers of the system. The focus will be on analyzing SCD’s first fourteen months of operation, while providing a few projections on the network’s future. The analysis is broken down by stakeholder group: CDP Creators, Keepers, MKR holders, and dai users.

This is not intended as an introduction to the inner workings of the Maker system. Readers unfamiliar with the Maker system should consult the MakerDAO Whitepaper and Placeholder’s Maker Investment Thesis prior to reading this report.