If there were a juggernaut in the Web3 space, it is clearly MakerDAO. What they’ve enabled with the DAI stablecoin has changed the entire decentralized finance landscape (DeFi).
Greg DiPrisco, Head of Business Development, MakerDAO:
“Now that we have the ability to onboard new assets, decentralized finance is going to start reaching its tentacles into the legacy business world. Even getting a small percentage of that legacy economy will be exponential growth for us at Maker.”
If there were a juggernaut in the Web3 space, it is clearly MakerDAO. What they’ve enabled with the DAI stablecoin has changed the entire decentralized finance landscape (DeFi). Maker’s approach is an interesting one because they have structured themselves in two parts: a decentralized autonomous organization, where the community drives changes, and the Maker Foundation which bootstraps the DAO until it can successfully sustain its growth. Regardless of what either part of Maker’s two groups are doing, the end goal is the same: Financial freedom. In fact, they want to go a step further. They want financial freedom with no volatility.
Founded in 2014, MakerDAO has raised a significant amount through MKR token sales to venture funds and institutional investors. In December, Maker raised over $27 million by selling 5.5% of the available supply of MKR tokens to institutional investors (specifically, venture capital firms). That money has helped them expand their operations. In total, the Maker team consists of over 100 people distributed around the world.
Their product acts as the underlying layer for over 500 different apps and protocols in the Web3 space, and they are focused on growing that number. They could serve everyone, but they have to be careful about picking the right areas to focus on. Greg DiPrisco, Head of Business Development, took the time to talk with us about this exact thing as many as many other topics around growth, challenges, and solutions.
How do you define growth at Maker?
We have two different areas that have different ways of looking at growth, but at the end of the day, it’s more people using Maker and using DAI in some capacity. The protocol would define growth as the increase in the amount of DAI outstanding. They also focus on increasing the spread they make on the stability fee minus the DSR.
My job is to acquire more distribution channels for DAI and Vaults. I can’t give DAI utility. I can’t set the DSR. But I can help the protocol acquire distribution channels. That translates into more DAI outstanding and more users. At the end of the day, we need to integrate in as many products as possible.
What has been the most difficult part of growing the foundation and the protocol so far?
Always first and foremost, it’s education. What we’re doing is so new for people, they have to think about us as an entirely new concept. Which is ironic because it’s not a new concept. It’s what they know from legacy finance done in a new way.
When the internet was first created, people might have thought news online would not be a new concept. Something like a scan of the NYTimes just put online. But it was just the thing people already understood – reading the news – but in a new way.
What do you think needs to happen to overcome the education barrier?
It’s important to know what you’re educating them about. A big mistake is thinking most people care about decentralization. I personally care about decentralization and that’s what got me into the industry, but it would be naive to think everyone cares. What people really care about is how things work and about how it tangibly impacts their money or things they care about. I want to better educate people on how the DSR works vs. how a legacy savings account would work. I want to educate them on how close what we’re doing is to traditional finance but in a more powerful, programmable way.
What tools do you wish were there to help you with growth as a whole?
We tell the marketing people the type of businesses we’re trying to reach, then we try to make those businesses successful when they implement. Our product is money and we could, in theory, sell this to everyone in the world. In practice, we need to pick who to target to provide us the most meaningful return.
We leverage a lot of existing tools to help us with things like creating tiers of customers to reach out to, tracking employee compensation based on sales and acquisition, and more.
What are your predictions for Web3/Blockchain growth in 2020?
I think it’s going to be exponential. I say that with some confidence because I’ve seen the traction we’re gaining from a front-row seat. Now that we have the ability to onboard new assets, decentralized finance is going to start reaching its tentacles into the legacy business world. Even getting a small percentage of that legacy economy will be exponential growth for us at Maker.
MakerDAO is definitely a game changer in the world of decentralized finance. I am excited to see how their ability to onboard new assets will further expand their reach into the legacy business world. The potential for exponential growth is undeniable.
“MakerDAO’s impact on the decentralized finance landscape is truly remarkable. The ability to onboard new assets will certainly pave the way for greater growth and adoption in the legacy business world. As a leading figure in the space, Maker is positioning itself for exponential growth and financial freedom.”
MakerDAO’s success in the Web3 space is undeniable. The impact that the DAI stablecoin has had on DeFi is remarkable. I believe that as they continue to onboard new assets, their growth will be exponential. Financial freedom is the ultimate goal, and MakerDAO is paving the way for it.
“I am truly amazed by the impact MakerDAO and the DAI stablecoin have had on the decentralized finance landscape. Their ability to onboard new assets is a game-changer, and it’s only a matter of time before they make a big splash in the legacy business world. MakerDAO’s approach, with the decentralized autonomous organization and the Maker Foundation, shows their commitment to financial freedom. I can’t wait to see what they achieve next!”
How does MakerDAO plan to ensure financial freedom with no volatility in the decentralized finance landscape?
MakerDAO’s approach to ensuring financial freedom with no volatility is through their innovative stablecoin, DAI. Unlike traditional cryptocurrencies that are highly volatile, DAI is pegged to the value of the US dollar, maintaining its stability. MakerDAO achieves this by overcollateralizing the DAI stablecoin with a variety of assets, minimizing the risk of price fluctuations. This ensures that users can transact and store value without worrying about the volatility that often plagues the crypto market. MakerDAO’s commitment to stability sets them apart in the decentralized finance landscape, providing a reliable foundation for financial freedom.
I am truly amazed by the impact that MakerDAO and the DAI stablecoin have had on the decentralized finance landscape. It’s incredible to see how they have enabled financial freedom and are now looking to expand into the legacy business world. I believe that their exponential growth potential is just the beginning. Kudos to Greg DiPrisco and the entire MakerDAO team!
I think MakerDAO’s approach of structuring themselves as a decentralized autonomous organization is brilliant. By allowing the community to drive changes, they are ensuring that everyone’s voices are heard. Financial freedom with no volatility is definitely the way to go. I’m excited to see where they take decentralized finance in the future.
“I am extremely impressed with MakerDAO’s achievements in the Web3 space. The DAI stablecoin has revolutionized decentralized finance and opened up a whole new world of opportunities. I believe that with the ability to onboard new assets, MakerDAO will see exponential growth and make a significant impact in the legacy business world. Their approach of combining a decentralized autonomous organization with the Maker Foundation is unique and ensures sustainable growth. I am excited to see how MakerDAO continues to strive for financial freedom and stability.”
Is MakerDAO planning to expand its operations beyond the Web3 space?
Yes, MakerDAO is planning to expand its operations beyond the Web3 space. As Greg DiPrisco mentioned in the interview, with the ability to onboard new assets, decentralized finance will start reaching into the legacy business world. This means that MakerDAO will be able to tap into a whole new market and experience exponential growth. It’s an exciting time for the Maker community!
I completely agree with Greg DiPrisco’s opinion. MakerDAO’s ability to onboard new assets will definitely have a positive impact on the legacy business world. It’s amazing to see how the DAI stablecoin has changed the DeFi landscape. I believe MakerDAO’s exponential growth is just the beginning of a revolution in decentralized finance.
MakerDAO has revolutionized the world of decentralized finance with their DAI stablecoin. It’s amazing to see how they are bridging the gap between traditional finance and the crypto world. With the ability to onboard new assets, they are set for exponential growth. Exciting times ahead for Maker!
I have been following MakerDAO for a while now and I am truly impressed by their achievements in the decentralized finance space. The way they have enabled the DAI stablecoin has revolutionized the entire DeFi landscape. With the ability to onboard new assets, they are now poised to make an even bigger impact in the legacy business world. I believe MakerDAO’s exponential growth is just beginning and I can’t wait to see what they achieve next.
How exactly does MakerDAO enable decentralized finance? Can you provide more details on how the DAI stablecoin works?
MakerDAO enables decentralized finance by creating and managing the DAI stablecoin. DAI is a decentralized and collateral-backed cryptocurrency that is designed to maintain a stable value pegged to the US dollar. It is created by locking up assets, such as Ethereum, as collateral in smart contracts. These smart contracts automatically adjust the supply of DAI based on the demand for the stablecoin, ensuring its stability. Users can mint DAI by locking up their crypto-assets as collateral, and they can also borrow DAI by leveraging their collateral. This allows individuals to access decentralized finance services such as lending and borrowing without relying on traditional financial institutions. By providing a stable and decentralized currency, MakerDAO has revolutionized the DeFi landscape, enabling greater financial freedom for individuals around the world.
It’s incredible how MakerDAO has revolutionized the decentralized finance landscape with their DAI stablecoin. The ability to onboard new assets will definitely bring exponential growth to the Maker community. I’m excited to see how they’ll reach into the legacy business world and achieve financial freedom with no volatility.
It’s amazing how MakerDAO has revolutionized decentralized finance with the DAI stablecoin. By onboarding new assets and reaching into the legacy business world, they are set for exponential growth. Financial freedom with no volatility is the ultimate goal!
I am truly amazed by the impact MakerDAO has had on the DeFi landscape. The DAI stablecoin has brought about a paradigm shift in decentralized finance. It’s great to see Maker embracing new assets as it expands its reach into the legacy business world. I believe this will lead to exponential growth for Maker in the future.
“I completely agree with Greg DiPrisco. The ability to onboard new assets will definitely bring decentralized finance into the mainstream business world. This will be a game-changer for MakerDAO, leading to exponential growth. I’m excited to see what the future holds for them.”
I am really impressed with what MakerDAO has accomplished with the DAI stablecoin. It has revolutionized the DeFi landscape and has the potential to bring decentralized finance to the mainstream. I believe their approach of combining a decentralized autonomous organization with the Maker Foundation is a smart way to drive growth and ensure stability. I’m excited to see how they continue to expand and bring financial freedom to more people.
MakerDAO has made significant strides in the Web3 space. Their ability to onboard new assets will lead to exponential growth in decentralized finance. I’m excited to see how they continue to drive changes and achieve financial freedom.
It’s amazing to see how MakerDAO is revolutionizing the decentralized finance landscape with their DAI stablecoin. Greg DiPrisco’s insights on onboarding new assets and reaching into the legacy business world show the potential for exponential growth. Exciting times ahead!
Has the DAI stablecoin really changed the entire decentralized finance landscape? Can you provide more examples of how it has impacted the industry?
Yes, the DAI stablecoin has indeed revolutionized the decentralized finance landscape. One key impact is providing stability in a volatile market, attracting more participants seeking financial security. Additionally, DAI’s accessibility has enabled users worldwide to engage in decentralized finance seamlessly, fostering global financial inclusion.
“It’s fascinating how MakerDAO has revolutionized the decentralized finance landscape with the DAI stablecoin. I believe their ability to onboard new assets will attract significant growth from the legacy business world. The potential for exponential growth for Maker is immense.”
MakerDAO has made an incredible impact on the DeFi landscape. With their DAI stablecoin, they have revolutionized decentralized finance. I am excited to see how they will continue to grow and expand their reach in the legacy business world.
“I believe that MakerDAO’s advancements in the Web3 space have truly revolutionized decentralized finance. With the ability to onboard new assets, we are witnessing the integration of DeFi into the traditional business world. This expansion into the legacy economy holds immense growth potential for Maker, both through the decentralized autonomous organization and the Maker Foundation. The ultimate aim remains financial freedom, coupled with stability.”
I believe MakerDAO’s innovative approach to decentralized finance will continue to revolutionize the industry. Greg DiPrisco’s insights shed light on the potential exponential growth ahead for Maker as they onboard new assets and expand their influence into the legacy business world.
What kind of impact do you think MakerDAO will have on traditional finance institutions in the future?
MakerDAO will have a profound impact on traditional finance institutions in the future. By providing access to decentralized financial services, MakerDAO is poised to disrupt the traditional banking system and offer greater financial inclusivity to a broader audience.
“Now that we have the ability to onboard new assets, decentralized finance is going to start reaching its tentacles into the legacy business world. Even getting a small percentage of that legacy economy will be exponential growth for us at Maker.”
Isn’t MakerDAO’s approach of having a decentralized autonomous organization and the Maker Foundation a unique model in the DeFi sector? How do they manage to ensure financial freedom with no volatility?
MakerDAO’s approach with the decentralized autonomous organization and the Maker Foundation sets them apart in the DeFi sector. By combining community-driven changes with foundation support, they work towards financial freedom with minimal volatility. It’s a model that aims for stability while embracing the ethos of decentralized finance.
I believe that MakerDAO’s innovative approach to decentralized finance is paving the way for significant growth opportunities in the legacy business world. With the ability to onboard new assets, Maker is positioned to make exponential progress. Their commitment to financial freedom without volatility sets them apart in the DeFi landscape.