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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.

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