2026-07-30T12:39:11Z https://drops.dagstuhl.de/oai

oai:drops-oai.dagstuhl.de:15908 2024-03-06T10:31:38Z ddc:004 open_access

Fundamentals of the MakerDAO Governance Token Kozhan, Roman Viswanath-Natraj, Ganesh Cryptocurrency monetary policy stablecoins governance token We study the fundamentals governing the price of the MakerDAO governance token MKR. Governance tokens are minted in response to liquidations, and burned in response to growth in the system surplus. MKR tokens appreciate with an increase in system surplus and depreciate with a rise in systemic risk due to DAI liquidation spirals. We discuss incentive compatibility conditions that need to be satisfied for the protocol to maintain the DAI stablecoin peg. Schloss Dagstuhl – Leibniz-Zentrum für Informatik Roman Kozhan and Ganesh Viswanath-Natraj 2022 Is Part Of OASIcs, Volume 97, 3rd International Conference on Blockchain Economics, Security and Protocols (Tokenomics 2021) InProceedings Text doc-type:ResearchArticle publishedVersion application/pdf doi:10.4230/OASIcs.Tokenomics.2021.11 urn:nbn:de:0030-drops-159082 https://drops.dagstuhl.de/entities/document/10.4230/OASIcs.Tokenomics.2021.11 eng https://creativecommons.org/licenses/by/4.0/legalcode