Maker (MKR) Valuation Fundamentals — The case for Trillion Dollar Maker

Andrew Kang
15 min readMar 17, 2019

Disclaimer: The author personally owns MKR. This content should not be considered investment advice.

One of the most respected projects in the space. Trading at near a Billion Dollar market cap. One of the few token models that, even token skeptics agree, is integral to the system functioning. Maker has achieved actual product market fit in a sea of userless projects. Yet we still seem to lack an understanding of how value accrual actually works in the MakerDAO system— and how much Maker (MKR) can stand to be worth in the long run.

In this piece, I’ll outline a framework for understanding how we can value Maker in a mature market, and the potential & challenges that exist for MakerDAO.

Note: This is not an article for those new to MakerDao and a prior understanding of Multi-Collateral Dai (MCD) will benefit the reader. If you wish to learn more about MakerDao, please see the following resources:

Searching for an Analog

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