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This week I'm diving into the 5 Best DAO Crypto Projects for 2023.

One DAO per day, until Friday!! 📅

Today 🥁🥁🥁…. MakerDAO 📈📈

MakerDAO is a decentralized autonomous organization (DAO) built on the Ethereum blockchain. It creates and manages the Dai stablecoin, which is pegged to the US dollar, providing a more stable cryptocurrency option for users. Dai can be used in decentralized financial applications and offers greater financial freedom and security compared to centralized alternatives.

MakerDAO is governed by its MKR token holders who have the power to vote on proposals to update and improve the system.

According to Feb. 1 tweet, MakerDAO has approved the creation of a new fund dedicated to expenses related to legal defense.

As told by developers, Maker will allocate 5 million DAI to “reimburse legal defense expenses in case of legal or regulatory action against specific participants of MakerDAO.

The post further explained: “Initially, the coverage will be provided to Recognized Delegates, Core Unit Facilitators, Core Unit permanent contributors, and active MKR holders. The legal action against the beneficiary must be directly related to its activities at MakerDAO.”

The developers behind MakerDAO have created a new self-insurance tool known as the MakerDAO Defense Fund for covering the costs incurred by the organization that cannot be covered by traditional insurance methods. An external technical committee will manage claims and payouts, with a controlling committee making the final decision.

There are concerns about the legal standing of decentralized autonomous organizations (DAOs) and potential pressure on developers to engage in illegal activities.

Formed in 2014 MakerDAO is considered the first example of decentralized finance and it shows that is always one step ahead of others.

The Web3 and DeFi world thanks them

Below we can see the Weekly average circulating market cap vs. weekly MKR trading volume in the past 90 days.