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MakerDAO Clone Script - Build an advanced DAO based DeFi Platform

MakerDAO Clone Script - Build an advanced DAO based DeFi Platform

MakerDAO Clone Script

MakerDAO clone script is the programmed web script that imitates all the core features of MakerDAO platform. You can create a new stablecoin like(DAI) and develop the DeFi ecosystem based on the stablecoin’s utilities.The script can be used to develop the DeFi DAO platform that governs main principles like lending, staking, borrowings, and investing.

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Why do Entrepreneurs develop MakerDAO Clones?

In the first months of 2021, MakerDAO generated about 62.4 Million of net revenue which is 17X more than it generated in the entire calendar year 2019. This gives the clear indications that MakerDAO is gaining a significant amount of DeFi investing eyeballs than ever before.

Image Source - Hashkey.com

For those, who don’t know about MakerDAO, MakerDAO is a decentralized autonomous organization (DAO) that provides a platform for the issuance of Dai, a decentralized and collateral-backed stablecoin. Dai is a cryptocurrency that is relatively equal to the U.S. dollar, meaning it maintains a stable price in relation to the dollar. 

MakerDAO is powered by a decentralized network of Ethereum smart contracts that govern the Dai Monetary System. The Maker platform also offers a variety of other features, such as over-collateralized loans and various types of collateral.

That’s why MakerDAO is said to be the successful DAO in DeFi lending based protocols. When using the same aspects of MakerDAO like governance and protocols mechanism, entrepreneurs can implement any DAO use cases that can be coupled with these protocols to run.

Technical Features in MakerDAO Clone Script

1. Maker Protocol 

Our MakerDAO clone script is equipped with all the smart contract modules that can perform according to the programs set by maker protocol. 

2. In-built Stablecoin

You can generate a Collateral backed Stablecoin that can be supportive on Ethereum and other main blockchains. The stable coin is the significant value of the unit in the DAO ecosystem you want to create.  

3. Multiple vault types

Vault is the smart contract program that the users are interacting with to generate their stablecoins. You can set up multiple vault types in the DAO and facilitate coin generation with our MakerDAO clone script

4. DAO Governance

Our MakerDAO clone script has a governance system based on Maker’s MKR token holders who are responsible for deciding on changes to the Maker protocol. MKR token holders can vote on proposals and set Maker protocol parameters such as the Dai stability fee, debt ceiling, and collateral types.

5. CMS Admin panel

The platform is entirely controlled by the backend admin panel where you can enable and disable any functionalities. The DAO operation, Fund management, collateral assets monitoring, approval mechanism can be overviewed in the admin panel.

6. Wallet Integration 

You can allow any cryptocurrency wallets to be usable in your DAO. We made seamless third party wallet integration in our MakerDAO clone script so that anyone with decentralized wallet access can access the DeFi ecosystem. 

How to build a DAO platform like MakerDAO?

1. Create a decentralized governance system: The MakerDAO system is governed by a decentralized autonomous organization (DAO) that is governed by a set of rules and protocols. These rules are enforced by the MakerDAO's smart contracts, which are written in the Ethereum blockchain.

2. Develop a multi-token system: MakerDAO's multi-token system consists of the Maker (MKR) token and the Dai (DAI) stablecoin. MKR is a governance token that provides holders with voting and governance rights, while DAI is a decentralized stablecoin that is collateralized by ETH and other digital assets.

3. Utilize a collateralized debt position (CDP) system: MakerDAO's CDP system allows users to borrow DAI against their collateral, such as ETH or other digital assets. This system allows users to access liquidity while protecting their collateral from price volatility.

4. Develop an open source platform: MakerDAO is powered by an open source platform that allows developers to create applications and services that interact with the MakerDAO system. When you do this, you can leverage the platform’s usability with frequent upgrades which you can get from the developers community.

5. Create a community of users: The MakerDAO community consists of developers, users, and investors who use the platform to access liquidity and earn rewards for providing liquidity and governance. They also work together to develop and improve the platform.

Need help in developing DAO like MakerDAO? Contact us.

Smart Contract Modules in MakerDAO clone script

1. Collateral Onboarding Module

This module allows MakerDAO to onboard and manage new types of collateral.

2. Risk Parameter Module

This module allows MakerDAO to set and adjust parameters related to the risk of each type of collateral. 

3. System Governance Module

This module allows MakerDAO to change the rules of the system and adjust parameters. 

4. Liquidation Module

This module allows MakerDAO to liquidate collateral when the corresponding debt is too large. 

5. Price Oracle Module

This module allows MakerDAO to get reliable price information for its assets. 

6. Stability Fee Module

This module allows MakerDAO to adjust the stability fee for its Dai stablecoin. 

7. Savings Module

This module allows users to earn interest on their Dai savings. 

8. CDP Module

This module allows users to create and manage their Collateralized Debt Positions.

9. Auction Module

 This module allows MakerDAO to auction off debt positions that have been liquidated.

MakerDAO Business Models

1. Risk Management: MakerDAO offers risk management tools and services to help users manage their exposure to market volatility. This includes the use of Dai, a stablecoin pegged to the US Dollar, and Collateralized Debt Positions (CDPs) to protect users from price swings. 

2. Lending and Borrowing: MakerDAO provides a platform for users to lend and borrow Dai, and other digital assets, to facilitate the liquidity of the system. 

3. Platform Services: MakerDAO also offers platform services and products to facilitate the growth and development of the ecosystem. These include the Maker Governance Platform, a decentralized autonomous organization, and the Maker Protocol, a system for creating and issuing Dai.

 4. Asset Management: MakerDAO’s asset management services allow users to securely store and manage their digital assets. This includes the use of multi-signature wallets, and integration with other wallets and exchanges. 

5. Trading: MakerDAO provides a variety of trading services, such as Dai-to-Ether trades, margin trading, and algorithmic trading. 

6. Infrastructure: MakerDAO also provides infrastructure services, such as the Maker Vault, a secure custodial service

Also Read  - DAO Use Cases in 2023

Tech stack for MakerDAO like platform development

MakerDAO tech stack is primarily built on the Ethereum blockchain and includes the following components: 

-Solidity: A programming language used for writing smart contracts.

-Dai Stablecoin: A decentralized stablecoin built on the Ethereum blockchain.

-Collateralized Debt Position (CDP): A debt instrument that allows users to borrow Dai against a collateral asset, such as ETH.

-OasisDEX: A decentralized exchange for trading Dai and ETH.

-MKR Token: The governance token that powers MakerDAO.

-Oracle System: A system used to retrieve crypto market prices from reliable sources.

-Multi-Collateral Dai (MCD): An upgraded version of Dai that supports multiple collateral assets.

- Javascript libraries and frameworks include Gatsby JS, PHP, ReactJs for frontend implementation.

Hivelance - Frontrunner in DAO Development

Hivelance is the early adopter as the DAO development company and has been contributing to a number of DAO projects with full technical infrastructure. We assign a dedicated team for every project and plan the development modules in a more agile way. Being an expert in smart contracts and DeFi platforms development, we can leverage the DAO principles to be coupled with this ecosystem

Related  - DAO Development

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