Reference protocol
ETHDEFIDec 2017design 0x1128…c629Verified
MAKERDAO $MKR
OG governance token, low supply (~1M). Distributed via private OTC sales over years rather than a public ICO. The original lender of last resort: MKR mints to cover bad debt; protocol surplus burns MKR.
Total supply
1.0M MKR
fixed at launch
TGE circulating
55.0%
45.0% locked
Allocations
4
distinct line items
Launch
Dec 2017
Ethereum
Distribution
Schedule of allocations
- 1INVESTORS + OTC
Distributed via multiple private rounds (a16z, Polychain, 1confirmation et al). No public sale — exclusivity by design.
50.00%100% TGE - 2MAKER FOUNDATION
Held by the (now dissolved) Maker Foundation for protocol development. Has been distributing to the DAO since 2021.
30.00%60 MO LIN - 3TEAM
Founders + early team. Vested over multiple years, no formal cliff (it was 2017).
15.00%36 MO LIN - 4PURPLE PILL RESERVE
Strategic reserve held by the Foundation for community campaigns, partnerships, and protocol bootstrapping.
5.00%100% TGE
Key takeaway
A governance token where supply *changes* based on protocol health (mint to recapitalise, burn from surplus) created a far stronger economic feedback loop than fixed-supply alternatives.
Design notes
- NO PUBLIC ICO. ALL DISTRIBUTION VIA PRIVATE OTC ROUNDS.
- SUPPLY IS NOT FIXED: GOVERNANCE CAN MINT (BAD DEBT) OR BURN (SURPLUS).real economic flywheel
- ~1M TOTAL SUPPLY MAKES PER-TOKEN ECONOMICS UNUSUALLY LEGIBLE.
Use as your starting point
Open the MAKERDAO tokenomics in Token Economics, edit the allocations, change the vesting, see the sell pressure live. Free, no signup.
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