The Maker Protocol is a decentralized finance (DeFi) platform built on the Ethereum blockchain. It allows users to create and manage a stablecoin called DAI, which is pegged to the US dollar. Users can lock up their cryptocurrency as collateral to generate DAI, enabling them to access liquidity without selling their assets. The protocol operates through smart contracts, ensuring transparency and security. It is governed by the MakerDAO, a decentralized autonomous organization where MKR token holders can vote on important decisions, such as risk parameters and system upgrades. This governance structure helps maintain the stability and efficiency of the Maker Protocol.