$DAI
Borrowing: Users can borrow $DAI by overcollateralizing digital assets. They pay a stability fee for borrowing and receive back collateral when repaying their debt. A liquidation auction may occur if the collateral value drops below the liquidation price.
Yield: $DAI can also be locked to generate yield (DSR)

$MKR
Voting: $MKR holders own voting rights on the Maker Protocol.
Minting/Burning: If a debt auction occurs (loan>collateral), $MKR is minted. Else $MKR is burnt in the case of surplus auction (loan<collateral).

Governance:
$MKR token holders are incentivized to buy and hold the token due to its governance rights, giving them the power to vote on key decisions that affect the Maker protocol's direction.

Token value accrual:
Keepers are another key player in driving demand for $MKR tokens. In a surplus auction, keepers compete in an increasing bid auction to receive a fixed quantity of $DAI, incentivizing them to acquire $MKR. In a debt auction, keepers try to acquire $MKR at a discounted price to quickly cover the protocol's debt, further driving demand for the token due to the mapping of value. 

The value created by Maker lies in its decentralized lending platform on Ethereum, offering users permissionless, multi-asset loans through smart contracts. Maker's over-collateralization ensures secured loans and reduced default risks. Its stablecoin, $DAI, provides a stable store of value. Users can access credit transparently and securely, bypassing traditional financial institutions.

Value accrual to token:
$MKR holders benefit from governance rights, allowing them to manage the protocol's treasury, stability fees, DSR, PSM, collateral liquidation price, and asset collateralization ratio. In addition, if the protocol makes sound lending decisions, $DAI received from borrowers can be converted into $MKR and burnt, generating profits that accrue to $MKR holders.

Value accrual to protocol:
The Maker Protocol earns income from stability fees charged on $DAI loans and collects liquidation penalties. These revenues are used to fund protocol expenses and back the $DAI stablecoin. Any excess income is added to the protocol's treasury, which can be used to support future growth 

The business model for Maker Protocol:

Revenue comes from:
Interest revenues (Stability Fees) from loans, liquidation penalties from liquidated vaults, stablecoin trading fees from the Peg Stability Module (PSM)
Revenue is denominated in:
DAI stablecoin, MKR governance token
Revenue goes to:
MKR token holders (surplus auction), Protocol Treasury (debt auction), and MKR burn (excess revenue) with varying percentages determined by governance votes.