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How does Maker for example not create any value? They’ve built a decentralized USD-pegged token, how is that not worth something?

Maker is just an index fund of centralized USD-pegged tokens: USDC and Tether.

Selling an index fund with only two relevant components, which your customers could have bought directly, does not add value.

I don't think Maker is index fund. How?

You can think whatever you like, but in times of crisis all that matters is collateral. MakerDAO is collateralized by Tether and USDC.

They use array of tokens as their collateralized assets. I don't think they even include the tokens you mentioned.