Maker 协议: MakerDAO 的多包管 Dai (MCD) 系统文章提供：灵动云存储 摘要Maker 协议，又称多包管 Dai（MCD）系统，可以让用户利用颠末 “Maker 管理（Maker Governance）” 核准的资产作为包管物来生成 Dai 。Maker 管理是由社区组织并运营的一套打点 Maker 协议各方面的流程。Dai 是一种软锚定美元的资产包管型，其刊行是去中心化、一视同仁的。由于颠簸性低，Dai 可以或许抵制恶性通货膨胀，并为全球范畴内的任意个别提供经济自由和时机。灵动区块链云储存与Filecoin相助灵动区块链云存储与Filecoin相助以IPFS协议的IPFS技能 本白皮书从通俗易懂的角度讲授了构建在区块链上的 Maker 协议。精于技能的读者可以直接阅读 Maker 文档页面（Maker Documentation Portal）中的《Maker 协议先容》 ，深入领略整个系统。 关于 MakerDAOMakerDAO 是 2014 年在以太坊区块链上建设的开源去中心化自治组织1。该项目刊行一种名为 MKR 的管理型代币，全世界范畴内持有该代币的人均可参加项目管理。通过由执行投票（Executive Voting）和管理投票（Governance Polling）构成的科学型管理系统， MKR 持有者可以打点 Maker 协议及 Dai 的金融风险，从而确保该协议的不变性、透明性和高效性。 MKR 投票权重与投票者存在投票合约 DSChief 中的 MKR 数量成正比。换言之，投票者在 DSChief 合约中锁定的 MKR 代币数量越多，其拥有的决定权就越大。 关于 Maker 协议Maker 协议构建在以太坊区块链 2 上，用户可以用其缔造钱币。该协议今朝由不变币 Dai 、Maker Collateral Vault（Maker 包管物金库）、信息输入系统（Oracle，旧译作 “预言机”）和投票机制构成。MakerDAO 依靠 MKR 持有者的投票抉择要害的参数（譬喻，不变费率、包管物范例/质押比率等），来管理 Maker 协议。 Maker 协议是以太坊区块链上最大的去中心化应用（dApp）之一，也是第一个得到大局限回收的去中心化金融（DeFi）应用。 关于 Maker 基金会Maker 基金会 是全球 Maker 社区的一部门，与很多外部相助同伴一起建设了 Maker 协议。Maker 基金会与 MakerDAO 社区相助，引导 MakerDAO 项目标去中心化管理，并敦促其实现完全的去中心化。关于 Dai 基金会Dai 基金会是位于丹麦的自治组织，独立于 Maker 基金会。Dai 基金会认真打点 Maker 社区的重要无形资产，譬喻，商标和代码版权，依据界说了其权限的严格规章来运行。正如 Dai 基金会委托书中所言，该基金会的目标是掩护 Maker 协议中无法通过技能实现去中心化的部门。引言 从 2015 年开始，MakerDAO 与来自全球的开拓者开始了对代码、架构和文档的第一版迭代。在 2017 年 12 月，MakerDAO 宣布了第一版正式白皮书，先容了最初的 Dai（也就是如今的 Sai）不变币系统。 该白皮书先容了通过名为包管债仓（Collateralized Debt Position, CDP）的奇特智能合约 来质押以太币（ETH）生成 Dai 的系统。鉴于以太币是该系统独一接管的包管资产，生成的 Dai 被称为单包管 Dai （Single-Collateral DAI, SCD），现又称 Sai 。该白皮书还提到了进级该系统的打算，支持包罗以太币在内的多种包管资产。该打算已于 2019 年 11 月落实。 Dai 不变币系统，现称 Maker 协议，今朝接管所有基于以太坊、且颠末 MKR 持有者核准的资产作为包管物，MKR 持有者尚有权投票抉择每种包管物的风险参数（Risk Parameter）。投票机制是 Maker 去中心化管理流程的要害一环。接待利用多包管 Dai （MCD） 区块链技能提供了前所未有的时机，来办理公家对成果失调的中心化金融系统的不满和不信任。通过将数据漫衍到计较机网络中，该技能可以让任意集体中的每位成员都享有透明性，不受中心实体的节制，由此降生出无左袒、透明且高效的免许可型系统 —— 可以改进当前的全球金融和钱币布局，更好地为公家好处处事。 就是为此而建设的。固然比特币从很多方面来说都是一种乐成的暗码学钱币，可是它并不是一种抱负的互换前言，因为它的供给量是牢靠的，它的投机性又造成了价值的颠簸，使其无法进一步成长成为主流钱币。 另一方面，比特币的短板刚好是 Dai 不变币优势 ，正是因为它的设计方针就是将价值颠簸性 降至最低。Dai 是一种去中心化且中立的资产包管型加密钱币，其价值软锚定美元。不变性是 Dai 的意义。 自单包管 Dai 于 2017 年上线之后，用户接管度不绝提高，已成为去中心化金融 dApp 的基石。Dai 的乐成也是整个不变币行业举动的一部门，不变币是旨在维持价值和钱币成果的加密钱币。 譬喻，在 2019 年 2 月，摩根大通（JPMorgan）成为了美国第一家建设并测试锚定美元的的银行。3 跟着数字钱币行业的成长，一些银行、金融处事公司，甚至是当局都想建设不变型数字钱币（譬喻，中央银行数字钱币），非金融规模的大型公司也是如此。譬喻，Facebook 就在 2019 年 6 月公布了 Libra （由等额实物资产背书的不变型数字钱币）打算 4 。可是，这类提议违背了区块链技能的焦点代价主张：成立一个不受中心化权力机构或打点者影响的民众基本设施，并在全球范畴内回收。Maker 协议及其特征概述灵动区块链云存储提供Maker 协议 Maker 协议是以太坊区块链上最大的去中心化应用之一。参加设计该协议的人员很是多样化，包罗 Maker 基金会的开拓者、外部相助同伴，以及其他小我私家和实体。Maker 协议是首个得到大局限回收的去中心化金融（DeFi）应用。 Maker 协议由世界各地的管理型代币 MKR 持有者打点。通过由执行投票（Executive Voting）和管理投票（Governance Polling）构成的科学型管理系统，MKR 持有者可以打点 Maker 协议及 Dai 的金融风险，从而确保该协议的不变性、透明性和高效性。投票合约中锁定的每一个 MKR 代币均等同于一票。不变币 Dai 不变币 Dai 是一种软锚定美元的资产包管型加密钱币，其刊行是去中心化、无成见的。Dai 已在以太坊区块链和一些其他风行的区块链上刊行；持有 Dai 需要用到加密钱币钱包 可能加密资产平台。 Dai 的生成、会见和利用门槛都很低。用户通过利用 Maker 协议来建设叫做 “Maker Vault （Maker 金库）”的智能合约并存入资产来生成 Dai。这个进程既是 Dai 进入畅通规模的进程，也是用户得到活动性的进程。另外，用户也可以从中介或生意业务所处购置 Dai ；可能更简朴一点，只要愿意接管 Dai 来付出，那就能获得 Dai。 无论是你本身生成的、买到的照旧收到的 Dai，用起来都跟此外加密钱币没有区别：你可以将 Dai 发送给其他人，用它来购置商品和处事，甚至可以通过叫做 “Dai 存款利率（Dai Savings Rate, DSR）” 的 Maker 协议成果，把 Dai 转入储备账户。 畅通中的每个 Dai 都是由超额资产背书的 —— 包管物的代价老是高于 Dai 债务的代价 —— 并且所有 Dai 生意业务都在以太坊区块链上果真可见。Dai 有哪些雷同于钱币的成果？ 凡是来说，钱币有四大成果： 1. 代价贮藏 2. 互换前言 3. 记账单元 4. 延期付出尺度 为了满意上述成果，Dai 专门设计了以下特点和应用场景。Dai 是一种代价贮藏物 代价贮藏物指的是可以或许保值的资产，不会随时间流逝而大幅贬值的资产。Dai 是一种不变币，其设计使其在颠簸庞大的市场中也能担保价值不变。Dai 是一种互换前言 互换前言指的是一切可代表代价尺度、被用来促进商品或处事的出售、购置或互换（生意业务）的事物。在全世界差异范例的生意业务中，都能利用 Dai 不变币来告竣生意业务。Dai 是一种记账单元 记账单元是一种尺度化的代价怀抱衡（譬喻，美元、欧元、日元），用于商品和处事的订价。今朝，Dai 的方针价值是 1 USD（1 Dai = 1 USD） 。固然 Dai 尚未在区块链外成为尺度的代价怀抱衡，可是它在 Maker 协议和一些区块链 dApp 中充当记账单元之用。个中，Maker 协议的记账和 dApp 处事的订价回收的都是 Dai 而非美元之类的法币。Dai 是一种延期付出尺度 在 Maker 协议中，Dai 还被用来清偿债务（譬喻，用户利用 Dai 来付出不变费并封锁金库 ）。正是这一优势使得 Dai 如此出众。包管品资产 Dai 的缔造、代价背书、价值不变，都是通过存入 Maker 金库的包管品资产来实现的。包管品资产指的是由 MKR 持有者投票纳入协议的数字资产。 只要颠末 MKR 持有者的核准，任何基于以太坊的资产都可以在 Maker 协议上用作生成 Dai 的包管物。在许可某种资产成为包管品时，MKR 持有者还必需相应选择详细的风险参数（譬喻，不变型资产大概要选择较为宽松的风险参数，风险型资产大概要选择较为严格的风险参数。）关于风险参数的详细内容请拜见下文。MKR 持有者是通过 Maker 去中心化管理流程做出上述以及其他决定的。Maker 金库 所有颠末核准的包管品资产都可以存入利用 Maker 协议生成的 Maker 金库智能合约来生成 Dai 。用户可以通过多种用户界面（即网络会见派别）会见 Maker 协议并建设金库。这些用户界面包罗 Oasis Borrow 以及由社区构建的各类界面。建设金库并不巨大，可是生成 Dai 意味着用户对系统有了一笔债务；需要偿还 Dai 并付出不变费，才气取回金库中锁定的包管物。 金库本质上长短托管型的：用户可与金库和 Maker 协议直接交互。只要包管物的价值不低于最低须要程度（即清算率（Liquidation Ratio），详见下文），用户即享有对该包管物完整且独立的节制权。如何与 Maker 金库交互 · 步调一：建设金库并锁入包管物 用户通过 Oasis Borrow 派别或 Instadapp、Zerion、MyEtherWallet 等由社区建设的界面来建设 金库 ，并锁入特定范例和数量的包管物来生成 Dai。存入资金之时，该金库即被视为有包管的。 · 步调二：通过有包管的金库生成 Dai · 将包管品资产锁入一个金库之后，该金库所有者便可利用任意非托管型暗码钱币钱包来提倡、确认生意业务，生成出必然数量的 Dai。 · ·步调三：送还债务并付出不变费 · 若想取回部门或所有包管物，金库所有者必需部门或全额送还 TA 所生成的 Dai，并付出 Dai 未送还期间不绝累积的不变费。不变费只能用 Dai 付出。步调四：取出包管物 · 在送还了 Dai 并付出了不变费之后，金库所有者可以将部门或全部包管物退回本身的钱包。在完全送还了 Dai 并取出所有包管物之后，金库就会空置下来，以待其所有者再次锁入资产。 · 尤为要害的是，差异的包管品资产需分置在差异的金库中。因此，一些用户会拥有多个金库，回收的包管物范例和包管品率各不沟通。高风险 Maker 金库的清算 为了确保 Maker 协议中始终有富裕的包管物来为未送还债务背书（未送还债务即以方针价值（Target Price）计较的未送还 Dai 的总代价），任何（按照 Maker 管理划定的参数）被鉴定为高风险的 Maker 金库城市通过自动化的 Maker 协议拍卖流程来清算。Maker 协议的鉴定依据是较量清算率与该金库当前的包管品代价-债务比率（collateral-to-debt ratio）。每种金库范例都有各自的清算率，是 MKR 持有者基于差异包管品资产的风险状况投票抉择的。Maker 协议拍卖 通过 Maker 协议的拍卖机制，系统在无法得到包管物的价值信息之时依然能对金库举办清算。在举办清算之时，Maker 协议会取出被清算的金库中的包管物，并利用协议内一个基于市场的拍卖机制将其卖出。这被称为包管品拍卖（Collateral Auction）。 通过包管物拍卖得到的 Dai 会被用来送还金库内的债务，个中包罗清算罚金（Liquidation Penalty）。MKR 投票者会针对差异的包管物范例设定差异的清算罚金。 假如包管物拍卖上得到的 Dai 足以清偿金库内的债务，并足够付出清算罚金，该竞拍会转换成反向包管品竞拍（Reverse Collateral Auction）尽大概地淘汰包管物的出售数量。剩余的包管物城市物归原主。 假如包管物竞拍得到的 Dai 不敷以清偿金库内的债务，吃亏部门就会酿成 Maker 协议的欠债，由 Maker 缓冲金（Maker Buffer) 中的 Dai 送还。假如缓冲金中没有足够的 Dai ，Maker 协议就会触发债务拍卖（Debt Auction）机制。在债务拍卖期间，系统会锻造新的 MKR（增加畅通中的 MKR 量），出售给那些利用 Dai 来参加竞拍的用户。 包管物拍卖获得的 Dai 会进入 Maker 缓冲金。Maker 缓冲金可以起到缓冲的浸染，制止未来因包管物竞拍不敷和 Dai 存款利率上涨而导致 MKR 的增发量过大（详见下文）。 假如由竞拍和不变费得到的 Dai 高出了 Maker 缓冲金的上限（由 Maker 管理设定的值），超出的部门就会通过盈余拍卖（Surplus Auction）出售。在盈余拍卖期间，投标者利用 MKR 来竞拍牢靠命量的 Dai ，价高者得。一旦盈余拍卖竣事，Maker 协议会自动销毁拍卖所得的 MKR ，从而淘汰 MKR 的总供给量。 包管物拍卖流程示例：由于市场行情的影响，某个大额金库的质押率跌至最低阈值以下。某个拍卖清算商（Auction Keeper）检测到这一现象并对该金库启动清算措施。假设有 50 ETH 进入拍卖流程。 每个清算商都可以有本身的竞拍计策（bidding model） 。竞拍计策中包括包管物（在本例中为 ETH ）的竞标价。提倡清算的清算商将本身竞拍计策中的代币价值作为包管物拍卖第一阶段的起拍价。在该阶段，投保者利用 Dai 来竞拍牢靠命量的包管物，价高者得。这个数量是不行分拆的，竞拍者出的价值就是总价。 设这个清算商要出 5000 Dai 去竞标 50 ETH。这部门 Dai 会从金库引擎转移到包管物竞拍合约内。比及某一笔充进包管物竞拍合约的 DAI 可以或许送还系统的债务并付出清算罚金，包管物竞拍的第一阶段就竣事了。 为了用本身竞拍计策中的价值买到包管品，清算商还要在包管物竞拍的第二阶段提交报价。这一阶段的方针是在市场竞争的环境下，将尽大概多的包管物偿还给金库的所有者。在这一阶段，清算商要利用牢靠命量的 Dai 去竞拍尽大概少的 ETH 。譬喻，在本例中，该清算商的竞拍计策所寻求的竞标价是 125 Dai/ETH ，即，用 5000 Dai 去竞拍 40 ETH 。本次竞标得到的 Dai 会从金库引擎转移到包管物竞拍合约内。比及投标期竣事，竞标截至之后，该竞拍打点者中标，取得包管物。包管物竞拍彻底竣事。主要的外部参加者 除了智能合约基本设施之外，Maker 协议的运行还需要依靠种种外部参加者群体：关照者（Keeper）、信息输入者（Oracle）、全局清算者（Global Settler，又称 Emergency Oracle，即，紧张信息输入者） 和 Maker 社区成员。清算商是 Maker 协议经济鼓励机制的受益者；信息输入者和全局清算者都是享有非凡系统权限的外部参加者，其权限由 MKR 持有者通过投票赋予；Maker 社区成员是提供处事的小我私家和组织。关照者（Keeper） 关照者是独立的（凡是是自动化的）参加者，在套利时机的鼓励下为去中心化系统的各个方面提供活动性。在 Maker 协议中，关照者指的是辅佐 Dai 维持方针价值（1 美元）的市场参加者：他们会在 Dai 的市场价值超出方针价值时将其卖出，并在市场价值低于方针价值之时买入。 在 Maker 金库被清算之时参加盈余拍卖、债务拍卖和包管物拍卖的也称为关照者（清算商）。价值信息输入机（Price Oracle） Maker 协议需要及时相识 Maker 金库中充当包管物的资产的市场价值，从而知道何时触发清算机制。 Maker 协议的内部包管物价值来自去中心化信息输入架构（decentralized Oracle infrastructure） 。该架构由大量名为 “喂价机（Oracle Feed）” 的独立节点构成。MKR 投票者选出一组可信赖的喂价节点，并由通过以太坊生意业务向 Maker 系统提供价值信息。群组的节点数量也是由 MKR 投票者来节制的。 为了防御进攻者节制大部门喂价机的环境，Maker 协议是通过喂价安详模块（Oracle Security Module, OSM)来获取价值信息的，并不直接通过喂价机获取。喂价安详模块是架设在喂价机节点和 Maker 协议之间的防止层，将价值更新延迟 1 小时。在此期间，假如发明有喂价机被进攻者节制，可通过紧张信息输入者或 Maker 管理投票将其冻结。紧张信息输入者以及价值输入时滞的决定权都在 MKR 持有者手里。紧张信息输入者（Emergency Oracle） 紧张信息输入者是 MKR 持有者投票选出的，是掩护管理流程和其他信息输入者免遭进攻的最后一道防地。紧张预言性可以或许冻结单个喂价机（譬喻，ETH 和 BAT 的喂价机），有权单方触发紧张关停机制（Emergency Shutdown）。以此低落大量客户试图在短时间内从 Maker 协议取回资产所发生的风险。DAO 团队 DAO 团队是由小我私家和处事提供商构成的，通过 Maker 管理流程（Maker Governance）签订条约来向 MakerDAO 提供特定的处事。DAO 团队的成员都是独立的市场参加者，并非受雇于 Maker 基金会。 Maker 管理的机动性使得 Maker 社区可以或许调解 DAO 团队框架，基于现实环境和新兴挑战来提供整个生态系统所需的处事。 DAO 团队的成员被分别为差异的脚色。譬喻，管理协调员（Governance Facilitator），认真主持相同和管理流程；风险团队（Risk Team）成员，通过金融风险研究和起草关于引入新型包管物和打点现有包管物的提案来支持 Maker 管理。 固然 Maker 管理到今朝为止都是由 Maker 基金会引导的，可是 DAO 有望在不久的未来充实把握自主权，提倡 MKR 投票来填充 DAO 团队中的各类脚色。Dai 存款利率（Dai Savings Rate，DSR） Dai 存款利率让所有 Dai 用户可以自动得到储备收益 ，只需用户将他们的 Dai 锁入 Maker 协议的 DSR 合约即可，该合约可以通过 Oasis 的存款平台或其他接入 Maker 协议的平台会见。DSR 合约差池用户配置最低存款要求，用户可以随时从 DSR 合约中取出部门或全部 Dai。 DSR 是一个系统全局参数，抉择了 Dai 持有者可基于其存款得到的收益。当 Dai 的市场价值由于市场变革而偏离方针价值时，MKR 持有者可以通过投票变动 DSR 来维护价值的不变性： · 假如 Dai 的市场价值高出 1 美元，MKR 持有者可以选择逐渐低落 DSR ，以此淘汰需求量，进而将 Dai 的市场价值降至 1 美元的方针价值。 · 假如 Dai 的市场价值低于 1 美元，MKR 持有者可以选择逐渐增加 DSR ，以此刺激需求量上升，进而将 Dai 的市场价值增至 1 美元的方针价值。 最初，每周城市有一个 DSR 调解流程。MKR 持有者首先评估并接头市场参加者提供的果真市场数据和特定命据，然后再投票抉择是否有须要调解 DSR 。恒久打算是实现 DSR 调解模块（DSR Adjustment Module），即一个可以直接节制 DSR 和基本利率（Base Rate）的即时会见模块（Instant Access Module）。通过该模块，单个 MKR 持有者可以代表一群 MKR 持有者轻松地调解 DSR（调解的幅度范畴和频率范畴由 MKR 持有者预先设定）。该打算旨在提高 DSR 对瞬息万变的市场状况的敏捷度，并制止太过利用执行投票和管理投票这两个尺度管理流程。Maker 协议的管理MKR 代币在 Maker 管理中的利用 MKR 代币 —— Maker 协议的管理型代币 —— 答允其持有者通过 投票 来修改 Maker 协议。要留意的是，不可是 MKR 持有者，任何人都可以 提交 提议来提倡 MKR 投票。 对 Maker 协议管理型变量的变动在通过投票核准之后是不太大概当即生效的。假如投票者选择启动管理安详模块（Governance Security Module，GSM），这些变动就会被推迟激活（推迟最多 24 小时）。这段时间给了 MKR 持有者动作的时机，如有须要，他们可触发关停机制，来阻挡恶意的管理提议（譬喻，将包管物参数修改成与现行钱币政策相悖的提议，或是封锁安详机制的提议）。提议投票和执行投票 Maker 管理流程包罗提议投票和执行投票。提议投票的目标是在举办执行投票之前，先在社区内形成一个大抵的共鸣。这有助于确保管理决定是颠末仔细思量，且在进入投票流程之前就已告竣共鸣的。执行投票的目标是 核准/驳回 对系统状态的变动，譬喻，投票抉择新引入包管物的风险参数。 从技能层面来说，每一类投票都是由智能合约打点的。提议合约（Proposal Contract）是通过编程的方法写入了一个或多个有效管理行为的智能合约。提议合约只能执行一次。一旦执行了，它就会当即对 Maker 协议的内部管理变量举办变动。在执行之后，该提议合约就不能再度利用。 任意以太坊地点都可以陈设有效的提议合约。MKR 代币持有者可以通过投核准票来选出有效提议（Active Proposal）。得到赞成票最多的以太坊地点的提议会被选为有效提议。有效提议会得到 Maker 协议的内部管理变量的打点权限，然后修改这些参数。MKR 代币在成本重组中的浸染 除了在 Maker 管理中的浸染，MKR 代币尚有一种帮助性浸染是充当 Maker 协议的成本重组资源。假如系统债务高出了盈余，就会触发债务拍卖（拜见上文）来增加 MKR 代币的供给量，对系统举办成本重组。这一风险会鼓励MKR 持有者连合一致，认真地打点 Maker 的生态系统，制止过多风险的产生。MKR 持有者的职责 MKR 持有者可以对以下事项举办票决： · 引入新的包管物范例，并为其配置一组风险参数 · 修改、以致增加一种或多种现有包管物资产范例的风险参数 · 修改 Dai 存款利率 · 选出喂价机节点群组 · 选出紧张信息输入者群组 · 触发紧张关停 · 进级系统 MKR 持有者可以用 Maker 缓冲金里的资金来付出各类基本设施方面的需求和处事，包罗信息输入机制和包管物风险打点研究。Maker 缓冲金里的资金来自不变费、清算费和其他收入来历。 Maker 协议管理机制的设计方针是尽大概机动化，并具备可进级性。假如 Maker 系统在社区的引导下成熟起来，那么从理论上来说，提议合约的形式也会变得更高级，好比一个提议合约可以绑定多项提议。譬喻，提议合约可以同时包括对不变费的调解和 DSR 的调解。不外，这些改造仍待 MKR 持有者配合抉择。由 Maker 管理节制的风险参数 每一种 Maker 金库（譬喻，ETH 金库 和 BAT 金库）都有本身奇特的风险参数集，并且是强制生效的。这些参数的抉择依据是对包管品的风险预测，并且是直接由 MKR 持有者通过投票抉择的。以下是 Maker 金库的主要风险参数： · 债务上限（Debt Ceiling）: 债务上限指的是一种包管品所能生成出债务总额上限。Maker 管理为每一种包管物都设定了债务上限，以确保 Maker 协议的包管物组合具备足够的多样性。一旦某种包管物到达了债务上限，就不行能发生更多债务，除非已有用户送还部门或全部的金库债务（从而释放出债务空间）。 · 不变费（Stability Fee）: 不变费是按照一个金库所生成的 Dai 数量来计较的年利钱（对生成 Dai 的用户来说，不变费率相当于贷款的年化利率；对 Maker 协议来说，不变费率相当于年化的收益率）。不变费只能由 Dai 付出，发送至 Maker 缓冲金 。 · 清算率（Liquidation Ratio）: 清算率较低，意味着 Maker 管理对包管物价值颠簸性的预期较低；清算率较高，意味着对价值颠簸性的预期较高。 · 清算罚金（Liquidation Penalty）: 清算罚金是当清算产生时，按照金库中未送还 Dai 的总量向用户收取的特别一笔用度。清算罚金旨在勉励金库所有者将质押率保持在适当的程度。 · 包管物拍卖期（Collateral Auction Duration）: 每种 Maker 金库的包管物拍卖时间上限都是 特定的。债务拍卖期和盈余拍卖期则是系统全局参数。 · 竞拍期（Auction Bid Duration）: 单次竞拍竣事及终结之前的最低时长。 · 最低加价幅度（Auction Step Size）: 这一风险参数旨在鼓励拍卖中的早期竞拍者，防备加价幅渡过低的环境泛滥。管理的风险缓和解法子 为了维护 Maker 协议的乐成运行，Maker 管理需要采纳须要的风险缓解法子。下文具体说明白一些风险以及对应的缓解法子。恶意参加者对智能合约基本设施提倡恶意进攻 对付 Maker 协议来说，最大的风险之一就是恶意参加者。譬喻，有措施员发明已经陈设的智能合约中存在裂痕，然后操作这个裂痕来进攻协议，或是窃取系统中的资产。 在最糟糕的环境下，在协议中充当包管物的所有去中心化数字资产城市被盗，并且无律例复。缓解法子: Maker 基金会的第一要务是维护 Maker 协议的安详性，而 Maker 协议最健壮的防地是形式化验证（Formal Verification） 。Dai 代码库是第一个颠末形式验证的去中心化应用代码库。 除了形式系统验证之外，与区块链行业中最顶尖的安详组织签订安详审计合约、组织第三方（独立）审计和 Bug 赏金打算都是 Maker 基金会的安详蹊径图。可以会见 Maker 的多包管 Dai 安详性陈诉 Github 库，查察形式化验证陈诉和 Maker 协议的审计陈诉。 这些安详法子形成了一个强大的防止系统；然而，这个系统绝非天衣无缝。纵然颠末尾形式化验证，对预期行为的数学建模也有大概存在问题，可能对预期行为的假设自己也有大概是错误的黑天鹅事件 黑天鹅事件指的是系统所蒙受的稀有而严重的溘然袭击。Maker 协议大概会蒙受下列黑天鹅事件： · 用来生成 Dai 的包管物遭到进攻 · 一种或多种包管物的价值呈现意外暴跌 · 高度串谋的喂价机进攻 · 恶意的 Maker 管理提议 注，上述 “黑天鹅事件” 并不详尽，其分列也不反应大概性水平。缓解法子：固然没有一个办理方案是万全的，可是审慎设计的 Maker 协议（清算率、债务上限、管理安详模块、预言机安详模块、紧张关停等）搭配精采的管理（譬喻，对危机的迅速应对、周全的风险参数等）有助于防备及缓解进攻所发生的严重影响。无法预见的订价错误和市场的非理性 信息输入机制的喂价问题和非理性的市场动态会导致 Dai 的价值在较长一段时间内产生颠簸。假如用户对系统失去信心，纵然利率调解和 MKR 增发到达极度的程度，也无法为市场带来足够的活动性和不变性。缓解法子：Maker 管理聚积了足够大的资金池来鼓励关照者，以此实现理性和市场效率的最大化，让 Dai 的供给量在不受市场攻击的环境下不变增加。 紧张关停是最后一道防地。一旦紧张关停被激活，Dai 持有者可以用方针价值赎购包管物。用户转向了更简朴的方案 Maker 协议是一个巨大的去中心化系统。由于 Maker 系统较为巨大，毫无履历的暗码学钱币用户大概会放弃该系统，，转向更容易利用和领略的系统。缓解法子：固然对付大大都加密钱币喜好者和用于担保金生意业务的关照者来说，Dai 是很容易生成和利用的，可是新用户大概会以为 Maker 协议难以领略和利用。固然从设计层面上来说，用户不需要领略 Maker 协议的底层机制就可以通过 Dai 来赢利， Maker 社区和 Maker 基金会一直在提供尽大概简朴的文档和各类资源来引导新用户。Maker 基金会遣散 Maker 基金会当前的方针是，与独立的参加者一起维护 Maker 协议并在全球范畴内推广其应用，同时促进管理流程。可是，按照 Maker 基金会的打算，一旦 MakerDAO 可以完全实现自我管理，Maker 基金会就会遣散。假如 MakerDAO 在 Maker 基金会的遣散之后无法独挑大梁，Maker 协议将来的康健成长将蒙受威胁。缓解法子：在 Maker 项目实现”渐进式去中心化”之后，基金会的遣散并不会影响 MKR 持有者的好处。另外，对 Maker 系统的乐成打点将带来富裕的管理资金，用以一连维护并改进 Maker 协议。尝试性技能的一般问题 Maker 协议的用户（包罗但不限于 Dai 和 MKR 持有者）相识并接管 Maker 协议所回收的软件、技能以致理论都是未经证明的，也无法担保该技能不会间断或堕落。一个固有风险是，技能上的弱点、缺陷或裂痕会导致 Maker 协议 和/或 其组成部门完全瓦解。缓解法子：拜见上文 “不良参加者对智能合约基本设施提倡恶意进攻” 一节。缓解法子的部门表明白技能审计是如何确保 Maker 协议如预期般运行的。价值不变性机制Dai 的方针价值 Dai 的方针价值被用来确定 Dai 持有者在紧张关停环境下收到的包管物的代价。Dai 是 1:1 软锚定美元的，因此其方针价值是 1 美元。紧张关停 紧张关停（也可简称为关停）主要有两个目标。首先，它是产生紧张环境时的最后一道防地，用来掩护 Maker 协议免受基本设施的进攻并直接执行 Dai 的方针价值。紧张环境包罗恶意管理行为、犯科入侵、安详裂痕和恒久市场非理性。其次，关停被用来促进 Maker 协议系统的进级。关停流程只能由 Maker 管理节制。 MKR 投票者也可以通过在紧张关停模块（Emergency Shutdown Module, ESM）中存入 MKR 来当即触发紧张关停，只要有足够多投票者认为有须要即可。这可以防备（激活状态下的）管理安详性模块推迟关停提议的执行。在紧张关停模块中，只要到达必然的票数，关停就会当即生效。紧张关停的三个阶段：Maker 协议封锁；金库所有者取回资产 一旦关停启动，用户就无法再建设新的金库或操控已建设的金库，喂价机制也会冻结。冻结喂价机制可以确保所有用户都能取回其应得的资产净值。Maker 金库的所有者可以当即取回金库中高出为债务包管所需的包管物。紧张关停后的拍卖流程 关停被触发之后，包管物拍卖开始，且必需在特按时间段内完成。这个时间段是由 Maker 管理抉择的，比最长的包管物拍卖期限略长一些。这可以担保，在拍卖流程竣事之时，所有拍卖都能完成。Dai 持有者赎回剩余的包管物 在拍卖流程竣事之后，Dai 持有者直接凭据牢靠的汇率用 Dai 赎回包管物，即，基于 Dai 的方针价值来赎回包管物。譬喻，假设 ETH/USD 汇率是 200 : 1 。紧张关停启动之时，某个用户持有 1000 Dai ，凭据 1 美元的方针价值来计较，该用户在拍卖流程竣事之后可赎回 5 ETH 。赎购是没有限期的。Dai 持有者将以必然比例赎购包管物组合中的每种包管物。要留意的是，Dai 持有者大概会承受损失，无法以 1 美元的方针价值全部兑付他们持有的 Dai 。 一方面是因为包管物贬值带来的风险，另一方面是因为金库持有者有权在 Dai 持有者赎回剩余包管物之前有权取回多余的包管物。关于紧张关停的具体信息，包罗优先赎购权，拜见已宣布的社区文档。Maker 协议的将来：大局限回收并实现完全去中心化潜在市场 对付许多去中心化应用来说，价值不变的加密钱币是一种重要的互换前言。Dai 的潜在市场毫不亚于整个去中心化区块链行业。可是，Dai 的方针远不止不如，还要扩展到其他行业。 以下列出了当前不变币 Dai 市场的一部门： · 周转资金、对冲和杠杆生意业务。Maker 金库答允用户举办免许可型生意业务，用户可以通过 金库包管生成 Dai 来作为周转资金。迄今为止，有数以万计的金库所有者将 ETH 作为包管物生成了 Dai ，再用 Dai 来购置 ETH ，从而实现了全额包管型杠杆生意业务。 · 贸易收据、跨境生意业务和汇款。Dai 可以低落外汇的颠簸性并免除对中介的需求，这意味着跨国生意业务的本钱会大幅低落。 · 慈善机构和非当局组织。它们可以利用透明的漫衍式账本技能。 · 游戏业。对付区块链游戏开拓者来说，Dai 是一种抱负的钱币之选。整合了 Dai 之后，游戏开拓者获得的不只是一种钱币，尚有一整个经济系统。有了 Dai 的可组合性，游戏开拓者可以基于去中心化金融构建新的玩家行为机制。 · 预测市场。在做出不相关的预测时，利用颠簸性较强的暗码学钱币会增加下注的风险。下注者必需思量到这类资产将来价值颠簸的风险，因此不行能去参加较为远期的事件预测。不变币 Dai 是预测市场的天然之选。资产扩张 MKR 持有者也许愿意将新的资产纳入包管物种别，这些资产也将受到 Dai 的风险要求、参数和安详法子（譬喻，清算率、不变费、存款利率和债务上限等）的约束。成长信息输入机制 MakerDAO 是以太坊区块链上首个运行靠得住的信息输入机制项目。因此，很多去中心化应用都利用 MakerDAO 喂价机制来确保系统的安详性，并一连提供最新的价值数据。有了 MakerDAO 和 Maker 协议提供的保障，Maker 管理可以拓宽焦点的信息输入机制基本设施，从而更好地适应去中心化应用的需求。总结 Maker 协议答允用户生成 Dai ，即，一种完全存在于区块链上的、价值不变的代价贮藏物。Dai 是一种去中心化不变币，不由任何中心化的参加者或存在信任风险的中介方和敌手方刊行或打点。它是一视同仁的，不受疆土的限制 —— 可由世界各地的任何人得到。 所有 Dai 都是通过超额包管生成的，且包管物是被托管到颠末审核且果真可见的以太坊智能合约中的。只要有网络毗连，任何人随时都能在 daistats.com 上监控系统的康健状况。 MakerDAO 在暗码学钱币规模拥有数百位相助同伴，以及最强大的开拓者社区之一，已经成为了去中心化金融（DeFi）举动的引擎。Maker 正在释放区块链的气力，来实现今世对经济赋能的期望。 相识更多信息，请会见 MakerDAO 官网。附录利用 Dai 的优势和示例 Maker 协议对世界各地的所有人开放，不受任何限制或小我私家书息要求的约束。以下罗列了 Dai 在全世界范畴内的一些用例。Dai 给任何人提供财政独立的时机 按照世界银行（World Bank）宣布的《2017 全球普惠金融指数陈诉》（Global Findex Database 2017），全球约莫有 17 亿人口没有银行账户5 。按照联邦存款保险公司（FDIC）在 2017 年举办的一项观测，仅在美国就有约莫 3200 万家庭无法享受银行处事或没有充实享受银行处事6 ，即，他们完全没有银行账户，或凡是利用其他方法来取代传统的银行业（譬喻，发薪日贷款和典当贷款）来打点他们的财政。Dai 可觉得这类人群赋能；他们只需要联上互联网即可。 作为全球首其中立的不变币，Dai 给任何人提供财政独立的时机，不受他们所处的地理位置和情况的影响。譬喻，在拉丁美洲地域，Dai 可以辅佐小我私家和家庭对冲阿根廷比索7和委内瑞拉玻利瓦尔的贬值。在南太平洋的瓦努阿图岛，哪里的住民需要付出很高的转账费。位于英国的非营利组织国际乐施会（Oxfam International）、澳大利亚的创业公司 Sempo 、以太坊创业公司 ConsenSys 在埃法特岛上乐成试行了一项现金援助打算，向岛上的 200 位住民每人发了 50 Dai ，在内地供给商网络中充当一种付出前言8 。自我主权钱币的生成 用户可以通过 Oasis Borrow 来会见 Maker 协议，并在 Maker 金库中锁定包管物来生成 Dai 。用户不需要会见任何第三方中介来生成 Dai 。金库让小我私家和企业有时机以简朴快捷的方法和较低的成原来包管资产并生成活动性。自动得到存款收益 世界各地的 Dai 持有者都可以操作 Dai 存款利率来更好地接入金融系统。正如上文所述，Dai 存款利率成立在 Dai 的代价之上，答允用户操作本身所持有的 Dai 来赚钱，掩护本身的存款不受通货膨胀的影响。 譬喻，假设 Bob 在 DSR 合约中锁定了 10 万个 Dai ，Maker 管理将 DSR 的年利率设定在 6% ，则 Bob 一年可赚取 6000 Dai 的存款收益。另外，由于生意业务所和区块链项目可以将 DSR 整合进本身的平台，这给加密钱币生意业务者、企业家和知名企业带来了新的时机，可以增加他们持有的 Dai 存款和营运成本。由于这种有吸引力的机制，Market Maker （做市商）大概会选择恒久持有 Dai ，并将其锁入 DSR 。快捷的低本钱汇款 无论是购置商品或处事，照旧向家庭和伴侣转账，跨境汇款都需要付出奋发的处事费和转账费，期待较长的转账时间，降服因通货膨胀而发生的汇率问题。世界各地的人都将不变币 Dai 作为一种互换前言，因为他们相信 Dai 的代价和效率。 Dai 可以给汇款用户带来以下长处： · 低本钱的海内和国际转账。Dai 可以当即节减本钱，用较低的以太坊网络矿工费取代较高的银行转账费。较低的本钱尚有助于提高生意业务频率。 · 全天候处事。Dai 的运营时间与银行差异。Maker 协议是全天候开放的。 · 便捷的出/进口。用户可以操作很多法币 出口/进口 来实现法币和 Dai 之间的生意业务。这些选择可以辅佐用户在法币和暗码学钱币之间搭建桥梁，垂手可得地将他们持有的 Dai 兑换本钱地的钱币。 · 更强的安详性和信心。区块链提供了更高的安详性，可以加深消费者的信任。灵动区块链云存储提供高颠簸市场中的不变性 正如上文所指出的那样，Dai 既是一种很容易得到的代价贮藏物，也是一种强大的互换前言。它可以掩护生意业务者免受颠簸性的影响。譬喻，它可以让生意业务者简朴流通地节制仓位，在市场中保持活泼，无需通过法币出/进口重复举举措币生意业务。Dai 敦促了生态系统的成长并成立去中心化金融 跟着越来越多的用户意识到不变币 Dai 的代价，更多开拓者正在将 Dai 整合进他们构建在以太坊区块链上的 dApp 。Dai 有助于构建一个越发强大的生态系统。简而言之，dApp 开拓者可以将 Dai 作为一种不变的互换前言提供应他们的用户，取代那些投机性资产来交易商品和处事。 另外，由于 Dai 可以在以太坊生态系统中被用来付出以太坊网络矿工费，开拓者可通过建设接管 Dai 而非 ETH 的 DeFi dApp 来为用户提供越发流通的引导体验和更好的综合体验。灵动区块链云存储提供资料The Maker Protocol: MakerDAO’s Multi-Collateral Dai (MCD) SystemArticle provided: Smart blockchain cloud storageAbstractThe Maker Protocol, also known as the Multi-Collateral Dai (MCD) system, allows users to generate Dai by leveraging collateral assets approved by “Maker Governance.” Maker Governance is the community organized and operated process of managing the various aspects of the Maker Protocol. Dai is a decentralized, unbiased, collateral-backed cryptocurrency soft-pegged to the US Dollar. Resistant to hyperinflation due to its low volatility, Dai offers economic freedom and opportunity to anyone, anywhere.Smart blockchain cloud storage cooperates with Filecoin, and uses IPFS technology of IPFS protocol This white paper is a reader-friendly description of the Protocol, which is built on the Ethereum blockchain. Technically savvy users might want to head directly to Introduction to the Maker Protocol in the Maker Documentation Portal for an in-depth explanation of the entire system. About MakerDAO MakerDAO is an open-source project on the Ethereum blockchain and a Decentralized Autonomous Organization1 created in 2014. The project is managed by people around the world who hold its governance token, MKR. Through a system of scientific governance involving Executive Voting and Governance Polling, MKR holders manage the Maker Protocol and the financial risks of Dai to ensure its stability, transparency, and efficiency. MKR voting weight is proportional to the amount of MKR a voter stakes in the voting contract, DSChief. In other words, the more MKR tokens locked in the contract, the greater the voter’s decision-making power. About the Maker Protocol The Maker Protocol, built on the Ethereum blockchain,2 enables users to create currency. Current elements of the Maker Protocol are the Dai stablecoin, Maker Collateral Vaults, Oracles, and Voting. MakerDAO governs the Maker Protocol by deciding on key parameters (e.g., stability fees, collateral types/rates, etc.) through the voting power of MKR holders. The Maker Protocol, one of the largest decentralized applications (dapps) on the Ethereum blockchain, was the first decentralized finance (DeFi) application to earn significant adoption. About the Maker Foundation The Maker Foundation, which is part of the global Maker community, built and launched the Maker Protocol in conjunction with a number of outside partners. It is currently working with the MakerDAO community to bootstrap decentralized governance of the project and drive it toward complete decentralization. About the Dai Foundation The Dai Foundation, based in Denmark, is self-governing and independent of the Maker Foundation. It was formed to house the Maker community’s key intangible assets, such as trademarks and code copyrights, and it operates solely on the basis of objective and rigid statutes that define its mandate. Its purpose, as noted in the Dai Foundation Trust Deed, is to safeguard what cannot be technologically decentralized in the Maker Protocol.Introduction Beginning in 2015, the MakerDAO project operated with developers around the globe working together on the first iterations of code, architecture, and documentation. In December 2017, the first MakerDAO formal white paper was published, introducing the original Dai (now Sai) Stablecoin System. The white paper described how anyone could generate Dai using that system by leveraging Ethereum (ETH) as collateral through unique smart contracts known as Collateralized Debt Positions (CDPs). Given that ETH was the only collateral asset accepted by the system, the Dai generated was called Single-Collateral Dai (SCD), or Sai. That white paper also included a plan to upgrade the system to support multiple collateral asset types in addition to ETH. What was then an intention, became a reality in November 2019. The Dai Stablecoin System, today called the Maker Protocol, now accepts as collateral any Ethereum-based asset that has been approved by MKR holders, who also vote on corresponding Risk Parameters for each collateral asset. Voting is a critical component of the Maker decentralized governance process. Welcome to Multi-Collateral Dai (MCD).In MCD We Trust Blockchain technology provides an unprecedented opportunity to ease the public’s growing frustration with—and distrust of—dysfunctional centralized financial systems. By distributing data across a network of computers, the technology allows any group of individuals to embrace transparency rather than central-entity control. The result is an unbiased, transparent, and highly efficient permissionless system—one that can improve current global financial and monetary structures and better serve the public good. Bitcoin was created with this goal in mind. But, while Bitcoin succeeds as a cryptocurrency on a number of levels, it is not ideal as a medium of exchange because its fixed supply and speculative nature results in volatility, which prevents it from proliferating as mainstream money. The Dai stablecoin, on the other hand, succeeds where Bitcoin fails precisely because Dai is designed to minimize price volatility. A decentralized, unbiased, collateral-backed cryptocurrency that is soft-pegged to the US Dollar, Dai’s value is in its stability. Since the release of Single-Collateral Dai in 2017, user adoption of the stablecoin has risen dramatically, and it has become a building block for decentralized applications that help expand the DeFi (decentralized finance) movement. Dai’s success is part of a wider industry movement for stablecoins, which are cryptocurrencies designed to maintain price value and function like money. For example, in February 2019, JPMorgan became the first bank in the United States to create and test a digital coin that represents 1 USD.3 As the cryptocurrency industry grows, other banks, financial services companies, and even governments will create stable digital currencies (e.g., Central Bank Digital Currencies), as will large organizations outside of the finance sector. Facebook, for example, announced its plans for Libra, “a stable digital cryptocurrency that will be fully backed by a reserve of real assets,”4 in June 2019. However, such proposals forfeit the core value proposition of blockchain technology: global adoption of a common infrastructure without a central authority or administrator that may abuse its influence.An Overview of the Maker Protocol and Its FeaturesThe Maker Protocol The Maker Protocol is one of the largest dapps on the Ethereum blockchain. Designed by a disparate group of contributors, including developers within the Maker Foundation, its outside partners, and other persons and entities, it is the first decentralized finance (DeFi) application to see significant adoption. The Maker Protocol is managed by people around the world who hold its governance token, MKR. Through a system of scientific governance involving Executive Voting and Governance Polling, MKR holders govern the Protocol and the financial risks of Dai to ensure its stability, transparency, and efficiency. One MKR token locked in a voting contract equals one vote.The Dai Stablecoin The Dai stablecoin is a decentralized, unbiased, collateral-backed cryptocurrency soft-pegged to the US Dollar. Dai is held in cryptocurrency wallets or within platforms, and is supported on Ethereum and other popular blockchains. Dai is easy to generate, access, and use. Users generate Dai by depositing collateral assets into Maker Vaults within the Maker Protocol. This is how Dai is entered into circulation and how users gain access to liquidity. Others obtain Dai by buying it from brokers or exchanges, or simply by receiving it as a means of payment. Once generated, bought, or received, Dai can be used in the same manner as any other cryptocurrency: it can be sent to others, used as payments for goods and services, and even held as savings through a feature of the Maker Protocol called the Dai Savings Rate (DSR). Every Dai in circulation is directly backed by excess collateral, meaning that the value of the collateral is higher than the value of the Dai debt, and all Dai transactions are publicly viewable on the Ethereum blockchain.What Properties of Dai Function Similarly to Money? Generally, money has four functions: A store of value A medium of exchange A unit of account A standard of deferred payment Dai has properties and use cases designed to serve these functions. Dai as a Store of Value A store of value is an asset that keeps its value without significant depreciation over time. Because Dai is a stablecoin, it is designed to function as a store of value even in a volatile market. Dai as a Medium of Exchange A medium of exchange is anything that represents a standard of value and is used to facilitate the sale, purchase, or exchange (trade) of goods or services. The Dai stablecoin is used around the world for all types of transactional purposes. Dai as a Unit of Account A unit of account is a standardized measurement of value used to price goods and services (e.g., USD, EUR, YEN). Currently, Dai has a target price of 1USD (1 Dai = 1 USD). While Dai is not used as a standard measurement of value in the off-chain world, it functions as a unit of account within the Maker Protocol and some blockchain dapps, whereby Maker Protocol accounting or pricing of dapp services is in Dai rather than a fiat currency like USD. Dai as a Standard of Deferred Payment Dai is used to settle debts within the Maker Protocol (e.g., users use Dai to pay the stability fee and close their Vaults). This benefit separates Dai from other stablecoins.Collateral Assets Dai is generated, backed, and kept stable through collateral assets that are deposited into Maker Vaults on the Maker Protocol. A collateral asset is a digital asset that MKR holders have voted to accept into the Protocol. To generate Dai, the Maker Protocol accepts as collateral any Ethereum-based asset that has been approved by MKR holders. MKR holders must also approve specific, corresponding Risk Parameters for each accepted collateral (e.g., more stable assets might get more lenient Risk Parameters, while more risky assets could get stricter Risk Parameters). Detailed information on Risk Parameters is below. These and other decisions of MKR holders are made through the Maker decentralized governance process.Maker Vaults All accepted collateral assets can be leveraged to generate Dai in the Maker Protocol through smart contracts called Maker Vaults. Users can access the Maker Protocol and create Vaults through a number of different user interfaces (i.e., network access portals), including Oasis Borrow and various interfaces built by the community. Creating a Vault is not complicated, but generating Dai does create an obligation to repay the Dai, along with a Stability Fee, in order to withdraw the collateral leveraged and locked inside a Vault. Vaults are inherently non-custodial: Users interact with Vaults and the Maker Protocol directly, and each user has complete and independent control over their deposited collateral as long the value of that collateral doesn’t fall below the required minimum level (the Liquidation Ratio, discussed in detail below). Interacting with a Maker VaultStep 1: Create and Collateralize a Vault A user creates a Vault via the Oasis Borrow portal or a community-created interface, such as Instadapp, Zerion, or MyEtherWallet, by funding it with a specific type and amount of collateral that will be used to generate Dai. Once funded, a Vault is considered collateralized.Step 2: Generate Dai from the Collateralized Vault The Vault owner initiates a transaction, and then confirms it in her unhosted cryptocurrency wallet in order to generate a specific amount of Dai in exchange for keeping her collateral locked in the Vault.Step 3: Pay Down the Debt and the Stability Fee To retrieve a portion or all of the collateral, a Vault owner must pay down or completely pay back the Dai she generated, plus the Stability Fee that continuously accrues on the Dai outstanding. The Stability Fee can only be paid in Dai.Step 4: Withdraw Collateral With the Dai returned and the Stability Fee paid, the Vault owner can withdraw all or some of her collateral back to her wallet. Once all Dai is completely returned and all collateral is retrieved, the Vault remains empty until the owner chooses to make another deposit. Importantly, each collateral asset deposited requires its own Vault. So, some users will own multiple Vaults with different types of collateral and levels of collateralization. Liquidation of Risky Maker Vaults To ensure there is always enough collateral in the Maker Protocol to cover the value of all outstanding debt (the amount of Dai outstanding valued at the Target Price), any Maker Vault deemed too risky (according to parameters established by Maker Governance) is liquidated through automated Maker Protocol auctions. The Protocol makes the determination after comparing the Liquidation Ratio to the current collateral-to-debt ratio of a Vault. Each Vault type has its own Liquidation Ratio, and each ratio is determined by MKR voters based on the risk profile of the particular collateral asset type. Maker Protocol Auctions The auction mechanisms of the Maker Protocol enable the system to liquidate Vaults even when price information for the collateral is unavailable. At the point of liquidation, the Maker Protocol takes the liquidated Vault collateral and subsequently sells it using an internal market-based auction mechanism. This is a Collateral Auction. The Dai received from the Collateral Auction is used to cover the Vault’s outstanding obligations, including payment of the Liquidation Penalty fee set by MKR voters for that specific Vault collateral type. If enough Dai is bid in the Collateral Auction to fully cover the Vault obligations plus the Liquidation Penalty, that auction converts to a Reverse Collateral Auction in an attempt to sell as little collateral as possible. Any leftover collateral is returned to the original Vault owner. If the Collateral Auction does not raise enough Dai to cover the Vault’s outstanding obligation, the deficit is converted into Protocol debt. Protocol debt is covered by the Dai in the Maker Buffer. If there is not enough Dai in the Buffer, the Protocol triggers a Debt Auction. During a Debt Auction, MKR is minted by the system (increasing the amount of MKR in circulation), and then sold to bidders for Dai. Dai proceeds from the Collateral Auction go into the Maker Buffer, which serves as a buffer against an increase of MKR overall supply that could result from future uncovered Collateral Auctions and the accrual of the Dai Savings Rate (discussed in detail below). If Dai proceeds from auctions and Stability Fee payments exceed the Maker Buffer limit (a number set by Maker Governance), they are sold through a Surplus Auction. During a Surplus Auction, bidders compete by bidding increasing amounts of MKR to receive a fixed amount of Dai. Once the Surplus Auction has ended, the Maker Protocol autonomously destroys the MKR collected, thereby reducing the total MKR supply. Example (Collateral Auction Process): A large Vault becomes undercollateralized due to market conditions. An Auction Keeper then detects the undercollateralized Vault opportunity and initiates liquidation of the Vault, which kicks off a Collateral Auction for, say, 50 ETH. Each Auction Keeper has a bidding model to assist in winning auctions. A bidding model includes a price at which to bid for the collateral (ETH, in this example). The Auction Keeper uses the token price from its bidding model as the basis for its bids in the first phase of a Collateral Auction, where increasing Dai bids are placed for the set amount of collateral. This amount represents the price of the total Dai wanted from the collateral auction. Now, let’s say the Auction Keeper bids 5,000 Dai for the 50 ETH to meet this amount. The Dai bid is transferred from the Vault Engine to the Collateral Auction contract. With enough Dai in the Collateral Auction contract to cover the system’s debt plus the Liquidation Penalty, the first phase of the Collateral Auction is over. In order to reach the price defined in its bidding model, the Auction Keeper submits a bid in the second phase of the Collateral Auction. In this phase, the objective is to return as much of the collateral to the Vault owner as the market will allow. The bids that the Auction Keepers place are for fixed Dai amounts and decreasing amounts of ETH. For instance, the bidding model of the Keeper in this example seeks a bid price of 125 Dai per ETH, so it offers 5000 Dai for 40 ETH. Additional Dai for this bid is transferred from the Vault Engine to the Collateral Auction contract. After the bid duration limit is reached and the bid expires, the Auction Keeper claims the winning bid and settles the completed Collateral Auction by collecting the won collateral.Key External Actors In addition to its smart contract infrastructure, the Maker Protocol involves groups of external actors to maintain operations: Keepers, Oracles, and Global Settlers (Emergency Oracles), and Maker community members. Keepers take advantage of the economic incentives presented by the Protocol; Oracles and Global Settlers are external actors with special permissions in the system assigned to them by MKR voters; and Maker community members are individuals and organizations that provide services.Keepers A Keeper is an independent (usually automated) actor that is incentivized by arbitrage opportunities to provide liquidity in various aspects of a decentralized system. In the Maker Protocol, Keepers are market participants that help Dai maintain its Target Price ($1): they sell Dai when the market price is above the Target Price, and buy Dai when the market price is below the Target Price. Keepers participate in Surplus Auctions, Debt Auctions, and Collateral Auctions when Maker Vaults are liquidated.Price Oracles The Maker Protocol requires real-time information about the market price of the collateral assets in Maker Vaults in order to know when to trigger Liquidations. The Protocol derives its internal collateral prices from a decentralized Oracle infrastructure that consists of a broad set of individual nodes called Oracle Feeds. MKR voters choose a set of trusted Feeds to deliver price information to the system through Ethereum transactions. They also control how many Feeds are in the set. To protect the system from an attacker attempting to gain control of a majority of the Oracles, the Maker Protocol receives price inputs through the Oracle Security Module (OSM), not from the Oracles directly. The OSM, which is a layer of defense between the Oracles and the Protocol, delays a price for one hour, allowing Emergency Oracles or a Maker Governance vote to freeze an Oracle if it is compromised. Decisions regarding Emergency Oracles and the price delay duration are made by MKR holders.Emergency Oracles Emergency Oracles are selected by MKR voters and act as a last line of defense against an attack on the governance process or on other Oracles. Emergency Oracles are able to freeze individual Oracles (e.g., ETH and BAT Oracles) to mitigate the risk of a large number of users trying to withdraw their assets from the Maker Protocol in a short period of time, as they have the authority to unilaterally trigger an Emergency Shutdown.DAO Teams DAO teams consist of individuals and service providers, who may be contracted through Maker Governance to provide specific services to MakerDAO. Members of DAO teams are independent market actors and are not employed by the Maker Foundation. The flexibility of Maker Governance allows the Maker community to adapt the DAO team framework to suit the services needed by the ecosystem based on real-world performance and emerging challenges. Examples of DAO team member roles are the Governance Facilitator, who supports the communication infrastructure and processes of governance, and Risk Team members, who support Maker Governance with financial risk research and draft proposals for onboarding new collateral and regulating existing collateral. While the Maker Foundation has bootstrapped Maker Governance to date, it is anticipated that the DAO will take full control, conduct MKR votes, and fill these varied DAO team roles in the near future.The Dai Savings Rate The Dai Savings Rate (DSR) allows any Dai holder to earn savings automatically and natively by locking their Dai into the DSR contract in the Maker Protocol. It can be accessed via the Oasis Save portal or through various gateways into the Maker Protocol. Users aren’t required to deposit a minimum amount to earn the DSR, and they can withdraw any or all of their Dai from the DSR contract at any time. The DSR is a global system parameter that determines the amount Dai holders earn on their savings over time. When the market price of Dai deviates from the Target Price due to changing market dynamics, MKR holders can mitigate the price instability by voting to modify the DSR accordingly: If the market price of Dai is above 1 USD, MKR holders can choose to gradually decrease the DSR, which will reduce demand and should reduce the market price of Dai toward the 1 USD Target Price. If the market price of Dai is below 1 USD, MKR holders can choose to gradually increase the DSR, which will stimulate demand and should increase the market price of Dai toward the 1 USD Target Price. Initially, adjustment of the DSR will depend on a weekly process, whereby MKR holders first evaluate and discuss public market data and proprietary data provided by market participants, and then vote on whether an adjustment is necessary or not. The long-term plan includes implementation of the DSR Adjustment Module, an Instant Access Module that directly controls both the DSR and the Base Rate. This module allows for easy adjustment of the DSR (within strict size and frequency boundaries set by MKR holders) by an MKR holder on behalf of the larger group of MKR holders. The motivation behind this plan is to enable nimble responses to rapidly changing market conditions, and to avoid overuse of the standard governance process of Executive Voting and Governance Polling.Governance of the Maker ProtocolUse of the MKR Token in Maker Governance The MKR token—the governance token of the Maker Protocol—allows those who hold it to vote on changes to the Maker Protocol. Note that anyone, not only MKR holders, can submit proposals for an MKR vote. Any voter-approved modifications to the governance variables of the Protocol will likely not take effect immediately in the future; rather, they could be delayed by as much as 24 hours if voters choose to activate the Governance Security Module (GSM). The delay would give MKR holders the opportunity to protect the system, if necessary, against a malicious governance proposal (e.g., a proposal that alters collateral parameters contrary to established monetary policies or that allows for security mechanisms to be disabled) by triggering a Shutdown.Polling and Executive Voting In practice, the Maker Governance process includes proposal polling and Executive Voting. Proposal polling is conducted to establish a rough consensus of community sentiment before any Executive Votes are cast. This helps to ensure that governance decisions are considered throughtfully and reached by consensus prior to the voting process itself. Executive Voting is held to approve (or not) changes to the state of the system. An example of an Executive Vote could be a vote to ratify Risk Parameters for a newly accepted collateral type. At a technical level, smart contracts manage each type of vote. A Proposal Contract is a smart contract with one or more valid governance actions programmed into it. It can only be executed once. When executed, it immediately applies its changes to the internal governance variables of the Maker Protocol. After execution, the Proposal Contract cannot be reused. Any Ethereum Address can deploy valid Proposal Contracts. MKR token holders can then cast approval votes for the proposal that they want to elect as the Active Proposal. The Ethereum address that has the highest number of approval votes is elected as the Active Proposal. The Active Proposal is empowered to gain administrative access to the internal governance variables of the Maker Protocol, and then modify them.The MKR Token’s Role in Recapitalization In addition to its role in Maker Governance, the MKR token has a complementary role as the recapitalization resource of the Maker Protocol. If the system debt exceeds the surplus, the MKR token supply may increase through a Debt Auction (see above) to recapitalize the system. This risk inclines MKR holders to align and responsibly govern the Maker ecosystem to avoid excessive risk-taking.MKR Holder Responsibilities MKR holders can vote to do the following: Add a new collateral asset type with a unique set of Risk Parameters. Change the Risk Parameters of one or more existing collateral asset types, or add new Risk Parameters to one or more existing collateral asset types. Modify the Dai Savings Rate. Choose the set of Oracle Feeds. Choose the set of Emergency Oracles. Trigger Emergency Shutdown. Upgrade the system. MKR holders can also allocate funds from the Maker Buffer to pay for various infrastructure needs and services, including Oracle infrastructure and collateral risk management research. The funds in the Maker Buffer are revenues from Stability Fees, Liquidation Fees, and other income streams. The governance mechanism of the Maker Protocol is designed to be as flexible as possible, and upgradeable. Should the system mature under the guidance of the community, more advanced forms of Proposal Contracts could, in theory, be used, including Proposal Contracts that are bundled. For example, one proposal contract may contain both an adjustment of a Stability Fee and an adjustment of the DSR. Nonetheless, those revisions will remain for MKR holders to decide.Risk Parameters Controlled by Maker Governance Each Maker Vault type (e.g., ETH Vault and BAT Vault) has its own unique set of Risk Parameters that enforce usage. The parameters are determined based on the risk profile of the collateral, and are directly controlled by MKR holders through voting.The Key Risk Parameters for Maker Vaults are:Debt Ceiling: A Debt Ceiling is the maximum amount of debt that can be created by a single collateral type. Maker Governance assigns every collateral type a Debt Ceiling, which is used to ensure sufficient diversification of the Maker Protocol collateral portfolio. Once a collateral type has reached its Debt Ceiling, it becomes impossible to create more debt unless some existing users pay back all or a portion of their Vault debt.Stability Fee: The Stability Fee is an annual percentage yield calculated on top of how much Dai has been generated against a Vault’s collateral. The fee is paid in Dai only, and then sent into the Maker Buffer.Liquidation Ratio: A low Liquidation Ratio means Maker Governance expects low price volatility of the collateral; a high Liquidation Ratio means high volatility is expected.Liquidation Penalty: The Liquidation Penalty is a fee added to a Vault’s total outstanding generated Dai when a Liquidation occurs. The Liquidation Penalty is used to encourage Vault owners to keep appropriate collateral levels.Collateral Auction Duration: The maximum duration of Collateral auctions is specific to Maker Vaults. Debt and Surplus auction durations are global system parameters.Auction Bid Duration: Amount of time before an individual bid expires and closes the auction.Auction Step Size: This Risk Parameter exists to incentivize early bidders in auctions, and prevent abuse by bidding a tiny amount above an existing bid.Risk and Mitigation Responsibilities of Governance The successful operation of the Maker Protocol depends on Maker Governance taking necessary steps to mitigate risks. Some of those risks are identified below, each followed by a mitigation plan.A malicious attack on the smart contract infrastructure by a bad actor. One of the greatest risks to the Maker Protocol is a malicious actor—a programmer, for example, who discovers a vulnerability in the deployed smart contracts, and then uses it to break the Protocol or steal from it. In the worst-case scenario, all decentralized digital assets held as collateral in the Protocol are stolen, and recovery is impossible.Mitigation: The Maker Foundation’s highest priority is the security of the Maker Protocol, and the strongest defense of the Protocol is Formal Verification. The Dai codebase was the first codebase of a decentralized application to be formally verified. In addition to formal system verification, contracted security audits by the best security organizations in the blockchain industry, third-party (independent) audits, and bug bounties are part of the Foundation’s security roadmap. To review the formal verification report and various Maker Protocol audits, visit Maker’s Multi-Collateral Dai Security Github repository. These security measures provide a strong defense system; however, they are not infallible. Even with formal verification, the mathematical modeling of intended behaviors may be incorrect, or the assumptions behind the intended behavior itself may be incorrect.A black swan event A black swan event is a rare and critical surprise attack on a system. For the Maker Protocol, examples of a black swan event include: An attack on the collateral types that back Dai. A large, unexpected price decrease of one or more collateral types. A highly coordinated Oracle attack. A malicious Maker Governance proposal. Please note that this list of potential “black swans” is not exhaustive and not intended to capture the extent of such possibilities.Mitigation: While no one solution is failsafe, the careful design of the Maker Protocol (the Liquidation Ratio, Debt Ceilings, the Governance Security Module, the Oracle Security Module, Emergency Shutdown, etc.) in conjunction with good governance (e.g., swift reaction in a crisis, thoughtful risk parameters, etc.) help to prevent or mitigate potentially severe consequences of an attack.Unforeseen pricing errors and market irrationality Oracle price feed problems or irrational market dynamics that cause variations in the price of Dai for an extended period of time can occur. If confidence in the system is lost, rate adjustments or even MKR dilution could reach extreme levels and still not bring enough liquidity and stability to the market.Mitigation: Maker Governance incentivizes a sufficiently large capital pool to act as Keepers of the market in order to maximize rationality and market efficiency, and allow the Dai supply to grow at a steady pace without major market shocks. As a last resort, Emergency Shutdown can be triggered to release collateral to Dai holders, with their Dai claims valued at the Target Price.User Abandonment for Less Complicated Solutions The Maker Protocol is a complex decentralized system. As a result of its complexity, there is a risk that inexperienced cryptocurrency users will abandon the Protocol in favor of systems that may be easier to use and understand.Mitigation: While Dai is easy to generate and use for most crypto enthusiasts and the Keepers that use it for margin trading, newcomers might find the Protocol difficult to understand and navigate. Although Dai is designed in such a way that users need not comprehend the underlying mechanics of the Maker Protocol in order to benefit from it, the documentation and numerous resources consistently provided by the Maker community and the Maker Foundation help to ensure onboarding is as uncomplicated as possible.Dissolution of The Maker Foundation The Maker Foundation currently plays a role, along with independent actors, in maintaining the Maker Protocol and expanding its usage worldwide, while facilitating Governance. However, the Maker Foundation plans to dissolve once MakerDAO can manage Governance completely on its own. Should MakerDAO fail to sufficiently take the reins upon the Maker Foundation’s dissolution, the future health of the Maker Protocol could be at risk.Mitigation: MKR holders are incentivized to prepare for the Foundation’s dissolution after it completes “gradual decentralization” of the project. Moreover, successful management of the system should result in sufficient funds for governance to allocate to the continued maintenance and improvement of the Maker Protocol.General Issues with Experimental Technology Users of the Maker Protocol (including but not limited to Dai and MKR holders) understand and accept that the software, technology, and technical concepts and theories applicable to the Maker Protocol are still unproven and there is no warranty that the technology will be uninterrupted or error-free. There is an inherent risk that the technology could contain weaknesses, vulnerabilities, or bugs causing, among other things, the complete failure of the Maker Protocol and/or its component parts.Mitigation: See “A malicious attack on the smart contract infrastructure by a bad actor” above. The Mitigation section there explains the technical auditing in place to ensure the Maker Protocol functions as intended.Price Stability MechanismsThe Dai Target Price The Dai Target Price is used to determine the value of collateral assets Dai holders receive in the case of an Emergency Shutdown. The Target Price for Dai is 1 USD, translating to a 1:1 USD soft peg.Emergency Shutdown Emergency Shutdown (or, simply, Shutdown) serves two main purposes. First, it is used during emergencies as a last-resort mechanism to protect the Maker Protocol against attacks on its infrastructure and directly enforce the Dai Target Price. Emergencies could include malicious governance actions, hacking, security breaches, and long-term market irrationality. Second, Shutdown is used to facilitate a Maker Protocol system upgrade. The Shutdown process can only be controlled by Maker Governance. MKR voters are also able to instantly trigger an Emergency Shutdown by depositing MKR into the Emergency Shutdown Module (ESM), if enough MKR voters believe it is necessary. This prevents the Governance Security Module (if active) from delaying Shutdown proposals before they are executed. With Emergency Shutdown, the moment a quorum is reached, the Shutdown takes effect with no delay.There are three phases of Emergency Shutdown:The Maker Protocol shuts down; Vault owners withdraw assets. When initiated, Shutdown prevents further Vault creation and manipulation of existing Vaults, and freezes the Price Feeds. The frozen feeds ensure that all users are able to withdraw the net value of assets to which they are entitled. Effectively, it allows Maker Vault owners to immediately withdraw the collateral in their Vault that is not actively backing debt.Post-Emergency Shutdown auction processing After Shutdown is triggered, Collateral Auctions begin and must be completed within a specific amount of time. That time period is determined by Maker Governance to be slightly longer than the duration of the longest Collateral Auction. This guarantees that no auctions are outstanding at the end of the auction processing period.Dai holders claim their remaining collateral At the end of the auction processing period, Dai holders use their Dai to claim collateral directly at a fixed rate that corresponds to the calculated value of their assets based on the Dai Target Price. For example, if the ETH/USD Price Ratio is 200, and a user holds 1000 Dai at the Target Price of 1 USD when Emergency Shutdown is activated, The user will be able to claim exactly 5 ETH from the Maker Protocol after the auction processing period. There is no time limit for when a final claim can be made. Dai holders will get a proportional claim to each collateral type that exists in the collateral portfolio. Note that Dai holders could be at risk of a haircut, whereby they do not receive the full value of their Dai holdings at the Target Price of 1 USD per Dai. This is due to risks related to declines in collateral value and to Vault owners having the right to retrieve their excess collateral before Dai holders may claim the remaining collateral. For more detailed information on Emergency Shutdown, including the claim priorities that would occur as a result, see the published community documentation.The Future of the Maker Protocol: Increased Adoption and Full DecentralizationAddressable Market A cryptocurrency with price stability serves as an important medium of exchange for many decentralized applications. As such, the potential market for Dai is at least as large as the entire decentralized blockchain industry. But the promise of Dai extends well beyond that into other industries. The following is a non-exhaustive list of current and immediate markets for the Dai stablecoin:Working capital, hedging, and collateralized leverage. Maker Vaults allow for permissionless trading by users, who can use the Dai generated against Vault collateral for working capital. To date, there have been numerous instances where Vault owners use their Dai to buy additional ETH (same asset as their collateral), thereby creating a leveraged but fully collateralized position.Merchant receipts, cross-border transactions, and remittances. Foreign exchange volatility mitigation and a lack of intermediaries mean the transaction costs of international trade are significantly reduced when using Dai.Charities and NGOs when using transparent distributed ledger technology.Gaming. For blockchain game developers, Dai is the currency of choice. With Dai, game developers integrate not only a currency, but also an entire economy. The composability of Dai allows games to create new player behavior schemes based around decentralized finance.Prediction markets. Using a volatile cryptocurrency when making an unrelated prediction only increases one’s risk when placing the bet. Long-term bets become especially infeasible if the bettor must also gamble on the future price of the volatile asset used to place the bet. That said, the Dai stablecoin would be a natural choice for use in prediction markets.Asset Expansion Should MKR holders approve new assets as collateral, those assets will be subject to the same risk requirements, parameters, and safety measures as Dai (e.g., Liquidation Ratios, Stability Fees, Savings Rates, Debt Ceilings, etc.).Evolving Oracles MakerDAO was the first project to run reliable Oracles on the Ethereum blockchain. As a result, many decentralized applications use MakerDAO Oracles to ensure the security of their systems and to provide up-to-date price data in a robust manner. This confidence in MakerDAO and the Maker Protocol means that Maker Governance can expand the core Oracle infrastructure service to better suit the needs of decentralized applications.Conclusion The Maker Protocol allows users to generate Dai, a stable store of value that lives entirely on the blockchain. Dai is a decentralized stablecoin that is not issued or administered by any centralized actor or trusted intermediary or counterparty. It is unbiased and borderless —available to anyone, anywhere. All Dai is backed by a surplus of collateral that has been individually escrowed into audited and publicly viewable Ethereum smart contracts. Anyone with an internet connection can monitor the health of the system anytime at daistats.com. With hundreds of partnerships and one of the strongest developer communities in the cryptocurrency space, MakerDAO has become the engine of the decentralized finance (DeFi) movement. Maker is unlocking the power of the blockchain to deliver on the promise of economic empowerment today. For more information, visit the MakerDAO website.APPENDIXDai Use-Case Benefits and Examples The Maker Protocol can be used by anyone, anywhere, without any restrictions or personal-information requirements. Below are a few examples of how Dai is used around the world:Dai Offers Financial Independence to All According to the World Bank’s Global Findex Database 2017, about 1.7 billion adults around the world are unbanked.5 In the US alone, according to a 2017 survey by the FDIC, around 32 million American households are either unbanked or underbanked,6 meaning that they either have no bank account at all or they regularly use alternatives to traditional banking (e.g., payday or pawn shop loans) to manage their finances. Dai can empower every one of those people; all they need is access to the internet. As the world’s first unbiased stablecoin, Dai allows anyone to achieve financial independence, regardless of their location or circumstances. For example, in Latin America, Dai has provided an opportunity for individuals and families to hedge against the devaluation of the Argentine peso7 and the Venezuelan bolívar. On the islands of Vanuatu in the South Pacific, where residents pay very high money transfer fees, Oxfam International, a U.K.-based non-profit; Australian startup, Sempo; and Ethereum startup ConsenSys have successfully piloted a cash-assistance program through which 200 residents on the island of Efate were each given 50 Dai to pay a local network of vendors.8Self-Sovereign Money Generation Oasis Borrow allows users to access the Maker Protocol and generate Dai by locking their collateral in a Maker Vault. Notably, users do not need to access any third-party intermediary to generate Dai. Vaults offer individuals and businesses opportunities to create liquidity on their assets simply, quickly, and at relatively low cost.Savings Earned Automatically Dai holders everywhere can better power their journeys to financial inclusion by taking advantage of the Dai Savings Rate, which, as detailed earlier, builds on the value of Dai by allowing users to earn on the Dai they hold and protect their savings from inflation. For example, if Bob has 100,000 Dai locked in the DSR contract, and the DSR set by Maker Governance is 6% per year, Bob will earn savings of 6,000 Dai over 12 months. Additionally, because exchanges and blockchain projects can integrate the DSR into their own platforms, it presents new opportunities for cryptocurrency traders, entrepreneurs, and established businesses to increase their Dai savings and Dai operating capital. Due to this attractive mechanism, Market Makers, for example, may choose to hold their idle inventory in Dai and lock it in the DSR.Fast, Low-cost Remittances Cross-border remittances, whether for the purchase of goods or services or to simply send money to family and friends, can mean high service and transfer fees, long delivery timelines, and frustrating exchange issues due to inflation. The Dai stablecoin is used around the world as a medium of exchange because people have confidence in its value and efficiency. Remittance users benefit from Dai in the following ways:Low-cost domestic and international transfers. Dai provides immediate cost savings, as low gas fees replace high bank and wire service fees. Low cost allows for more frequent transactions.Anytime service. Dai doesn’t rely on bank-like hours of operation. The Maker Protocol can be accessed 24/7/365.Convenient on/off ramps. Users can take advantage of the many fiat on and off ramps that exchange fiat currencies to Dai. These options allow users to bridge the gap between the fiat and cryptocurrency world, and easily cash out Dai holdings in their local currencies.Increased security and confidence. The blockchain offers high levels of security and consumer trust.Stability in Volatile Markets As noted above, Dai is both a readily accessible store of value and a powerful medium of exchange. As such, it can help protect traders from volatility. For example, it provides traders with a simple way to maneuver between positions smoothly and remain active in the market without having to cash out and repeat an on-ramp/off-ramp cycle.Dai as an Ecosystem Driver and DeFi Builder As more and more users become aware of Dai’s value as a stablecoin, more developers are integrating it into the dapps they build on the Ethereum blockchain. As such, Dai is helping to power a more robust ecosystem. In short, Dai allows dapp developers to offer a stable method of exchange to their users who would rather not buy and sell goods and services using speculative assets.Additionally, because Dai can be used to pay for gas in the Ethereum ecosystem, by creating DeFi dapps that accept Dai instead of ETH, developers offer users a smoother onboarding experience and a better overall experience.This article is provided bySmart Blockchain Cloud Storage

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