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project icon for dai

Dai

DAI
$1.00
-0.16%
Negative delta icon
project icon for maker

Maker

MKR
$517.21
0.57%
Positive delta icon

MakerDAO seek to establish a stable cryptocurrency that, by maintaining consistent value, can function as a viable medium of exchange and store of value.

Overview

Project Stage

Live status icon

Amount Raised

$15,000,000.00

Market Cap

DAI
MKR
$517MM

Sector

Stablecoin

Blockchain

Ethereum token icon

Ethereum

Funding Source

Token Sale

Project Profile

MakerDAO seek to establish a stable cryptocurrency that, by maintaining consistent value, can function as a viable medium of exchange and store of value. Maker feels this effort will encourage cryptocurrencies adoption by insulating holders from the volatility of most crypto assets. Maker intends to govern the decentralized stablecoin's operations via a Distributed Autonomous Organization (DAO). Maker is starting with pooled Ether acting as collateral for an issued stablecoin, the Dai, which is governed and supported by a second token, the MKR, and aims to eventually move onto other forms of acceptable collateral. MKR holder’s ability to influence network governance—particularly to set the network’s risk parameters— makes the system potentially collectively autonomous in respects that traditional financial services organizations are not. CTO Andy Milenius worked as a software engineer for AWS prior to working on Maker via Dapphub, an R&D organization focusing on Ethereum Dapps.

Project Details

Maker’s Collateralized Debt Position (CDP) smart contracts allow users to generate Dai as a result of depositing collateral, originally ETH and, in the future, other forms of collateral. Dai is then withdrawable, up to a limit. This collateral will be locked until the amount of Dai originally generated is repaid. CDPs are overcollateralized by at least 50% (and presently significantly more so) to mitigate the risk that the value of Dai, as pegged to the USD, comes to exceed that of its corresponding collateral in the event of a decrease in the value of the underlying collateral.

Whilst this seeks to allow convertibility of one’s stablecoin back into originally agreed fiat value, and does so in an entirely on-chain manner that will appeal to many in the crypto community, the system also presents a significant cost of capital. In addition to the requirement that Dai must be repaid before collateral is available to the user again, there is a stability fee that must be paid. This fee is denominated in Dai and must be paid in MKR.

Another key feature of the Maker platform is its ability to facilitate a decentralized margin trading platform: users can long or short ETH/Dai pairs and others as more forms of collateral are added to the network. For example, if someone cared to go long on ETH/Dai, then they might do the following: deposit ETH to the Maker platform in a CDP and take the generated Dai and use this to buy more ETH. With a conviction that ETH is going to increase in value, this user has been able to effectively borrow more ETH from Maker on the condition that it will be returned (or, more precisely, the corresponding Dai will be repaid to the CDP) and requisite fees settled (in MKR). Since CDP ownership is transferable, multiple agents can be involved in Dai generation together.

Asset Details

Dai (ERC-20 standard) is intended to act as a decentralized stablecoin pegged to the USD, hopefully achieved via a combination of Collateralized Debt Positions (CDPs), feedback mechanisms and ‘appropriately incentivized external actors.’ The other token in the Maker ecosystem is the MKR token (also ERC-20 standard), of which a finite amount, 1 million, have been created. MKR is the only acceptable token to pay ‘stability fees’ on one’s Dai, which is obtained in exchange for collateral locked away in Ethereum smart contracts. Holding MKR grants individuals to voting rights on key parameters within the network, such as determining the rate that Dai’s price should be corrected, in the event of perturbation from the peg, by external actors motivated by market opportunities (market makers) called ‘Keepers’. MKR holders are provided with a strong incentive, in virtue of their being positioned as ‘buyers of last resort, to ensure the health and success of the network. In February 2017 a $45 million development fund was announced by Maker and L4 to encourage usage of Dai.

project icon for dai

MakerDAO

DAI

Project Assets

project icon for maker
MKR
$517.21
0.57%
Positive delta icon
project icon for dai
DAI
$1.00
-0.16%
Negative delta icon

MakerDAO seek to establish a stable cryptocurrency that, by maintaining consistent value, can function as a viable medium of exchange and store of value.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
DAI
MKR
$517MM
Ethereum token icon

Ethereum

ERC-20

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Token Sale

$15MM

Stablecoin

Project Profile

MakerDAO seek to establish a stable cryptocurrency that, by maintaining consistent value, can function as a viable medium of exchange and store of value. Maker feels this effort will encourage cryptocurrencies adoption by insulating holders from the volatility of most crypto assets. Maker intends to govern the decentralized stablecoin's operations via a Distributed Autonomous Organization (DAO). Maker is starting with pooled Ether acting as collateral for an issued stablecoin, the Dai, which is governed and supported by a second token, the MKR, and aims to eventually move onto other forms of acceptable collateral. MKR holder’s ability to influence network governance—particularly to set the network’s risk parameters— makes the system potentially collectively autonomous in respects that traditional financial services organizations are not. CTO Andy Milenius worked as a software engineer for AWS prior to working on Maker via Dapphub, an R&D organization focusing on Ethereum Dapps.

Project Details

Maker’s Collateralized Debt Position (CDP) smart contracts allow users to generate Dai as a result of depositing collateral, originally ETH and, in the future, other forms of collateral. Dai is then withdrawable, up to a limit. This collateral will be locked until the amount of Dai originally generated is repaid. CDPs are overcollateralized by at least 50% (and presently significantly more so) to mitigate the risk that the value of Dai, as pegged to the USD, comes to exceed that of its corresponding collateral in the event of a decrease in the value of the underlying collateral.

Whilst this seeks to allow convertibility of one’s stablecoin back into originally agreed fiat value, and does so in an entirely on-chain manner that will appeal to many in the crypto community, the system also presents a significant cost of capital. In addition to the requirement that Dai must be repaid before collateral is available to the user again, there is a stability fee that must be paid. This fee is denominated in Dai and must be paid in MKR.

Another key feature of the Maker platform is its ability to facilitate a decentralized margin trading platform: users can long or short ETH/Dai pairs and others as more forms of collateral are added to the network. For example, if someone cared to go long on ETH/Dai, then they might do the following: deposit ETH to the Maker platform in a CDP and take the generated Dai and use this to buy more ETH. With a conviction that ETH is going to increase in value, this user has been able to effectively borrow more ETH from Maker on the condition that it will be returned (or, more precisely, the corresponding Dai will be repaid to the CDP) and requisite fees settled (in MKR). Since CDP ownership is transferable, multiple agents can be involved in Dai generation together.

Asset Details

Dai (ERC-20 standard) is intended to act as a decentralized stablecoin pegged to the USD, hopefully achieved via a combination of Collateralized Debt Positions (CDPs), feedback mechanisms and ‘appropriately incentivized external actors.’ The other token in the Maker ecosystem is the MKR token (also ERC-20 standard), of which a finite amount, 1 million, have been created. MKR is the only acceptable token to pay ‘stability fees’ on one’s Dai, which is obtained in exchange for collateral locked away in Ethereum smart contracts. Holding MKR grants individuals to voting rights on key parameters within the network, such as determining the rate that Dai’s price should be corrected, in the event of perturbation from the peg, by external actors motivated by market opportunities (market makers) called ‘Keepers’. MKR holders are provided with a strong incentive, in virtue of their being positioned as ‘buyers of last resort, to ensure the health and success of the network. In February 2017 a $45 million development fund was announced by Maker and L4 to encourage usage of Dai.

Recent News

MakerDAO prepares to launch Multi-Collateral Dai.

The current version of the Dai stablecoin is collateralized solely by ETH, and recently eclipsed 100 million in total supply. Multi-Collateral Dai (MCD) will be collateralized by a basket of ETH and ERC-20 tokens, as decided by MKR token vote. The community is currently evaluating BAT, ZRX, GNT, DGX, REP, and OMG for inclusion in the initial version of MCD. Existing single-collateral Dai will be continue to be supported as a seperate token for the near terms, with users encouraged to migrate assets. Another key change is the ability for CDP holders to pay the stability fee (effectively an interest rate) in DAI, previously in MKR. Dai is a key building block for much of the Ethereum DeFi space of applications, and is frequently used in lending protocols such as Compound and various DEXs.

November 10, 2019

Sources:

moreAlethio

Multi-Collateral Dai is set to launch on November 18.

The release will expand the set of assets collateralizing MakerDAO's stablecoin, presently only ETH. MKR token holders can vote on the new assets, with REP, BAT, DGD, GNT, OMG, and ZRX currently under consideration. The project will also release the Dai Savings Rate, which allows holders to earn interest by locking Dai in a smart contract.

October 9, 2019

Sources:

moreMakerDAO

Chainalysis adds tracking for group of ERC-20 tokens.

The company offers AML tracking tools to monitor token movements on public blockchains. Newly added tokens include BAT, OMG, DAI, MKR, and ZRX. Major exchanges including Binance and Bittrex use Chainalysis's software, as do a variety of government institutions.

October 3, 2019

Sources:

CoinDesk
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project icon for dai

MakerDAO

DAI

Project Assets

project icon for maker
MKR
$517.21
0.57%
Positive delta icon
project icon for dai
DAI
$1.00
-0.16%
Negative delta icon

MakerDAO seek to establish a stable cryptocurrency that, by maintaining consistent value, can function as a viable medium of exchange and store of value.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
DAI
MKR
$517MM
Ethereum token icon

Ethereum

ERC-20

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Token Sale

$15MM

Stablecoin

Project Profile

MakerDAO seek to establish a stable cryptocurrency that, by maintaining consistent value, can function as a viable medium of exchange and store of value. Maker feels this effort will encourage cryptocurrencies adoption by insulating holders from the volatility of most crypto assets. Maker intends to govern the decentralized stablecoin's operations via a Distributed Autonomous Organization (DAO). Maker is starting with pooled Ether acting as collateral for an issued stablecoin, the Dai, which is governed and supported by a second token, the MKR, and aims to eventually move onto other forms of acceptable collateral. MKR holder’s ability to influence network governance—particularly to set the network’s risk parameters— makes the system potentially collectively autonomous in respects that traditional financial services organizations are not. CTO Andy Milenius worked as a software engineer for AWS prior to working on Maker via Dapphub, an R&D organization focusing on Ethereum Dapps.

Project Details

Maker’s Collateralized Debt Position (CDP) smart contracts allow users to generate Dai as a result of depositing collateral, originally ETH and, in the future, other forms of collateral. Dai is then withdrawable, up to a limit. This collateral will be locked until the amount of Dai originally generated is repaid. CDPs are overcollateralized by at least 50% (and presently significantly more so) to mitigate the risk that the value of Dai, as pegged to the USD, comes to exceed that of its corresponding collateral in the event of a decrease in the value of the underlying collateral.

Whilst this seeks to allow convertibility of one’s stablecoin back into originally agreed fiat value, and does so in an entirely on-chain manner that will appeal to many in the crypto community, the system also presents a significant cost of capital. In addition to the requirement that Dai must be repaid before collateral is available to the user again, there is a stability fee that must be paid. This fee is denominated in Dai and must be paid in MKR.

Another key feature of the Maker platform is its ability to facilitate a decentralized margin trading platform: users can long or short ETH/Dai pairs and others as more forms of collateral are added to the network. For example, if someone cared to go long on ETH/Dai, then they might do the following: deposit ETH to the Maker platform in a CDP and take the generated Dai and use this to buy more ETH. With a conviction that ETH is going to increase in value, this user has been able to effectively borrow more ETH from Maker on the condition that it will be returned (or, more precisely, the corresponding Dai will be repaid to the CDP) and requisite fees settled (in MKR). Since CDP ownership is transferable, multiple agents can be involved in Dai generation together.

Asset Details

Dai (ERC-20 standard) is intended to act as a decentralized stablecoin pegged to the USD, hopefully achieved via a combination of Collateralized Debt Positions (CDPs), feedback mechanisms and ‘appropriately incentivized external actors.’ The other token in the Maker ecosystem is the MKR token (also ERC-20 standard), of which a finite amount, 1 million, have been created. MKR is the only acceptable token to pay ‘stability fees’ on one’s Dai, which is obtained in exchange for collateral locked away in Ethereum smart contracts. Holding MKR grants individuals to voting rights on key parameters within the network, such as determining the rate that Dai’s price should be corrected, in the event of perturbation from the peg, by external actors motivated by market opportunities (market makers) called ‘Keepers’. MKR holders are provided with a strong incentive, in virtue of their being positioned as ‘buyers of last resort, to ensure the health and success of the network. In February 2017 a $45 million development fund was announced by Maker and L4 to encourage usage of Dai.

Recent News

MakerDAO prepares to launch Multi-Collateral Dai.

The current version of the Dai stablecoin is collateralized solely by ETH, and recently eclipsed 100 million in total supply. Multi-Collateral Dai (MCD) will be collateralized by a basket of ETH and ERC-20 tokens, as decided by MKR token vote. The community is currently evaluating BAT, ZRX, GNT, DGX, REP, and OMG for inclusion in the initial version of MCD. Existing single-collateral Dai will be continue to be supported as a seperate token for the near terms, with users encouraged to migrate assets. Another key change is the ability for CDP holders to pay the stability fee (effectively an interest rate) in DAI, previously in MKR. Dai is a key building block for much of the Ethereum DeFi space of applications, and is frequently used in lending protocols such as Compound and various DEXs.

November 10, 2019

Sources:

moreAlethio

Multi-Collateral Dai is set to launch on November 18.

The release will expand the set of assets collateralizing MakerDAO's stablecoin, presently only ETH. MKR token holders can vote on the new assets, with REP, BAT, DGD, GNT, OMG, and ZRX currently under consideration. The project will also release the Dai Savings Rate, which allows holders to earn interest by locking Dai in a smart contract.

October 9, 2019

Sources:

moreMakerDAO

Chainalysis adds tracking for group of ERC-20 tokens.

The company offers AML tracking tools to monitor token movements on public blockchains. Newly added tokens include BAT, OMG, DAI, MKR, and ZRX. Major exchanges including Binance and Bittrex use Chainalysis's software, as do a variety of government institutions.

October 3, 2019

Sources:

CoinDesk
Load More