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project icon for dai

Dai

DAI
$1.01
-4.59%
Negative delta icon
project icon for maker

Maker

MKR
$591.96
4.10%
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
$951MM
$538MM

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
$591.96
4.10%
Positive delta icon
project icon for dai
DAI
$1.01
-4.59%
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
$951MM
$538MM
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

Aave passes maker to become DeFi project with highest TVL.

DeFi lending and borrowing platform Aave has surpassed MakerDAO in terms of total value locked, becoming the new sector leader by this metric. Aave’s TVL reached $1.45B for the first time this week, while MakerDAO’s TVL sits at $1.44B. Recent increases in DeFi usage has caused the TVL across all platforms to increase nearly seven-fold since February.

August 25, 2020

Sources:

more

Maker now has over $1 billion in total value locked.

The decentralized lending and stablecoin issuance protocol, Maker, now has $1.02 billion in total value locked (TVL), becoming the first decentralized finance protocol to surpass the $1 billion threshold. There is now 2.4 million Ether or 2.12% of Ether’s total supply locked in the protocol which has seen an increase of $540 million in TVL over the past 30 days.

July 27, 2020

Sources:

moreDeFi Pulse

The total value locked in Decentralized Finance surpasses $2 billion.

The total value locked (TVL) in decentralized finance (DeFi) protocols has surpassed $2 billion for the first time. As of Tuesday, the TVL across DeFi stands at $2.02 billion with Compound, Maker, and Synthetix accounting for $660 million, $597 million, and $327 million of this total respectively. The recent milestone can largely be understood in light of the recent ‘yield farming’ phenomenon whereby users seek the highest yields across different protocols and platforms.

July 7, 2020

Sources:

moreDeFi Pulse
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project icon for dai

MakerDAO

DAI

Project Assets

project icon for maker
MKR
$591.96
4.10%
Positive delta icon
project icon for dai
DAI
$1.01
-4.59%
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
$951MM
$538MM
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

Aave passes maker to become DeFi project with highest TVL.

DeFi lending and borrowing platform Aave has surpassed MakerDAO in terms of total value locked, becoming the new sector leader by this metric. Aave’s TVL reached $1.45B for the first time this week, while MakerDAO’s TVL sits at $1.44B. Recent increases in DeFi usage has caused the TVL across all platforms to increase nearly seven-fold since February.

August 25, 2020

Sources:

more

Maker now has over $1 billion in total value locked.

The decentralized lending and stablecoin issuance protocol, Maker, now has $1.02 billion in total value locked (TVL), becoming the first decentralized finance protocol to surpass the $1 billion threshold. There is now 2.4 million Ether or 2.12% of Ether’s total supply locked in the protocol which has seen an increase of $540 million in TVL over the past 30 days.

July 27, 2020

Sources:

moreDeFi Pulse

The total value locked in Decentralized Finance surpasses $2 billion.

The total value locked (TVL) in decentralized finance (DeFi) protocols has surpassed $2 billion for the first time. As of Tuesday, the TVL across DeFi stands at $2.02 billion with Compound, Maker, and Synthetix accounting for $660 million, $597 million, and $327 million of this total respectively. The recent milestone can largely be understood in light of the recent ‘yield farming’ phenomenon whereby users seek the highest yields across different protocols and platforms.

July 7, 2020

Sources:

moreDeFi Pulse
Load More