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project icon for dai

Dai

DAI
$1.04
3.35%
Positive delta icon
project icon for maker

Maker

MKR
$304.02
0.45%
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
$86MM
$270MM

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
$304.02
0.45%
Positive delta icon
project icon for dai
DAI
$1.04
3.35%
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

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
DAI
MKR
$86MM
$270MM
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’s governance system has added USDC as a new collateral type following Maker’s recent liquidity issues.

Following the precipitous decline in the price of ETH last week that caused malfunctions in Maker’s liquidation process, the MakerDAO governance community has added USDC as a new collateral type. Last Thursday, the price of ETH dropped rapidly, leading to a $4.5 million shortfall in Maker’s collateral base. The Maker system will mint new MKR tokens this Thursday to fund this deficit. However, in recognition of its existing collateral base’s volatility—the base is composed of ETH and BAT—MKR holders voted today to add the USD-pegged stablecoin, USDC as a new collateral type, aiming to mitigate some of this volatility. The executive vote placed a 20% annual stability fee, 125% collateralization ratio, 20 million debt ceiling and 13% liquidation penalty for the new USDC vaults. The Maker community prior to the vote had discussed the implications of adding a centralized and regulated digital asset to the collateral base of what is otherwise a decentralized finance (DeFi) protocol.

March 17, 2020

Sources:

more

MakerDAO’s governance body is considering an emergency shutdown due to undercollaterilization.

MakerDAO, the decentralized lending, and stablecoin issuance platform is under major financial and governance stresses. Due to the fast decline in the price of Ether, the primary type of collateral for the Maker system, the platform now has a collateral ratio below its minimum 150% target. At the time of Thursday’s governance call, $4 million worth of DAI, the platform’s USD-pegged stablecoin, was not collateralized. MakerDAO governance participants, including MKR holders and the Maker Foundation, are considering an emergency shutdown whereby the existing collateral would be returned and the platform would attempt to restart. Due to the speed of the market’s decline, Maker’s liquidation process was unable to function effectively, in turn leading to the system not being sufficiently collateralized. Aside from an emergency shutdown, the governance community is also considering reducing the DAI savings rate (DSR) and lengthening the duration of liquidation auctions. Maker is arguably the most systemically-important component of the DeFi ecosystem, and according to Rober Leshner, CEO of Compound Finance, a significant portion of the sector were not prepared for such an event, raising questions about the secondary effects on the DeFi industry as a whole.

March 13, 2020

Sources:

CoinDesk

Cryptoasset market decline leads to liquidations across derivatives exchanges and DeFi protocols.

Today’s substantial cryptoasset market decline has caused liquidations on both centralized derivatives platforms as well as decentralized finance (DeFi) protocols. BitMEX, a popular derivatives exchange saw $702 million worth of Bitcoin liquidations following the rapid price decline of the cryptoasset, representing the largest day of liquidations as measured in dollars in 16 months according to analytics provider Skew. The recent bearish price action that occurred in tandem with other asset classes further challenges the emerging thesis from some analysts that Bitcoin has started to behave as a risk-off asset. At the same time DeFi protocols, Compound and MakerDAO also saw major liquidations. Compound recorded its highest level of liquidations since the protocol went live, with $4.19 million of Ether and approximately $120,000 of USDC liquidated over the past 24 hours.

March 12, 2020

Sources:

CoinDesk,The Block
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project icon for dai

MakerDAO

DAI

Project Assets

project icon for maker
MKR
$304.02
0.45%
Positive delta icon
project icon for dai
DAI
$1.04
3.35%
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

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
DAI
MKR
$86MM
$270MM
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’s governance system has added USDC as a new collateral type following Maker’s recent liquidity issues.

Following the precipitous decline in the price of ETH last week that caused malfunctions in Maker’s liquidation process, the MakerDAO governance community has added USDC as a new collateral type. Last Thursday, the price of ETH dropped rapidly, leading to a $4.5 million shortfall in Maker’s collateral base. The Maker system will mint new MKR tokens this Thursday to fund this deficit. However, in recognition of its existing collateral base’s volatility—the base is composed of ETH and BAT—MKR holders voted today to add the USD-pegged stablecoin, USDC as a new collateral type, aiming to mitigate some of this volatility. The executive vote placed a 20% annual stability fee, 125% collateralization ratio, 20 million debt ceiling and 13% liquidation penalty for the new USDC vaults. The Maker community prior to the vote had discussed the implications of adding a centralized and regulated digital asset to the collateral base of what is otherwise a decentralized finance (DeFi) protocol.

March 17, 2020

Sources:

more

MakerDAO’s governance body is considering an emergency shutdown due to undercollaterilization.

MakerDAO, the decentralized lending, and stablecoin issuance platform is under major financial and governance stresses. Due to the fast decline in the price of Ether, the primary type of collateral for the Maker system, the platform now has a collateral ratio below its minimum 150% target. At the time of Thursday’s governance call, $4 million worth of DAI, the platform’s USD-pegged stablecoin, was not collateralized. MakerDAO governance participants, including MKR holders and the Maker Foundation, are considering an emergency shutdown whereby the existing collateral would be returned and the platform would attempt to restart. Due to the speed of the market’s decline, Maker’s liquidation process was unable to function effectively, in turn leading to the system not being sufficiently collateralized. Aside from an emergency shutdown, the governance community is also considering reducing the DAI savings rate (DSR) and lengthening the duration of liquidation auctions. Maker is arguably the most systemically-important component of the DeFi ecosystem, and according to Rober Leshner, CEO of Compound Finance, a significant portion of the sector were not prepared for such an event, raising questions about the secondary effects on the DeFi industry as a whole.

March 13, 2020

Sources:

CoinDesk

Cryptoasset market decline leads to liquidations across derivatives exchanges and DeFi protocols.

Today’s substantial cryptoasset market decline has caused liquidations on both centralized derivatives platforms as well as decentralized finance (DeFi) protocols. BitMEX, a popular derivatives exchange saw $702 million worth of Bitcoin liquidations following the rapid price decline of the cryptoasset, representing the largest day of liquidations as measured in dollars in 16 months according to analytics provider Skew. The recent bearish price action that occurred in tandem with other asset classes further challenges the emerging thesis from some analysts that Bitcoin has started to behave as a risk-off asset. At the same time DeFi protocols, Compound and MakerDAO also saw major liquidations. Compound recorded its highest level of liquidations since the protocol went live, with $4.19 million of Ether and approximately $120,000 of USDC liquidated over the past 24 hours.

March 12, 2020

Sources:

CoinDesk,The Block
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