Makerdao is a decentralized autonomous organization and smart contract system on Ethereum, providing the first decentralized stable currency Dai on Ethereum. Dai is a hard currency with digital asset mortgage endorsement, which is anchored 1:1 with the US dollar. MKR is the management token and utility token of maker system, which is used to pay the stable cost of borrowing Dai and participate in the management system. Unlike Dai’s stable currency, the value of MKR is closely related to the performance of the whole system due to its unique supply mechanism and its role on the maker platform. Dai, a decentralized stable currency, has key applications in mortgage loans, leveraged transactions, hedging, international remittances, supply chains and government open bookkeeping.
1、 Maker Dao pass
Maker Dao system is composed of multiple smart contracts (SAI tap, Sai tub, Vox, medianiser, etc.) and erc-20 pass They work together to ensure the stability of Dai pass.
2、 Project characteristics
- Balance contradictions in the system:
If eth depreciates rapidly, the value of Dai’s collateral will decline rapidly, resulting in the collapse of the system. A large number of users holding Dai will run, and the value of Dai will depreciate rapidly. Just as a large number of depositors ask for deposits from banks, banks have a tight liquidity situation. So maker created the MKR token. Let the mortgage rate of CDP be voted by the holders of MKR. As a manager of the system, you will get certain rewards. However, when the collateral in the system is insufficient to cover the value of Dai, MKR will create a new Dai to make up for the value. This provides a strong incentive for MKR holders to create Dai coefficients in a standardized way. If the system fails, they will lose instead of Dai holders. The MKR token can balance the contradictions in the system, stabilize the value of Dai and the dollar, and enhance the confidence of investors.
- Ultimate assurance – Global clearing:
In order to protect the global interests of users, maker has created layers of protection, but in order to avoid the collapse of the system. When the global clearing system is triggered, the whole system will be frozen and all Dai and CDP holders will be returned to the collateral. If a global settlement program is triggered, users have 100 Dai, and one ether is worth $100. Users can exchange their 100 Dai directly through a smart contract. Global settlement can be triggered by a group of trusted people who hold the global settlement key. The only thing global clearing can do is return your collateral, which will not represent your transaction. Therefore, it is a decentralized design, which can help you recover the biggest loss.
- Lever function:
In the maker system, it can be found that Dai is actually a loan in exchange for eth. Users can continue to use Dai to buy eth in the market and then recycle it. Although the mortgage rate gradually reduces the number of Dai loaned out, it can also allow users to use several times of leverage, and the financial attribute is very strong. This is like using the money lent by the mortgage bank to continue to buy real estate. It is a financial lever.