#7 AMA| Dai 你全面了解 MakerDAO

MakerDao has seen explosive growth in 2021, with total DAI supply exceeding $5 billion, but some issues still need to be addressed.

1、Since MKR holders are responsible for recapitalizing the agreement in the event that liquidation does not fully recover the DAI, MKR holders are assuming a degree of credit risk. Yet there is a large gap between Maker’s surplus buffer and the value of top-tier collateral, and whether this is a hidden danger?

2、Is there a need to improve and streamline the governance process due to the low participation of MKR holders in community governance activities, which exposes MKR general holders to the risk of potential governance attacks?


关于MakerDAO的治理,治理如何工作以及谁可以参与?MKR如何参与对 Maker协议进行注资?
Regarding the governance of MakerDAO, how does governance work and who can participate, and how does MKR participate in making capital injections into the Maker Agreement?

在以前当makerdao引入usdc作为抵押产品的时候,只是为了缓解dai债务的流动性危机以防止黑天鹅类似事件再度发生而导致协议暂时性的崩溃。难道是dai已经不能在目前的makerdao设计机制和框架上满足不了需求了吗? dai满足不了流动性,是什么原因呢?

In the past when makerdao introduced usdc as a collateral product, it was only to alleviate the liquidity crisis of dai debt to prevent a temporary collapse of the agreement due to the recurrence of a black swan-like event. Could it be that dai is no longer able to meet the demand in the current makerdao design mechanism and framework? What is the reason why dai can’t meet the liquidity?

Our AMA begin now. welcome Jocelyn to our events!

DAI和USDC的依赖关系带来的监管和黑名单风险,MakerDAO有什么解决方案。如何解决MKR 的持有者可能面临的与治理相关的风险?
What solutions does MakerDAO have to the regulatory and blacklisting risks posed by the DAI and USDC dependencies. How does DAO solve the governance-related risks that holders of MKR may face?

Hello ImToken and Tokenlon users, thanks for joining the AMA session. I am the Asia Pacific Growth lead from MakerDAO. I joined MakerDAO foundation 3 years ago as a Community Lead and after the foundation dissolves, I am part of the Growth Core Unit managing growth and partner’s relationships in APAC and Middle East. If you are on twitter, you can follow us on @Makergrowth for latest protocol updates and announcement. And for partners who are interested to integrate DAI, you can email me at jocelyn@makergrowth.com. Looking forward to start the AMA now!

Yes, we are bridging DAI to different layer 2 networks, eg. Optimism and Arbitrum. And yes, we do have a plan to have DAI on other major chains. For more information on our multichain strategy, you can check out this forum post: A Multichain Strategy and Roadmap for Maker - Governance - The Maker Forum

Good question! We just issued our first real estate backed loans 2 months ago in the US and we are in the midst of onboarding more real world assets such as trade receivables/invoices, cargo and freight forwarding invoices and revenue based financing type of assets. The idea is to have 10% of the collaterals in the system to be made up of Real world assets.

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Another good question! MakerDAO was built to be a DAO from the onset and the foundation has been working to dissolve and transfer the ownership to the community from the start. We started winding down the foundation because we start to have an active MakerDAO community interacting on the forum and that the governance process are becoming more streamlined and efficient. And now that we are a DAO, we rely on community’s crowd wisdom to make a lot of our decisions and it has been great for decentralised governance. Of course there is still room for improvement and DAO will evolve as time goes by and I can’t wait to see the final product of a DAO.

DAI is completely decentralised, censorship resistant and cannot be blocked or frozen. It is also the first decentralised stablecoin backed by crypto assets and real world assets.

最近有没有什么计划提高大家对dai的使用度。Do you have any plans to improve the use of dai recently

The community is discussing about the possibility of having NFT as collateral in the system. You can follow the discussion here: [Discussion] NFT Vaults - Governance - The Maker Forum

Dai is not a hard-pegged currency, so it does not perfectly track the value of an existing fiat currency. Rather, it maintains a free-floating peg that experiences extremely low volatility against the US dollar.

It achieves this stability through a combination of external market forces, complementary internal economic incentives, and policy tools controlled by MKR token holders. Many different market actors behaving in their own self-interest, yet working in concert, contribute to its stability. These actors include MKR holders, arbitrageurs, Vault owners, Keepers, and market makers.

If Dai demand consistently exceeds Dai supply, or vice-versa, it creates a signal that MKR holders need to adjust the Dai Savings Rate, which is the primary tool for influencing Dai demand and steering the monetary policy of Dai. Raising the Dai Savings Rate increases the demand for holding Dai; lowering the rate decreases the demand for holding Dai. This ultimately translates to a stable Dai peg.

Stability Fees for various Vault types are another policy tool that can be used to help Dai stability but are primarily used for covering the risk premium of different Vault types. Decreases in a Stability Fee, reflecting the cost of borrowing, can incentivize the additional creation of Dai. Similarly, increasing Stability Fees can reduce the rate of Dai generation.

Arbitrageurs also contribute to the short term stability of the peg by taking advantage of price differences across various Dai markets.

Vault owners are able to participate in maintaining the peg by taking advantage of opportunities when spikes in demand push the Dai price higher than $1. This allows a Vault owner to issue Dai that can be used to purchase assets with an additional variable amount of purchasing power. Inversely, when Dai is trading below a dollar, Vault owners are incentivized to purchase Dai and pay down their Dai balances at a discount.
For more information here: https://makerdao.world/en/faqs/dai

  1. To ensure the protocol’s security, we do run bug bounty programs and conduct security audit regularly.
  2. After the market crash in March 2020, we have developed a peg stabilisation module allowing users to swap a given collateral type directly for DAI at a fixed rate, rather than borrowing DAI. The PSM contract was designed with stablecoin collateral in mind, allowing users to swap other stablecoins for DAI at a fixed rate to aid with keeping DAI pegged to 1 dollar. And the idea is that users can use those DAI to pay down their debt and stability fees to prevent liquidation.

We already have our own decentralised exchange: oasis.app
The community is also considering add NFTs as collaterals in the system.
There are not a lot of collateral-backed stablecoins in the space. I would foresee more fiat backed stablecoins popping up in different countries,

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DAI will remain to be decentralised and permissionless, funds will not be frozen or blocked by the protocol. And we will remain to be the only decentralised lending protocol where users can generate loans against their own assets (both tokenised real world assets and crypto assets).

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DAI is not backed by fiat. DAI is backed by over-collateralised assets. As of today, there is 6 billion DAI in total circulation and they are backed by 11 billion worth of collaterals in the system. You can check out Dai Stats The data is transparent because all the transactions are recorded on the blockchain.

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We are giving out grants to people who can help us educate community users. Do follow our twitter account: @Makergrowth to find out the launch date of the program. We welcome all creative ideas to educate the users in China!

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You are right. Centralised stablecoins are not entirely backed by 1:1 USD in the bank accounts. You can see the article here: https://cointelegraph.com/news/coinbase-removes-backed-by-us-dollars-claim-for-usdc-stablecoin

DAI is different from all the centralised stablecoins because DAI is backed by over-collateralised assets. As of today, there is 6 billion DAI in total circulation and they are backed by 11 billion worth of collaterals in the system. You can check out Dai Stats The data is transparent because all the transactions are recorded on the blockchain.

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We are bridging DAI that originated on L1 to other rollups / chains so that DAI is cheap for end users to use. You can check out our multichain strategy here: A Multichain Strategy and Roadmap for Maker - Governance - The Maker Forum