The development of DeFi is increasingly attracting people's attention. If DeFi will have a bright future, then MakerDAO is no different from the behemoth of this great field, like Bitmain in the mining circle. According to data from DEFI PULSE, as of now, the MakerDAO project has locked a total of 398.6 million US dollars, accounting for 86.61% of the entire DeFi ecosystem.
Why has MakerDAO achieved such success? How does it keep the price of the stablecoin Dai stable against the USD? Why did MakerDAO increase the stable fee rate six times in the past three months, increasing the stable fee rate to 14.5%? Is it also likely to continue to increase the stability rate?
Author: Hydrogen 3
Editor: Jiang Xiaoyu
01
What is MakerDAO?
The full name of DAO is Decentralized Autonomous Organization, which means a decentralized autonomous organization. The full name of DeFi is Decentralized Finance, which means decentralized finance. MakerDAO is not only a DAO project, but also one of the representatives of DeFi projects.
Founded in 2014, MakerDAO is an automated mortgage lending platform on Ethereum and a provider of the stablecoin Dai. MakerDAO is a decentralized derivative financial system built on Ethereum. It adopts a dual-currency model, one is the stable currency Dai, and the other is the equity token and management token MKR. Dai launched its mainnet in December 2017. Through the dual currency mechanism, MakerDAO enables the entire decentralized mortgage loan system to operate.
Stablecoin Dai
Dai is anchored 1:1 to the U.S. dollar. Like other stablecoins, Dai also has price fluctuations.
Image credit: CoinMarketCap
Unlike other stablecoins, Dai gains value by overcollateralizing the encrypted digital currency. Centralized stablecoins such as USDT, TrueUSD, and GUSD have USD 1 of legal currency as a reserve behind every USD 1 of tokens issued, while 1 Dai is backed by digital assets exceeding USD 1 as a reserve.
Different from USDT, TrueUSD, etc., Dai's operating mechanism is open and transparent, which is also one of Dai's advantages. Not only Dai itself is transparent, but also the value fluctuations and quantity of Ethereum, which is collateral for Dai, are also transparent and publicly visible.
MSEK
MKR is the equity and management token in the entire MakerDAO system.
- Equity: When the user redeems the mortgaged Ethereum, MKR needs to be paid as a stability fee. In this case, MKR will be destroyed. As more and more people use Dai, the stability fee will increase, more and more MKR will be destroyed, and MKR will become more and more valuable. In this sense, MKR can be regarded as a deflationary system, and MKR holders can benefit from the widespread use of Dai.
There is a situation that will cause the system to issue additional MKR: if the price of collateral plummets in a short period of time, falling below the liquidation ratio, and the mortgage assets cannot support the circulation of Dai, the system will confiscate the assets and conduct an auction to repay the previously lent Dai (for the system, every Dai issued means one Dai in debt).
The system began to issue additional MKR and sell MKR to buy Dai. Then, the system sells the collateralized assets through public auction, and uses the raised Dai to repurchase and destroy MKR.
In this case, the holders of MKR become the bottom-up holders of the final system. MKR holders enjoy the benefits of system growth, but also bear the risk of system collapse.
-Management: MKR holders can participate in adding new types of collateralized debt positions, modifying the types of existing mortgaged debt positions, modifying sensitive parameters, modifying the target price change rate, selecting trusted oracles, adjusting price feed sensitivity and selection The global liquidator votes on seven risky system behaviors. At the same time, MKR holders can also participate in modifying four risk parameters in the collateralized debt position (CDP) in the Dai stablecoin system: debt ceiling, liquidation ratio, stability fee and penalty ratio.
It can be said that MKR holders control the operation of the system. So how is MKR allocated in the system?
MKR 目前总量为100万枚，61%的数量在市场上流通，39%分配给基金会，15%分配给核心团队。MKR 的分配机制不明确，也并未进行 ICO。目前，持仓量排名前10名持有总量的73.67%，排名前25名持有总量的81.85%。其中持有量排名第四的为 投资机构a16z 。
02
MakerDAO的运作机制
在了解了两个币种之后，让我们看一下整个体系是怎么运转的。碳链价值制作了一张图，以便于读者们更清晰地理解这个流程：
质押 ETH 换取 Dai：首先，用户将自己手上持有的 ETH 打入以太池中，获得 PETH 。之后将 PETH 打入 Maker 智能合约 CDP（CollateralizedDebt Positions，抵押债仓）中获得 Dai。
取回 ETH：用户将 Dai+系统的稳定费（稳定费需以 MKR来支付） 打入 Maker 智能合约 CDP 取回ETH。
整个体统中，最关键的是如何保证 Dai 的价格和美元保持在一个稳定的范围内。MakerDAO 设计了目标价格变化率反馈机制（TRFM）：当 Dai价格低于1美元时，CDP 的债务比例将会降低。这就意味着抵押相同数量的 ETH（假设ETH价格不变） 获得的 Dai将会变少，减少市场上 Dai的供应，同时增加稳定费，提高获得 Dai的成本，从而抑制Dai价格的下降。
最近三个月内，MakerDAO接连6次提高了系统的稳定费，其原因就在于此。由于市场回暖，以太坊价格开始上升，而抵押以太坊借DAI相当于一个杠杆的，人们可以用借来的Dai买入更多的以太坊，从而获利。在这种情况下，系统抵押生成了许多的Dai，而这些DAI并没有像USDT那样，被当作稳定币来使用，而是被持有者们卖出，换得更多的数字资产。在这种情况下，Dai对美元的价值就不能保持稳定，会一路下降。这是MkaerDAO提升稳定币费率的背景。
当稳定币费率提升后，抵押以太坊获取DAI的成本变高了，如此一来，人们抵押以太坊换取Dai的意愿就会降低，从而抑制供应量大幅增长，以此起到抑制币价下跌的功用。
反之，若Dai价格高于1美元时，CDP 的债务比例将会提高，相同 ETH 能换更多的 Dai，Dai的供应量增加，使得市场需求减少，价格下跌。
假设抵押物在短时间内暴涨暴跌会产生何种影响？
暴涨不会摧毁这个系统，反而会导致系统使用人数增加，使越来越多人抵押 ETH 换成 Dai再购入 ETH 。同时，ETH 长期的涨幅会导致 Dai 供大于求，所以价格长期在1美元之下，这也是为何从2月份以来，稳定费从0.5%增加到1%，然后1.5%，3.5%，7.5%，到现在的14.5%。如果 ETH 继续向上涨，稳定费可能还会进一步增加。
一旦发生暴跌呢？首先，Dai背后的抵押是超额抵押，这意味着你抵押100美元的 ETH 可能只能拿到价值 60美元的 Dai ，这中间就形成了一个缓冲垫。系统规定在 ETH 跌到80美元时，得抵押更多的 ETH 或者进行清算，清算的话抵押者还需要交一笔罚款，这笔罚款会返还到PETH池内，销毁PETH。
如果持币者没有及时补充仓位，他们就需要交上这笔罚款。然而，就算交上罚款，也比直接令系统清算划算，所以大部分抵押者会交罚款赎回 ETH。因为存在不及时看盘的用户，也就滋生专门盯着清算的合约进行套利的群体。如果跌破60美元呢，这可能引发全局清算，抵押债仓的操作和创建将被禁止，Dai和 CDP 的持有者将会得到可兑换的资产净值。
从2017年低至今，ETH 的价格也发生过暴涨暴跌，但是 MakerDAO 系统并未收到影响，足以说明现阶段的还是一个健康的质押借贷市场。
在整个系统中，目前（2019年第一季度）最赚钱的是 MKR 的持有者，在此之前是 PETH 的持有方，这是因为清算者的罚金高达13%，并且罚金会用作购买和销毁 PETH，提高 PETH 可兑换 ETH 的比例。而现在之所以MKR的持有者赚钱，是因为Dai的稳定费不断提高，MKR的销毁量越来越多的缘故。
图片来源：Marc-André Dumas
03
MakerDAO现状
谁在持有MKR？
由于MKR代笔持有者对整个系统的治理重要至极，因此我们需要来看看谁正在持有MKR。
MakerDAO 一共经历了两轮融资：第一轮融资的领投方为 Andreessen Horowitz 和 Polychain Capital，其他投资方包括Distributed Capital Partners、Scanate、FBG Capital、Wyre Capital、Walden Bridge Capital、1confirmation，一共八名投资者，融资金额1,200万美元，该轮融资在 Dai 上线前几日完成；第二轮融资为 Andreessen Horowitz 旗下的数字货币风投 a16z 单独投资1,500万美元。该轮融资 a16z 获得了 MakerDAO 的另一个代币 MKR 总量的6%，一共60,000枚。
目前团队主要成员有29名，CEO 为创始人 Rune Christensen。
MakerDAO占有着DeFi市场多大的份额？
图片来源：defipulse
DeFi的发展日益引起人们的关注。如果我们认为DeFi将有一个明亮的未来，那么MakerDAO无异于这个伟大领域的独角兽，就例如矿圈里的比特大陆。
根据 DEFI PULSE 的数据显示，截至目前，MakerDAO 项目一共锁定了3.986亿美元，锁定的金额占整个 DeFi 生态的86.61%。
MakerDAO系统目前有多稳固？
通过 Dai浏览器，可以看到整个系统里一共锁了206万个 PETH，销毁了781个 MKR，产生了8,992万个 Dai。
At present, the overall mortgage rate in the market is 410.852%, which is much higher than the minimum liquidation rate of 150%, and there is no systematic liquidation risk during the period. The debt ceiling ratio is 89.917%, and there is a small premium between PETH and ETH.
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