1. Hiro Inagaki
Stablecoin
“Dai”
2018.05

2. Hiro Inagaki @hiroingk
•
• DeNA
• DRI ( )
DRI
• Ethereum
• ”Swingby Protocol”

3. Agenda
Dai
•
• Stablecoin
• Dai
• CDP
• PETH
• TRFM
• Global settlement
• Multi collateral
• Q&A

5. Stablecoin
Stablecoin
( Peg )
1Coin = $1
Dapps
•
•
•
•

6. Stablecoin
Fiat-collateralized Crypto-collateralized Seigniorage Shares
Tether
TrueUSD
BitShares
MakerDAO
Basis
Carbon
IOU
Stablecoin
Stablecoin
3

7. Dai
(Peg)

8. Dai
• MakerDAO DAO Stablecoin
• 1Dai = $1
• ( )
• Smart Contract ETH Dai

9. Dai
• CDP -
• PETH - ETH
• Global settlement -
• TRFM -
• MKR -
• Multi collateral -
Dai

10. CDP - Collateralized Debt Position
•
•
• CDP ETH Dai
• CDP
• Dai CDP (Burn) ETH
• ( Fee )
• Dai
• 150%
• Dai ETH

11. CDP - Collateralized Debt Position
• ETH
• CDP ETH
• Dai
2
• ETH
• CDP ETH
• Dai

12. CDP - Collateralized Debt Position
• ETH CDP ETH
( )
• CDP ETH Liquidity Providing
Contract
• ETH Dai
( Dai )
• Dai ETH, Liquidation Penalty(13%),
Stability Fee CDP
•

13. PETH - Pooled Ether
• ETH PETH
WETH
• WETH PETH 1:1
PETH/ETH 1.013
• Liquidation Penalty PETH
Burn PETH
( PETH )
• CDP PETH
• PETH

14. Global settlement
•
•
•
•
• Global Settler MKR
• CDP
• Target Price Dai ETH

15. Target Price & Target Rate
• Target Price
• Global Settlement
• CDP Dai
• Target Rate
• USD Peg
• Target Price = $1 → Target Rate = 0%

16. TRFM - Target Rate Feedback Mechanism
• Dai
TRFM
• Target Rate Target Price
• Target Price Dai
• Global Settlement
• CDP Dai ( )
• Target Price
•

17. MKR
• Dai Utility & Governance token
• CDP Fee
• CDP Risk Parameter (Fee Collateral Ratio)
• Global Settler
• Oracle
• TRFM Sensitivity Parameter
( Target Rate )
• : MKR ICO

18. Multi collateral Dai ( )
• ETH
•
• CDP
•
• $DGX, $OMG
• PETH
• Dai
• Single collateral Dai

19. MakerDAO
DRI MakerDAO Lead Economist Lev
Dai
• Q:
ETH Over collateral 150%
• A:
150%
ETH 15 30%

20. MakerDAO
• Q:
TRFM MKR
• A:
MKR

21. MakerDAO
• Q:
Oracle
• A:
20 Trusted Oracles
Trustless Oracle

22. • Dai
•
• MakerDAO
• Black swan
•
• Dai 99.9% Dai
(Dai )
• Dapps Stablecoin
• Dai Stablecoin

23. • Reddit:
https://www.reddit.com/r/MakerDAO
• Whitepaper https://makerdao.com/whitepaper/DaiDec17WP.pdf
• Market Dynamics Paper: TRFM https://
makerdao.com/assets/documents/Dai-Stability-Engine-Simulation.pdf
• Purple Paper: Haskell
https://makerdao.com/purple/
• Purple Paper (lotz84 )
https://github.com/lotz84/dai-in-jp/blob/master/purple-paper.md
• Medium: https://medium.com/makerdao

24. EthPedia
Wiki