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Hiro Inagaki
Stablecoin
“Dai”
2018.05
Hiro Inagaki @hiroingk
•
• DeNA
• DRI ( )
DRI
• Ethereum
• ”Swingby Protocol”
Agenda
Dai
•
• Stablecoin
• Dai
• CDP
• PETH
• TRFM
• Global settlement
• Multi collateral
• Q&A
Stablecoin
Stablecoin
( Peg )
1Coin = $1
Dapps
•
•
•
•
Stablecoin
Fiat-collateralized Crypto-collateralized Seigniorage Shares
Tether
TrueUSD
BitShares
MakerDAO
Basis
Carbon
IOU...
Dai
(Peg)
Dai
• MakerDAO DAO Stablecoin
• 1Dai = $1
• ( )
• Smart Contract ETH Dai
Dai
• CDP -
• PETH - ETH
• Global settlement -
• TRFM -
• MKR -
• Multi collateral -
Dai 

CDP - Collateralized Debt Position
•
•
• CDP ETH Dai
• CDP
• Dai CDP (Burn) ETH
• ( Fee )
• Dai
• 150%
• Dai ETH
CDP - Collateralized Debt Position
• ETH
• CDP ETH
• Dai
2
• ETH
• CDP ETH
• Dai
CDP - Collateralized Debt Position
• ETH CDP ETH
( )
• CDP ETH Liquidity Providing
Contract
• ETH Dai
( Dai )
• Dai ETH, L...
PETH - Pooled Ether
• ETH PETH
WETH
• WETH PETH 1:1
PETH/ETH 1.013
• Liquidation Penalty PETH
Burn PETH 

( PETH )
• CDP P...
Global settlement
•
•
•
•
• Global Settler MKR
• CDP
• Target Price Dai ETH
Target Price & Target Rate
• Target Price
• Global Settlement
• CDP Dai
• Target Rate
• USD Peg
• Target Price = $1 → Targ...
TRFM - Target Rate Feedback Mechanism
• Dai
TRFM
• Target Rate Target Price
• Target Price Dai
• Global Settlement
• CDP D...
MKR
• Dai Utility & Governance token
• CDP Fee
• CDP Risk Parameter (Fee Collateral Ratio)
• Global Settler
• Oracle
• TRF...
Multi collateral Dai ( )
• ETH
•
• CDP
•
• $DGX, $OMG
• PETH
• Dai
• Single collateral Dai
MakerDAO
DRI MakerDAO Lead Economist Lev
Dai
• Q:

ETH Over collateral 150%
• A:

150% 

ETH 15 30%
MakerDAO
• Q: 

TRFM MKR
• A: 

MKR


MakerDAO
• Q: 

Oracle
• A: 

20 Trusted Oracles 



Trustless Oracle
• Dai
•
• MakerDAO
• Black swan
•
• Dai 99.9% Dai
(Dai )
• Dapps Stablecoin
• Dai Stablecoin
• Reddit: 

https://www.reddit.com/r/MakerDAO
• Whitepaper https://makerdao.com/whitepaper/DaiDec17WP.pdf
• Market Dynamic...
EthPedia 

Wiki
分散型Stablecoin "Dai" の仕組み
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分散型Stablecoin "Dai" の仕組み

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Hi-Ether Meetup #3 Tokyoで、分散型のStablecoin "Dai" について発表した解説資料です。

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分散型Stablecoin "Dai" の仕組み

  1. 1. Hiro Inagaki Stablecoin “Dai” 2018.05
  2. 2. Hiro Inagaki @hiroingk • • DeNA • DRI ( ) DRI • Ethereum • ”Swingby Protocol”
  3. 3. Agenda Dai • • Stablecoin • Dai • CDP • PETH • TRFM • Global settlement • Multi collateral • Q&A
  4. 4. Stablecoin Stablecoin ( Peg ) 1Coin = $1 Dapps • • • •
  5. 5. Stablecoin Fiat-collateralized Crypto-collateralized Seigniorage Shares Tether TrueUSD BitShares MakerDAO Basis Carbon IOU Stablecoin Stablecoin 3
  6. 6. Dai (Peg)
  7. 7. Dai • MakerDAO DAO Stablecoin • 1Dai = $1 • ( ) • Smart Contract ETH Dai
  8. 8. Dai • CDP - • PETH - ETH • Global settlement - • TRFM - • MKR - • Multi collateral - Dai 

  9. 9. CDP - Collateralized Debt Position • • • CDP ETH Dai • CDP • Dai CDP (Burn) ETH • ( Fee ) • Dai • 150% • Dai ETH
  10. 10. CDP - Collateralized Debt Position • ETH • CDP ETH • Dai 2 • ETH • CDP ETH • Dai
  11. 11. CDP - Collateralized Debt Position • ETH CDP ETH ( ) • CDP ETH Liquidity Providing Contract • ETH Dai ( Dai ) • Dai ETH, Liquidation Penalty(13%), Stability Fee CDP •
  12. 12. PETH - Pooled Ether • ETH PETH WETH • WETH PETH 1:1 PETH/ETH 1.013 • Liquidation Penalty PETH Burn PETH 
 ( PETH ) • CDP PETH • PETH
  13. 13. Global settlement • • • • • Global Settler MKR • CDP • Target Price Dai ETH
  14. 14. Target Price & Target Rate • Target Price • Global Settlement • CDP Dai • Target Rate • USD Peg • Target Price = $1 → Target Rate = 0%
  15. 15. TRFM - Target Rate Feedback Mechanism • Dai TRFM • Target Rate Target Price • Target Price Dai • Global Settlement • CDP Dai ( ) • Target Price •
  16. 16. MKR • Dai Utility & Governance token • CDP Fee • CDP Risk Parameter (Fee Collateral Ratio) • Global Settler • Oracle • TRFM Sensitivity Parameter ( Target Rate ) • : MKR ICO
  17. 17. Multi collateral Dai ( ) • ETH • • CDP • • $DGX, $OMG • PETH • Dai • Single collateral Dai
  18. 18. MakerDAO DRI MakerDAO Lead Economist Lev Dai • Q:
 ETH Over collateral 150% • A:
 150% 
 ETH 15 30%
  19. 19. MakerDAO • Q: 
 TRFM MKR • A: 
 MKR 

  20. 20. MakerDAO • Q: 
 Oracle • A: 
 20 Trusted Oracles 
 
 Trustless Oracle
  21. 21. • Dai • • MakerDAO • Black swan • • Dai 99.9% Dai (Dai ) • Dapps Stablecoin • Dai Stablecoin
  22. 22. • 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
  23. 23. EthPedia 
 Wiki

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