Makerdao of blockchain defi

MoJunDai 2022-04-03 04:02:33 阅读数:733

makerdao blockchain defi


MakerDao What is it?

MakerDao It's decentralized finance (DeFi) More successful projects in . In the field of decentralized Finance ,MakerDAO Is the most popular application running on Ethereum .MakerDao The core of is through mortgage ETH And so on , Realized Dai.Dai As a stable currency for anchoring the US dollar ,MKR It's a management token .


Dai The value of : Every loan Dai,MakerDao All have collateral corresponding to digital assets , These collateral are Dai The value of .
If the market value of collateral becomes insolvent , Then it will trigger the smart contract clearing mechanism system :

  1. MakerDao The system is connected to some Oracle machines , The data of relational database will continuously push the exchange dollar prices of various assets up the chain .
  2. Once the price of mortgage products falls to the preset warning line ( The value of the collateral is still greater than that of the lent assets , For example, the price of collateral is lower than the total loan 150%), Anyone can send a request to liquidate the mortgage that hits the line .
  3. The system will execute the auction of pledged products , In exchange for full Dai, As long as it can be settled in time , The whole system is in balance .
  4. If you can't get it back in full Dai when , Then the system will appear ” bankruptcy ", Then the system will sell MKR Tokens, , To exchange Dai So as to keep the system balanced .


MKR It's the token issued by the lending system itself , The holder has two main interests : Holders can vote to participate in system governance , Formulate system operation parameters ; The holder enjoys the system income dividend .

MakerDao The income of the system comes from the interest of the loan . Like lending 100Dai when , May eventually have to return 104Dai, this 4Dai It's interest . When the system mechanism finds Dai When the number of is large enough to a certain extent , Will hang a single auction of excess Dai, In exchange for MKR, Change to MKR Will destroy , This brings with it MKR The increase in price .MKR The holder's risk is in the event of insolvency , The system will create more MKR In exchange for an auction Dai, This will cause MKR The fall in price .MKR The holder of the system is entitled to the dividend of the system income , Also bear the risk of system crash .

Dai: Release mechanism

Maker Provide a decentralized foundation to stabilize the currency Dai And derivative financial systems .Dai It is issued through full mortgage guarantee of digital assets (1 Dai = 1 dollar ). Since launch ,Dai Remain relatively stable with the US dollar .

Two values are embodied :

Ordinary encrypted digital assets : take Dai Use as a stable currency , Just exchange on the exchange Dai, Just use it as a dollar (Dai yes ERC20).

Invest in encrypted digital assets : Need a liquid cash , To consume or invest more digital assets .

  1. take 3000 Dollar Ethernet lock in smart contract (Collateralized Debt Position, Mortgage position ) In , As collateral .
  2. According to the risk parameters ( Such as 2/3 A discount of ), Collateral can be generated 2000 individual Dai, namely 2000 dollar .
  3. You can use the generated  Dai Change into dollars or invest in other assets .
  4. If you need to get back the collateral ( The etheric ) when , Repayable 2000 individual Dai And very low interest rates ( With MKR payment , For example, annualisation 0.5%), Take back the collateral and the corresponding income .

Dai: Reasons for maintaining relative stability

most important of all Dai Always over mortgaged , in other words Dai There are always sufficient assets behind the . If the price of mortgaged assets rises , that Dai The guarantee will be more sufficient . If the mortgaged assets fall to a certain value, it will trigger the system clearing mechanism . To encourage user participation , So any user can liquidate assets with insufficient collateral , And get 3% Risk free return of . These participants can not only benefit from the system , It also protects Dai Solvency . In addition, the system has  “ Lender of last resort ”  and   Global clearing (Dai The holder can redeem the assets equivalent to US dollars ) The mechanism of , Protect Dai The stability of the . At the same time, the upcoming multi mortgage guarantee ( Including electronic gold ) Will be very diversified Dai The portfolio behind , Fundamentally dispersed Dai The risk of .

Dai: application

Dai And USDT difference :USDT Something that can be done Dai You can do it. , quite a lot Dai Something that can be done USDT be unable to do sth. . And USDT comparison ,Dai In addition to public audit 、 Completely transparent 、 Beyond decentralization , It also brings new value to users and institutions .

1、 It can be used as the base currency of the exchange and a safe haven asset ;

2、Dai Can be used as a mortgage ;

3、 In a decentralized ecosystem ,Dai Not just the currency of the exchange , It is also a stable payment method used by default .

4、 Cross border transfers and supply chain finance will be Dai Connect great applications in the real economy , And monetize the notes Dai The financing .Dai It has opened the channel between digital currency and legal currency with digital asset transfer enterprises , It can replace the volatile virtual currency for international transfer , Like bitcoin and Ethereum . Thus, enterprises can pass Dai Obtain legal currency that can be exchanged with authorization , Like the dollar 、 euro 、 pound 、 Instant exchange of RMB .

Maker: Decentralized Finance

Maker yes Dai The whole system behind it and decentralized autonomous organizations (DAO). If Dai As the base currency , that Maker It's actually a decentralized financial system .Maker The creation of collateral on the chain , It provides financial markets with liquidity that can be adjusted with demand , It also eliminates the inflation risk caused by unlimited money printing , Because there are sufficient assets behind the mortgage . in addition Maker No counterparty risk and limited by the impact of the center ,Dai All are generated on the chain contract , There is no risk of centralized trusteeship , Even if it's Maker The development team also cannot tamper with and transfer users' assets .Maker The mechanism hopes to reshape a monetary system , Better realize inclusive Finance .

MKR: MakerDAO Equity governance

MKR yes Maker Decentralize the rights and interests of autonomous organizations and manage tokens ,MKR Holder participation Maker Governance and access to equity .MKR As an equity token , Its function is to pay interest , The user reimburses Dai Need to use MKR Pay part of the interest , Paid MKR Will be destroyed . in other words MKR The holder will receive continuous interest income in the form of repurchase . meanwhile MKR It is also the management token in the system .MKR The holder participates in the risk parameters in the system , Such as collateral selection 、 Liquidation ratio 、 Stable rates, etc .

MakerDAO Business model of : Borrowing and saving

1、 To loan :Maker Lock the collateral into a smart contract , And can withdraw loans from it . When the loan is repaid , Need to add use interest .

2、 savings : Lock money in a separate smart contract , Earn interest on your savings . The interest earned is according to the so-called Dai Savings rate , namely DSR. Similar to the bank's annual interest rate .

MakerDao The core :CDP Process and Token The flow process

CDP Analysis of contract circulation process

1、 business DAI,ETH And redemption ETH、DAI.

2、SIN Is the main contract for liquidation , Controls the PETH Chi he DAI The pool remains stable . When DAI The pool has extra DAI when , Would call BUST(8), Destroy the surplus DAI. When DAI The pool needs more DAI when , Would call BOOM(9), Generate more DAI;

3、 Buy DAI:① The contract OPEN operation , Create a CDP;② The contract lock Locking operation ETH To PETH pool ;③ Return to lock PETH State to CDP;

Token The flow process

1、 establish CDP And store collateral , Generate a transaction to Maker establish CDP. REPACK ETH Become WETH, take WETH Convert to PETH. thus CDP The creation is complete , Mortgaged ETH Has been deposited into CDP.

2、CDP In the middle of Dai.CDP The holder of a transaction , And it's clear Dai The number of , meanwhile CDP It will generate the same amount of debt , The debt then locks in the collateral until the outstanding debt is paid off .

3、 Debt repayment and stabilization costs , When the user redeems the mortgaged assets , Need to pay CDP The debt in the and the stabilization costs incurred by the debt . Stabilization costs can only be used MKR payment . When paid off Dai and MKR after ,CDP The debt will be paid off .

4、 Take back the mortgaged assets and close CDP, When the debt and stabilization costs are paid off .CDP The holder generates a transaction to Maker And get back all the mortgage assets .

The voting system
There are mainly three parts : Community discussion 、 Public opinion polls 、 Executive voting
Community discussion : When the community decides to adjust the stable rate , Submit the proposal to the development team , Then release the voting interface ;
Public opinion polls : The duration of the poll is 3 God , all MKR Everyone can vote . The result of the vote :① Most of them are in the same gear , that dai The rate adjustment mechanism ends . There are two options for the number of votes in this gear , Get back your wallet or the voting pool of the Party committee .
2、 The number of constant gears exceeded , Get into 【 Executive voting 】
Executive voting : There is no time limit for the execution of the voting process , There are only two options :① The option to win the poll ,② The option of maintaining stable rates . Only the number of votes exceeds the unchanged option , Stable rates will change . In the executive vote , Users can take their own MKR To reduce the corresponding number of votes , Or users can add votes . The number of votes produced in the executive vote is 0, Users who support this option need to vote again . Be careful : Since there is no time limit for the execution of the voting process , So the change time of this rate is uncertain .

Clearing system
1、 Start global clearing : If the assets are sufficient , that maker The global liquidator selected by the manager believes that the system is under serious attack , Global liquidation or technology upgrading is required , They can start the global clearing function . This time, the creation and operation of mortgage bond warehouse will be suspended , And freeze the feed price at a fixed price for exchange .
2、 Global clearing and exchange : After starting global clearing , Give the nursing machine (keepers) For a period of time, based on the fixed feed price Dai And the corresponding claim of the holder of the mortgage bond warehouse . At the end of the process , be-all Dai And mortgage bond holders can exchange a fixed proportion of ETH.
3、Dai Exchange collateral with the holder of the mortgage bond warehouse : Every Dai and CDP Holders can Maker Make an exchange request on , Put their Dai And mortgage bond positions are directly converted into a fixed amount of ETH, be based on Dai Calculate the asset value at the target price .

Liquidation process
When Keep close CDP And send it to the liquidity provision contract (LPC) when , Liquidation will happen . and LPC Again Dai Dashboard The provision of CDP assets , Once the debt obligation is fulfilled , And sold PETH The collateral will be returned to CDP owner .
Sequence of operation :
1、 In default CDP closed ;
2、 The penalty fee is applied to DAI Debt ;
3、LPC Removed enough PETH Collateral to meet current ORACLE Price debt ;
4、CDP Owners can remove their remaining collateral from the closed position ;
5、 Detained PETH stay makerdao On sale , The incentive discount is called boom/bust spread, For this value ;
6、 sell PETH Earned DAI Burned to eliminate CDP Debt ;
7、 If there is an excess in the sale DAI, Then it will be PETH Sell and destroy , Then increase the remaining PETH The value of ;
8、 If sold DAI Insufficient , that PETH Will be issued and sold to supplement the deficiency , And then reduce PETH Total pool value ;

Calculation formula
Formula for calculating residual collateral :( Collateral *oracle Price *PETH/ETH ratio )-( Liquidation penalty * Stable debt )- Stabilize debt =( Residual collateral *Oracle Price ) Company (DAI);
Clearing price formula :( Stabilize debt * Liquidation ratio )/( Collateral *PETH/ETH ratio )= Clearing price ;
Formula for calculating mortgage ratio :( lock PETH*ETH Price *PETH/ETH ratio )/ Stable debt *100= Mortgage ratio ;

Liquidation price and sale price
Reduce the clearing price :CDP The main challenge for owners is to maintain safe leverage in a highly unpredictable market . If CDP Close to the clearing price , Users can add more collateral or return DAI To reduce the risk . If the user believes in the future value of the underlying collateral , You can add more collateral for his users , Or users want to reduce the risk of price fluctuations , It can be DAI Go back to your own CDP To pay off the debt . The best way to reduce liquidation risk is to repay DAI, Because clearing prices are more effective in reducing .
Sell collateral : When Keeper Liquidate unsafe CDP when , Liquidity provision contract (LPC) Make sure that the DAI DASHBOARD Sell collateral on . The selling price is determined by a special modifier oracle feed determine , At this time, the modifier adopts the form of discount , Then used for the outstanding debt that must be recovered . This extra 【 Price difference 】 The aim is to provide collateral buyers with rapid recapitalization better than the market price incentive system . The user can purchase the purchased products on the dashboard LPC The amount of PETH, Any sale DAI Surplus can be used PETH Buy .

Feed price and prophecy machine

Because the underlying real assets cannot be traded or liquidity is scarce , Therefore, it is difficult to obtain a reliable feeding price . The feed price based on the model should consider the factors of the overall market ( Yield curve , Credit spread ) And portfolio details ( The financial position of the underlying company ). such as , Unpaid records will be used to discount the underlying asset , Redemption requests from other investors may indicate a problem .MIP21c3 The proposal a need MKR Governance execution voting manually triggered clearing Oracle .

Mortgage mechanism

Single mortgage mechanism : In the case of single mortgage assets DAI Stage , The process of liquidation is called liquidity supply contract . The system price is directly related to ETH Smart contracts for users to trade with nursing machines . When CDP Liquidation , The system will immediately recover its collateral .CDP The holder will receive the debt removed 、 The remaining mortgaged assets after the stabilization fee and liquidation penalty .PETH Mortgage assets will be sold under liquidity supply contracts , The nursing machine can automatically trade DAI Buy PETH. All paid DAI Destroy immediately from the flow , know CDP The amount of debt is cleared . If you are removing CDP After the debt, there is the rest dai, This part DAI Will be used to buy and destroy PETH, So as to improve PETH Convertible ETH The proportion of . This is right PETH Eating yo will be a benefit for the combination . If sold PETH Failed to raise enough DAI To pay off the whole debt , The system will continuously issue additional shares and sell PETH. Newly created in this way PETH Reduce PETH Convertible ETH The proportion of . It's from here PETH The holder's income decreases .
Multiple mortgage mechanisms : When liquidation occurs ,MAKER Will buy CDP And gradually sold through automatic auction . The auction mechanism allows the system to handle CDP( Even when price information is not available ). In order to be able to buy back CDP And used to sell , The system will first raise enough dai To pay for CDP Debt of . This is called a debt auction , By increasing the MKR And sold to the participants in the auction . meanwhile CDP The mortgaged assets in the will be sold in the form of auction of mortgaged assets ,CDP Part of the debt and liquidation penalty will be repurchased and destroyed MKR. This directly offsets the additional issuance in the debt auction MKR. If enough DAI To pay for CDP Debt in the plus liquidation penalty , Then the mortgage auction will switch to the reverse auction mechanism , The least auctioned collateral ( Any remaining collateral will be returned to CDP The original holder of ).

MakerDAO There is room for mechanism improvement

1、 Low capital efficiency , For example, excess mortgage ;2、 Governance is not active ;3、 Vulnerable to potential human error ;4、 Only soft anchors ;

MakerDAO Token economy model proposal

1、 The additional capital buffer in the off chain financing structure is MKR Token creates a new use case ; Establish a secondary interest bearing insurance fund , As a supplementary layer to the secondary earnings buffer ; Yes MakerDAO Some auction implementations in support of MKR The incentives .

2、 Adopt new MKR Pledge reward system , Improve voting participation and consistency ; Provide greater operational flexibility for core units , Reduce voting requirements ; Create new through community funding MakerDAO Governance dashboard .

3、 Increase system surplus buffer, etc .

MakerDaoyu And Liquity The agreement

MakerDAO It's a decentralized loan agreement , Allow users to withdraw variable rate loans for a variety of collateral . Loans to DAI pay , The minimum collateral ratio required to maintain is different Vault Different types .

Liquity It's a decentralized lending agreement , Allow users to use collateral ETH Withdraw interest free loans . Loans to LUSD payment , And need to keep 110% The minimum mortgage rate of .

MakerDaoyu And Liquity Governance and non governance

MakerDAO: Governance is in Maker Protocols and ecosystems play an important role . Using their governance token MKR, The user can modify the protocol parameters ( For example, stabilization fee 、 The debt ceiling 、 Minimum mortgage ratio ) And important ecosystem things ( Such as the funding working group 、 Grants, etc ) Vote . The governance process takes a long time , A core group of participants is required . Most of the discussion took place in Maker On the Governance Forum , All votes go through the chain MKR Vote to consolidate . Although the concept of governance is very big , But the opposite can often be seen . As governance costs increase , The requirements of participants will also increase . So the governance voting rate of various agreements is very low , Also include Maker The voting rate of .

Liquity: By eliminating governance and trusting in mathematics, ecosystems can focus instead on their own development , Without the burden of governance and internal politics . Community members don't have to spend the whole week preparing to vote , Instead, focus on what users want to create, the tools they want to build, and the communities they work with .

MakerDaoyu And Liquity Collateral for

Maker And Liquity One of the major differences between is the type of collateral .

MakerDAO: The system supports multiple types of collateral , from ETH To any ERC20, Until then Uniswap Right LP Tokens, . Diversified collateral types may allow a wide range of borrowers , But it brings new risks to the system .

Liquity: According to its concept of decentralization ,Liquity Only ether is allowed as collateral , It is not possible to add new collateral types , This avoids the introduction of new asset risks into the system .Liquity Just choose ETH As its only collateral type, there are two reasons :1、DeFi Most borrowers in use ETH As collateral ;2、 Decentralization and risk minimization are highly valued .

A lot of people will agree that , Ethereum is the most decentralized in Ethereum ecosystem 、 The most liquid and in demand token ; So in any decentralized lending agreement, priority is given to ETH It makes sense . Plus from MakerDAO Learn from the history of , Lead to Liquity The aim is to create an efficient system built around a stable currency supported by a single mortgage , Not like it DAI Such a stable currency supported by multiple mortgages . Allow other types of collateral ( for example USDC、WBTC) It could be a landslide and a potential point of failure —— It's not just a serious risk to the agreement , It also brings serious risks to its users .

MakerDAO:Maker Of Peg The main mechanism of maintenance is PSM(Peg Stability Module), It allows users to exchange a given type of collateral directly for DAI, Instead of borrowing DAI.PSM The contract was designed with stable currency collateral in mind , Allow users to exchange other stable currencies for DAI, To help keep the hook closer . although PSM The technical details are beyond the scope of , But the important thing PSM Allow profitable arbitrage opportunities , When DAI And 1 When the dollar diverges , Can keep in touch with DAI hook .

Liquity: There is a unique mechanism called redemption mechanism . The redemption mechanism allows users to redeem LUSD Switch to ETH, perhaps 1 LUSD = 1 The dollar ETH. Users can use their LUSD The one with the highest exchange risk Troves( The loan ) Of ETH Collateral . This mechanism is used to maintain LUSD Hook and protect it about 1 The price floor of the dollar . The effective reason is when LUSD lower than 1 Dollar time , Arbitrageurs can take LUSD redeem , Destroy in the process LUSD And bring the peg back to parity .

Maker Of PSM Bring collateral in exchange for DAI, and Liquity The global redemption mechanism is reduced LUSD Debt in exchange for ETH Collateral .

MakerDaoyu And Liquity Stability fee and interest free

Maker The stabilization fee and Liquity A one-time fee for ( It's interest free ) Model .

MakerDAO:Maker The stabilization fee will be continuously included in the user's loan , Until the user pays off the debt . According to the governance situation , The interest rate may increase or decrease during the term of the user's loan .Maker Of ETH The stabilization fee in the Treasury is 3% To 10% Between . According to Vault The minimum mortgage ratio to pay the premium . The lower the minimum mortgage ratio , The higher the user's stability fee .

Liquity: When borrowing money, users need to pay a borrowing fee , Used to cast LUSD. This fee is put into the user's debt . The scope of borrowing costs 0.5% To 5% Between , It usually stays at 0.5% about . The cost of borrowing fluctuates with the amount of redemption , If you need to redeem a large amount LUSD, Borrowing costs will also increase . without LUSD Redeemed , Borrowing costs will remain at 0.5% about . Take a completely different approach to governance , Choose not to conduct manual management at all . System parameters are either immutable , Or algorithm controlled . stay Liquity in , The type of collateral allowed 、 System parameters such as minimum collateral ratio cannot be changed .

Maker And Liquity Mechanism

1、Liquity be better than Maker The reason is that it has a low mortgage rate . On the macro level ,Liquity Than Maker Can release more ETH Mobility . Microscopically speaking , Users can get higher leverage and less liquidation risk .

2、Maker requirement ETH Provide 130/150% Because of its liquidation mechanism . Suppose the auction process is quite long , That leaves more time for price fluctuations to devour the value of collateral . In this sense , Additional collateral is a buffer against the risk of price fluctuations . and Liquity Provide almost immediate clearing function , Therefore, it does not need to bear with Maker The same high risk , That is, it has the ability to reduce the mortgage rate . The innovative clearing mechanism integrates three-tier defense functions :1、 Stability pool :Liquity Avoided MakerDAO And the lengthy liquidation procedures peculiar to other borrowing agreements . The system supports automatic clearing with stabilization pool , The stabilization pool is designed to absorb and eliminate defaulting debt , Once the collateral is 110%, Up to... Can be liquidated at one time 40 Positions .2、 Redistribution mechanism : If the stabilization tank does not have sufficient liquidity , The second stage starts , Redistribution mechanism . The redistribution mechanism can redistribute the remaining debt from the liquidated positions to all existing positions . In this case , Compared with low mortgage positions , High collateral positions will take on more debt and obtain more collateral from the liquidated assets . In order to provide this additional security layer for the system , These higher collateral positions will be rewarded as liquidators , Get the basic collateral after liquidation fundamentally .3、 Recovery mode : The third layer of protection focuses on systemic risks .Liquity Introduce recovery mode . If the overall mortgage rate of the agreement falls to 15% following , This mode will be triggered . In this way, the system will try to use the stabilization pool to offset the position with the lowest mortgage rate ( Even higher than 110%) Position .

MakerDAO、Compound and Aave Liquidation mechanism

MakerDAO:Maker The most important parameter in the system is the minimum mortgage rate , That is, the ratio of mortgage assets to debt , This determines whether the system triggers liquidation . about ETH The minimum mortgage rate is 150%, If the mortgage rate is lower than this value , The mortgaged assets will be liquidated . This is in Maker The system is called asset auction . To reduce liquidation ,Maker The system has set a fine , That is, once the borrower's assets are liquidated , Will be charged 13% A fine of . This mechanism allows borrowers to keep an eye on their mortgages , Avoid liquidation .

Compound: The mortgage rate cannot exceed the liquidation line . The mortgage rate is the ratio of the loan amount to the mortgage amount , The clearing line is set by the system , for example ETH The liquidation line of is 80%, If the mortgage rate exceeds this number, it will be liquidated . however Compound The platform does not give a security threshold . for example ETH The clearing line is 80%, Users can lend directly without any restrictions 80% The assets of the , In this way, the user assets will be liquidated directly .Compound Another concept 【 Borrowing rate 】. The borrowing rate is the ratio of the borrowing amount to the borrowing limit , at present ETH Our mortgage rate is 75%, That is, deposit value 100 The dollar ETH, You can only borrow 75 dollar . If you borrow 50 dollar , Then the borrowing rate is 50/75=66.66%, If you borrow 75 dollar , Then the borrowing rate is 100%, The system will trigger liquidation . Since the system has no limit between the maximum borrowing rate and the liquidation line , Therefore, users participating in the agreement should keep enough security funds . And Maker The total liquidation of is different ,Compound Our assets are only 50% Will be liquidated .Compound There is no auction process , Auctions reduce the speed of liquidation , Increased debtor risk . and Compound Introduced the role of Liquidator , Any liquidator can quickly take over the debtor's position . Platform The liquidation penalty is fixed at 8%, Far below MakerDao, This penalty is the liquidator's profit .

Aave The upper limit of a single liquidation is... Of the mortgaged assets 50%, There is no auction process . Anyone who participates in liquidation at a certain discount .①、 Depending on the asset utilization , The proportion of liquidation penalty ranges from 5%~15% Floating change . for example ETH The proportion of penalty is 5%.②、 A buffer threshold is set between the mortgage rate and the liquidation line .

DeFi In the loan agreement ,Maker The penalty is fixed at 13%,Compound Fixed for 8%,Aave Protocol dynamics . In lending Maker and Compound And provide users with safety pads , It's not good for many novice users . and Aave The protocol sets 5% Left and right safety pads , More user-friendly . In terms of liquidation mechanism ,Maker Adopt auction mechanism , And the auction cycle is long .Compound and Aave Then the method of Liquidator , Fast liquidation .Compound It is difficult to participate in liquidation ,Aave It's easier to participate in liquidation .