MakerDAO multi-asset mortgage Dai's evolutionary road

MakerDAO gradually introduced the choice of multi-asset mortgage contract, which was recently questioned by the community. In response, the founder of MakerDAO also responded .

As early as the end of last year, MakerDAO opened up the first version of its multi-asset mortgage Dai, and this open source contains four main components:

  1. Source code (The Source);
  2. Kovan test network object;
  3. MCD CLI;
  4. Formal verification certificate;

The source code includes the following features:

(1) Core multi-asset mortgage Dai CDP engine;

(2) ETH and REP test tokens as collateral for the adaptation contract

(3) Feeding prices of ETH and REP;

(4) Auction contract: used to purchase and burn MKR, responsible for generating and selling MKR, and selling cleared collateral;

The MCD contract and its documentation link are as follows:

Https://github.com/makerdao/dss

Https://github.com/makerdao/dss/wiki

The source code links for feed prices, medianizers, and security modules are as follows:

Https://github.com/makerdao/medianizer

Https://github.com/makerdao/price-feed

Https://github.com/makerdao/osm

For developers who want to deploy multi-asset collateral Dai on a private Ethereum network, here are the repositories available to you:

Https://github.com/makerdao/dss-deploy

Kovan test net object

Below is the Kovan test network address for each module. The source code verified formally can be viewed on Etherscan.

Official taps for MKR and REP tokens for testing.

By command character:

seth send0x2cb53ca7500d8d04888e0E348cB601CB9abe395D 'gimme()' 

You can get 10 MKR and 100 REP for testing (note: just test coins), and each address can be obtained once.

Since then, MakerDAO has been updated several times, such as version 0.2.2 released in March, version 0.2.3 and 0.2.4 released in April… As of now, the code of MakerDAO multi-asset mortgage Dai has been iterated to the latest Version 0.2.13.

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(Source: changelog.makerdao.com)

Attachment: Multi-asset Mortgage Dai Developer Guide

As we all know, one of the main challenges of blockchain projects is smart contracts. The multi-asset mortgage Dai is an auto-run decentralized system that runs autonomously once deployed on the blockchain. In short, each deployment will go through a series of update steps until the system is fully operational.

Therefore, after each update, the multi-asset mortgage Dai's smart contract will change.

For example, in version 0.2.6, its smart contract is like this:

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(0.2.6 version of multi-asset mortgage Dai contract, picture from blog.makerdao.com)

In the latest version 0.2.13, these contract addresses have changed. For details, please visit: https://changelog.makerdao.com/releases/0.2.13/contracts.json

Multi-asset mortgage spy photos

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Candidate assets of multi-asset mortgage Dai

The most common question about multi-asset mortgage Dai (MCD) is: Which assets will be added to the system's collateral?

At the end of June this year, MakerDAO announced the first list of candidate assets, including:

  1. Augur (REP)
  2. Brave (BAT)
  3. DigixDAO (DGD)
  4. Ethereum (ETH)
  5. Golem (GNT)
  6. OmiseGo (OMG)
  7. 0x(ZRX)

Thereafter, the MakerDAO risk team will conduct a risk assessment of the seven collaterals and finalize the list. This is also the most controversial place, many people do not want to believe in collateral other than ETH, which also caused a lot of trouble for MakerDAO.

Multi-asset mortgage Dai's emergency shutdown mechanism

In addition, Multi-asset Mortgage Dai has designed an Emergency Shutdown mechanism, which is the ultimate protection for the value of the Maker system to the Dai Holder and CDP Owners. It is responsible for ensuring that all users have the corresponding net worth. Assets and protect the Maker system from attacks. Simply put, Dai holders can directly redeem their collateral for their value.

Emergency shutdown is a last resort that may be initiated in the event of, for example, long-term market irrationality, hacking and security breaches.

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(Image courtesy of blog.makerdao.com)

In Multi-asset Mortgage Dai, the process of initiating an emergency shutdown is decentralized and triggered by the MKR holder by locking the MKR in the Emergency Shutdown Module. An emergency shutdown is only initiated when the number of locked MKRs reaches the specified value. This value was also voted by the MKR holder and was originally proposed for 50,000 MKR. For security reasons, MKR holders can also choose to have an emergency Oracle that triggers an emergency shutdown feature that monitors the system for smart contract security vulnerabilities.

summary

We can observe that MakerDAO's multi-asset mortgage Dai plan is in high-speed iteration, and it is still in the testing stage of Kovan test network. The official has not yet announced the expected time to officially access the Ethereum main network. Obviously, this will be a very interesting innovation, and whether it will be widely accepted remains to be confirmed by the market.

What is your opinion?

Reference materials:

1. https://medium.com/makerdao/the-code-is-ready-2aee2aa62e73

2, https://medium.com/makerdao/update-the-road-to-multi-collateral-dai-2d4c48092270

3, https://blog.makerdao.com/zh/%e5%a4%9a%e6%8a%b5%e6%8a%bc-dai-%e5%9c%a8-kovan-%e6%b5%8b %e8%af%95%e7%bd%91%e5%8f%91%e5%b8%83-0-2-6-%e7%89%88/

4, https://blog.makerdao.com/zh/%e7%a7%91%e6%99%ae-%e5%a4%9a%e6%8a%b5%e6%8a%bc-dai-%e7 %9a%84%e7%b4%a7%e6%80%a5%e5%85%b3%e5%81%9c-emergency-shutdown/