Dai是以太坊上最大的去中心化稳定币，由MakerDAO开发并管理，是去中心化金融（DeFi）的基础设施。Dai由链上资产足额抵押担保发行，和美元保持1:1锚定，1Dai=1美元。个人和企业可以通过兑换Dai或者抵押借Dai获得避险资产和流动资金。Dai在抵押贷款、保证金交易、国际转账、供应链金融等方面都已经有落地应用。
Dai is the largest decentralised and stable currency in the Taiku, developed and managed by MakerDAO, and is an infrastructure for decentralised finance (DeFi). Dai is issued with a full collateral guarantee from assets in the chain, and the dollar is kept at 1:1 anchor, 1Dai = $1. Individuals and businesses can obtain safe assets and liquidity by swapping or mortgageing Dai. Dai already has local applications in mortgages, bond transactions, international transfers, supply chain finance, etc.
Maker协议，也称为多抵押Dai（MCD）系统，允许用户通过利用“ Maker Governance”批准的抵押资产来生成Dai。 Maker治理是社区组织和运营的过程，用于管理Maker协议的各个方面。Dai是与美元挂钩的去中心化，无偏见，由抵押支持的加密货币。Dai的低波动性可抵抗恶性通货膨胀，为任何地方的任何人提供经济自由和机会。
The Maker agreement, also known as the multi-collateral Dai (MCD) system, allows users to generate Dai by using collateral assets approved by “Maker Governance.” Maker governance is a process of community-based organization and operation that manages all aspects of the Maker agreement.
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Dai 稳定货币是由抵押资产支撑的数字货币，其价格和美元保持稳定。Maker是以太坊上的智能合约平台，通过抵押债仓（CDP）、自动化反馈机制和适当的外部激励手段支撑并稳定 Dai 的价格。
Dai’s stable currency is a digital currency supported by collateral assets, and its prices and the dollar remain stable. Maker is a smart contract platform in the Pacific, supported and stabilized by mortgage warehouse (CDP), automated feedback mechanisms, and appropriate external incentives.
Maker平台可以让任何人有机会利用以太坊资产生成 DAI 进行杠杆操作。当 Dai 被创造出来后，它可以作为任何其它数字货币资产一样使用：自由发送给他人，作为商品和服务的支付手段，或者长期储藏。重要的是，Dai 的出现也是健全的去中心化杠杆交易平台的必需品。
The Maker platform provides anyone with an opportunity to leverage DAI generated from Taiwan assets. When Dai is created, it can be used as any other digital monetary asset: free to send to others, as a means of paying for goods and services, or as a long-term storage.
项目特点 在 Maker 的系统中，Dai 目标价格有两个重要功能: 1.用来计算抵押债仓的抵押债务比例；2.决定 Dai 持有者在全局清算时将收到的抵押资产价值。初始目标价格将设为和美元1:1，逐渐会和美元软锚定。
In the Maker system, the project feature of
应用场景 MKR 的持有者可以投票参与下列风险系统行为： 增加新的抵押债仓种类：创建一个独有风险参数的新抵押债仓种类。一个新的抵押债仓种类可以是新的抵押资产也可是已有抵押资产种类的新的组合。
Holders of the
修改已有抵押债仓种类：修改一个或多个已有抵押债仓种类的风险参数。
Modification of existing types of mortgages: modification of risk parameters for one or more existing types of mortgages.
修改敏感参数：改变目标价变化率回馈机制的敏感度。
Modification of sensitive parameters: change the sensitivity of the target price change rate feedback mechanism.
修改目标价变化率：管理者可以调整目标价变化率。在实际操作中，调整目标价变化率只有在一种情况下可以实现：当 MKR 持有者希望把 Dai 的价格锚定当前的目标价格。这将通过一并调整敏感参数实现。通过把敏感参数和目标价变化率设为零，目标价变动反馈机制将失效，Dai 的目标价格将锚定其当前价值。
Modifying the target rate of price change: The manager can adjust the target rate of price change. In practice, adjusting the target rate of price change can be achieved only in one case: when MKR holders wish to anchor Dai's price at the current target price. This will be achieved by adjusting sensitive parameters together. By setting sensitive parameters and target price change rates at zero, the target price change feedback mechanism will fail, and Dai's target price will anchor its current value.
选择可信任的预言机（Oracles）：Maker 平台通过去中心化的预言机基础设施获取抵押物的内部价格和 Dai 的市场价格，这一基础设置包含很广泛的预言机个体节点。MKR 持有者控制哪些节点可以作为可信任的预言机及其数量多少。只要超过半数的预言机正常运行，系统的安全就不会受到破坏。
Select a trusted prophetic machine (Oracles): The Maker platform obtains the internal price of collateral and the market price of Dai through a decentralised prophesy infrastructure, which is based on a wide range of prophesy machine individual nodes. The MKR holder controls which nodes can be trusted and how many of them. As long as more than half of the prosphemists function properly, the system’s security will not be compromised.
调整喂价敏感度：改变决定喂价在多大程度能够影响系统的内部价格。
Adjustment of the sensitivity of feeding prices: Changes in the extent to which decisions on the price of feeding affect the internal price of the system.
选择全局清算者：全局清算者是 Maker 平台能够抵御预言机或者管理步骤攻击的关键机制。管理机制选择全局清算者并决定需要多少清算者去启动全局清算。
Select the global liquidator: The global liquidator is the key mechanism for the Maker platform to be able to withstand a prophesy or a managerial step attack. The management mechanism selects the global liquidator and decides how many liquidators are needed to initiate the global liquidation.
风险参数 Dai 稳定货币系统中的抵押债仓(CDP) 有多个风险参数。每一个 CDP 种类都有其独有的风险参数设置，这些参数决定了该 CDP 类型的风险情况。这些参数都是由 MKR 的持有者投票决定(一个MKR 代表一票)。
risk parameters Dai's mortgage warehouse in a stable currency system have multiple risk parameters. Each CDP class has its own unique risk parameter set, which determines the CDP type risk profile. These parameters are determined by the MKR holder (one MKR for one vote).
关键的CDP风险参数包括： 债务上限：债务上限是指单一类型的 CDP 能够创造的债务的最大值。一旦某一类型的CDP 创造出的债务达到上限，将无法创造出新的 Dai ，除非现有的 CDP被赎回。债务上限用于确保抵押资产组合有足够的多样化。
Key CDP risk parameters include: Debt cap: The debt cap refers to the maximum value of debt that a single type of CDP can create. Once the debt created by a particular type of CDP reaches the ceiling, it will not be possible to create a new Dai unless the existing CDP is redeemed. The debt cap is used to ensure sufficient diversification of the mortgage portfolio.
清算比率: 清算比率是 CDP 遭到清算时的抵押 / 债务的比例。较低清算比率意味着 MKR投票者预期抵押资产的价格波动较低，较高清算比率意味着 MKR 投票者预期抵押资产的价格波动较高 。
Liquidation ratio: The liquidation ratio is the ratio of the CDP mortgage/debt at the time of liquidation. The lower liquidation ratio means that MKR voters expect the price of the mortgage assets to fluctuate less, and the higher liquidation ratio means that MKR voters expect the price of the mortgage assets to fluctuate more.
稳定费用：稳定费用是每个 CDP 所需要支付的费用。基于 CDP 产生的债务的一个年化比例，必须由 CDP 持有者支付。稳定费用以 Dai 标价，但是只能用 MKR 代币偿付。需要支付的 MKR 数量取决于 MKR 的市场喂价。在偿付完后，MKR会被销毁并从流通中完全移除。
Stable costs: Stable costs are the costs that each CDP has to pay. An annualized proportion of the CDP-based debt must be paid by the CDP holder. Stable costs are priced at Dai, but they can only be paid in MKR tokens. The amount of MKRs to be paid depends on MKR's market feed. When paid, MKRs are destroyed and removed from circulation.
罚金比例：罚金比例用来决定清算拍卖中在用于购买和销毁 MKR 供给的最大 Dai 数量，CDP中剩余的抵押资产会返回到清算前 CDP的持有者。罚金比例是为了提高清算系统的效率。在单一抵押资产 Dai 的情况下，清算罚金会用作购买和销毁 PETH，提高 PETH 可兑换 ETH 的比例。
The penalty rate is used to determine the maximum amount of Dai in the liquidation auction used to purchase and destroy MKR supplies, and the remaining collateral in the CDP returns to the holders of the pre-liquidation CDP. The penalty rate is used to improve the efficiency of the liquidation system. In the case of a single mortgage asset, Dai, the penalty is used to purchase and destroy PETH and to increase the ratio of PETH convertible ETH.
MKR代币治理系统： 除了获取来自 CDP 的稳定费用之外，MKR 持有者在 Maker 平台的管理中起到重要作用。 平台的管理是通过 MKR 持有者的有效提案投票选举。有效提案是通过 MKR 投票的智能合约以修改 Maker 平台的内部管理变量。建议可以分为两种形式：单一行动提案合约和代理提案合约。
The MKR holder plays an important role in the management of the Maker platform, in addition to obtaining stable costs from the CDP. The platform is managed by voting through a valid proposal by the MKR holder. The valid proposal is to modify the internal management variables of the Maker platform through an intelligent contract with the MKR vote. The proposal can be divided into two forms: a single action proposal contract and a proxy proposal contract.
单一行动提案合约只能在获取根访问权限后才能执行。在执行后，内部管理变量会立即改变。在一次执行后，单一行动提案会被删除并失效。这种提案将在系统的第一阶段使用，运用起来不是很复杂，但是灵活性比较小。
Once implemented, the internal management variable changes immediately. Once implemented, the single action proposal is deleted and invalidated. The proposal will be used in the first phase of the system and will not be complex, but less flexible.
代理行动提案合约是通过不断使用根权限的第二层管理逻辑。第二层管理逻辑可以相对简单，比如设计一个关于风险参数的每周投票。同时也可以采用更高级的逻辑，比如在设定时间段内限制管理行动的范围，甚至在限制下删除其下层代理行动提案合约的许可。
The proxy action proposal contract is a second tier of management logic through the constant use of root authority. The second tier of management logic can be relatively simple, for example, by designing a weekly vote on risk parameters.
任何以太账户都可以部署有效的提案智能合约。MKR 持有者可以通过 MKR 代币投准许票将一个或多个提案选为有效提案。拥有最多准许票的智能合约将成为有效提案。
Any Ether account can deploy a valid proposal smart contract. The MKR holder can select one or more proposals as valid by giving permission to vote in MKR. The smart contract with the maximum permitted vote will be valid.
MKR和多种抵押资产Dai： 在升级到多种抵押资产 Dai 之后，MKR 会替代 PETH 在资产重组的过程中起到更重要的作用。当市场崩盘 CDP 发生抵押不足时，MKR 会自动增加供给并从市场上回购足够的资金对系统进行资产重组。
MKR and multi-collateral asset Dai: , after upgrading to multiple mortgage assets, MKR will replace PETH for a more important role in asset restructuring. When the market collapses and the CDP falls short of collateral, MKR automatically increases supply and buys back sufficient funds from the market to restructure the system.
每种 CDP 类型都有其独特的清算比率，这一比率由 MKR 持有者决定并基于这种 CDP 类型的特定抵押资产风险。当 CDP 低于其清算比率的时候，清算便会启动。 Maker 平台会自动购买 CDP 中的抵押资产并逐渐卖出。在单一抵押资产 Dai 的阶段，会有一个过渡机制叫做流动性供给合约，而在多种抵押资产 Dai 阶段会启动竞卖机制。
Each type of CDP has its own unique liquidation ratio, which is determined by MKR holders and based on specific CDP-type risk. When the CDP is below its liquidation ratio, liquidation starts.
流动性供给合约（单一抵押阶段过渡性机制）： 在单一抵押资产 Dai 的阶段，清算的过程叫做流动性供给合约。根据系统喂价直接与以太坊使用者和看护机进行交易的智能合约。当CDP被清算，系统会立即回收其抵押品。CDP持有者会收到去除债务、稳定费用和清算罚金后的剩余抵押资产。
Liquid Supply Contract (Single Mortgage Transitional Mechanism): at the stage of a single mortgage asset, the liquidation process is called the Liquid Supply Contract.
PETH 抵押资产将会在流动性供给合约中出售，看护机可以自动交易 Dai 购买 PETH。所有支付的 Dai 会从流通中立即销毁，直到CDP债务数量被消除。如果在去除CDP债务后还有剩余的 Dai，这部分 Dai 会被用来购买并销毁PETH，从而提高PETH可兑换ETH的比例。这对PETH持有者来说将会是收益。
The PETH mortgage assets will be sold in a liquid supply contract, and the caretakers will automatically trade in Dai for PETH. All paid Dai will be destroyed from circulation immediately until the amount of CDP debt is eliminated. If there is a remaining Dai after the CDP debt has been removed, this Dai will be used to purchase and destroy PETH, thereby increasing the proportion of PETH convertible ETH. This will be a gain for PETH holders.
如果出售的PETH未能募集到足够的 Dai 以偿付整个债务，系统会连续增发并出售 PETH。以这种方式新创造出来的 PETH 会降低 PETH 可兑换 ETH 的比例，从而使得 PETH 持有者收益减少。
If the sold PETH fails to raise enough Dai to pay the entire debt, the system increases and sells PETH. The newly created PETH in this way reduces the share of PETH ETH, thereby reducing PETH holders'earnings.
债务竞卖和抵押资产竞卖（多种抵押阶段机制）： 在清算发生时，Maker 平台会购买 CDP 中的抵押物并逐渐通过自动竞卖的方式售出。竞卖的机制可以让系统即使在无法获得价格信息的时候，处理 CDP。
The mechanism allows the system to process the CDP even if price information is not available.
为了能够回购 CDP 中的抵押资产并用来出售，系统会首先募集足够的 Dai 以偿付 CDP的债务。这一过程叫做债务竞卖，通过增发 MKR 的供给并以竞卖的方式出售给竞卖参与者。
In order to be able to buy back and sell the mortgaged assets in the CDP, the system first collects enough Dai to pay the CDP debt. This process is called a debt competition, which is sold to competing participants through an increased supply of MKRs and through a competitive sale.
与此同时，CDP中的抵押资产会以抵押资产竞卖的方式出售，CDP 债务和清算罚金的部分会用来回购并销毁 MKR。这可以直接抵销在债务竞卖中增发的 MKR。如果有足够的 Dai 用来偿付 CDP中的债务加上清算罚金，那么抵押竞卖会转换到反向竞卖机制，竞卖最少的抵押品 - 任何剩余的抵押品都会归还给 CDP 的原所有者。
At the same time, the collateral assets in the CDP will be sold as collateral, and the portion of the CDP debt and liquidation penalty will be used to buy back and destroy MKRs. This directly offsets the MKRs that have been added to the debt. If there is enough Dai to pay the debt in the CDP plus a liquidation fine, the mortgage will be converted to a counter-competitive mechanism, with the minimum remaining collateral returned to the original CDP owner.
其他参与者 除了智能合约基础设施之外，Maker 平台还依靠一些外部参与者保持运行。看护机和外部参与者会利用 Maker 平台的经济激励而行动。预言机和全局清算者是由 MKR 持有者任命的特殊外部参与者。
In addition to the smart contract infrastructure, the Maker platform is operated by a number of external players. Carers and external participants use the economic incentives of the Maker platform.
看护机 (Keepers)： 看户机是受经济激励驱动为去中心化系统做贡献的独立参与者(往往是自动化运行)。在 Dai 稳定货币系统中，看护机 在 CDP 清算的时候参与债务拍卖和抵押资产拍卖 。
Carer (Keepers): is an independent participant (often automated) driven by economic incentives to contribute to decentralised systems. In the Dai stable currency system, the Carer participates in debt auctions and mortgage auctions in CDP liquidation.
看护机也会围绕目标价格交易Dai 。当市场价格高于目标价格的时候，看护机将出售 Dai 。同理，当市场价格低于目标价格的时候，管理机将买入 Dai 。这样做的是为了从市场长期价格趋同目标价格中获益。
By the same token, when the market price is lower than the target price, the manager buys it. This is done in order to benefit from the market’s long-term price convergence of the target price.
预言机（Oracles）： Maker 平台需要抵押资产的实时价格信息以决定何时触动清算。Maker 平台同时也需要 Dai 的市场价格以在其偏离目标价格时触发目标价变化率反馈机制。MKR 持有者选择信任的预言机基于以太交易对Maker平台进行喂价。
The MKR holder chooses to trust the prophecies based on feeding the Maker platform on a trade-by-trade basis.
为了保护系统中的预言机不被攻击者控制，或者出现其他的碰撞，喂价敏感度指数作为全局变量将控制系统接收的最大喂价变化。
In order to protect the system from attackers or other collisions, the feed sensitivity index, as a global variable, controls the maximum price changes received by the system.
全局清算者： 全局清算者是和喂价预言机一样的外部参与者，是在Dai稳定货币系统遭遇攻击后的最后一道防线。MKR持有者选择并授权全局清算者以触发全局清算。除了这一授权外，全局清算者对系统没有任何其它的特殊控制。
Global Liquidator: Global Liquidator is the same external participant as Feeding Prospector and is the last line of defense following the attack on Dai's stable monetary system. MKR Holders select and authorize Global Liquidator to trigger global liquidation. Beyond this mandate, Global Liquidator has no other special control over the system.
中心化架构的问题： Maker团队将在Dai稳定货币系统早期阶段的发展和治理中发挥主要作用—为开销编制预算，雇佣新的开发者，寻求合作伙伴和机构用户，与监管者和外部主要股东沟通。如果Maker团队因为能力不足、法律原因或者管理外部问题而失败，Dai稳定货币系统将面临没有后备方案的风险。
The
缓解措施： Maker 社区存在的部分功能就是扮演 Maker 团队的去中心化对手方。这是一个由独立参与方组成的宽松集体。由于持有 MKR 数字资产，他们拥有强烈的激励看到 Dai 稳定货币系统的成功。在MKR 发行的早期阶段，核心开发人员获得了显著数量的 MKR 权益。当Maker团队不再是Dai稳定货币系统的前线发展重点后，大量的个人 MKR 持有者将因为经济激励去资助开发者，或者自行开发以保证他们的投资安全。
Mitigation measures: Maker Community has part of its function as a decentralised counterpart for the Maker team. This is a loose group of independent participants. With MKR digital assets, they have a strong incentive to see Dai stabilize the monetary system. During the early stages of MKR release, core developers gained a significant amount of MKR benefits. When the Maker team is no longer a front-line development focus for Dai’s stable monetary system, a large number of individual MKR holders will go to fund developers or develop their own investment security through economic incentives.
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Maker DAO被称为区块链上的去中心化“央行”，是一个建立在以太坊上的智能合约平台。通过这个智能合约平台，用户可以抵押其他类型的通证来换取价格相对稳定的通证DAI。通过利用智能合约，Maker实现了全过程的去中心化。没有任何单一实体能够控制市场上流通的DAI的数量，其流通量取决于市场中的用户利用Maker平台的兑换量。通过这种方式，Maker试图始终平衡DAI流通量的供需情况，以稳定其价格。
Maker DAO is known as the decentralized central bank on the block chain, a platform for smart contracts based on the Etherm. Through this smart contract platform, users can mortgage other types of passors in exchange for a more stable generality DAI. By using smart contracts, Maker has been able to decentralize the whole process.
DAI的价格与美元挂钩，兑换比例为1:1. 通过抵押获得的DAI可以作为价格稳定的交换媒介。当用户不再需要DAI时，用户可以通过与抵押时付出的等量DAI赎回抵押物，或者将其出售。在目前的通证市场上，几乎所有通证的价格波动幅度都较大，因而通过抵押获得的DAI的价格自然也会受到抵押物价格的影响。为了解决这个问题，Maker通过超额抵押（大于150%）的方式，用过量的抵押物来吸收抵押物本身价格波动带来的风险，以稳定抵押获得的DAI的价格。当DAI的价格出现波动时，Maker平台中的看护机可以通过对DAI的买卖获得利润并且稳定DAI的价格。当抵押物的价格波动超越了一定幅度，系统中的大多数机制都无法稳定DAI的价格时，全局清算系统便会启动，将DAI回收并且向用户返还抵押物，在最大程度上保护用户的利益。
The price of DAI is pegged to the United States dollar, and the exchange rate is 1:1. When the user no longer needs the DAI, the user can redeem or sell the collateral through the DAI equivalent paid at the time of the mortgage. In the current membrane market, the price of virtually all passors is volatile so that the price of the DAI obtained through the mortgage is naturally affected by the price of the collateral. In order to address this problem, Maker absorbs the risk of price fluctuations in the collateral itself by over-collateral (more than 150%), using excess collateral to absorb the DAI price.
生成稳定币DAI会有年化3.5%（目前）的费用，可以用MKR或者DAI支付，如果你的抵押债仓(CDP)被清算，你的抵押品会被扣除13%的罚金。
The creation of a stable currency DAI would have an annual (current) cost of 3.5 per cent, which could be paid by MKR or DAI, and if your mortgage warehouse (CDP) were liquidated, your collateral would be deducted by a fine of 13 per cent.
相关链接： https://makerdao.com/zh-CN/ https://awesome.makerdao.com/ https://makerdao.com/zh-CN/whitepaper/#abstract http://www.qukuaiwang.com.cn/szhb/2683.html#jj http://www.genesisfor.com/life1/show/454.html
Links: https://makerdao.com/zh-CN/https://awesome.makerdao.com/https://makerdao.com/zh-CN/whitepaper/#abstract http://www.qukuaiwang.com.cn/szhb/2683.html#jj http://www.genesifor.com/life1/show/454.html
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