Dai 1.0

Introduction - Stability - Core API - Dai CLI


Dai 1.0 is a simplification of the Dai Stablecoin System intended for field testing and refining Dai components. Dai 1.0 has several features that distinguish it from future versions:

  • trusted price feed
  • single collateral type
  • liquidations at fixed price (rather than auctions)

This API documentation is an introduction to Dai, aimed at those seeking an understanding of the Solidity implementation. We assume knowledge of the white paper, a high level overview of Dai. A reading of the purple paper, the (in progress) detailed Dai technical specification and reference implementation, is strongly encouraged but not required.

  • gem: underlying collateral (ether, in practice)
  • dai: stablecoin
  • peth: abstracted collateral claim
  • sin: anticoin, dai mirror
Core components
Risk parameters

Configured via governance:

  • way: Dai reference price drift
  • cap: Debt ceiling
  • mat: Liquidation ratio
  • tax: Stability fee
  • axe: Liquidation penalty
  • gap: Join/Exit and Boom/Bust spread