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Glossary of Terms

A

B

C

Collateral
  • assets locked in a Vault
Collateral Auction
  • a type of auction that serves as a means to recover generated Dai from Liquidated Vaults
Collateral Claims
  • the amount of redeemable collateral Dai holders and Vault owners have claim to in the event of an Emergency Shutdown
Collateralization Ratio
  • the ratio between a Vault's collateral and the Dai generated by that Vault
Continuous Approval Voting
  • a voting design that involves leaving your vote in the governing proposal, moving your vote only when you wish to support a new proposal

D

Dai
  • USD pegged decentralized stablecoin of the Maker Protocol
Dai Savings Rate
  • a variable return that is earned by holding Dai in the DSR smart-contract
Debt Auction
  • a type of auction that serves as a means to recapitalize the system by auctioning off MKR for a fixed amount of Dai
Debt Ceiling
  • the maximum amount of Dai that can be generated in the Maker Protocol per collateral type
Decentralized Risk Management
  • the cooperative interaction between Maker Token Holders and all Risk Teams to manage risks in MakerDAO
Development Fund
  • another name for the Maker Foundation’s multisig wallet that contains MKR, which is sold for operational expenses

E

Emergency Shutdown
  • a security feature that allows the system to shut down and make underlying collateral available for redemption by Vault owners and Dai holders
Executive Vote
  • a continuous approval vote that executes changes in the system if passed

F

Feed
  • an organization or individual that runs a price-feed that is used the Maker Protocol's Oracle system

G

Generated Dai
  • the amount of Dai generated against one's collateral using a Maker Vault
Global Debt Ceiling
  • the maximum amount of Dai that can be generated in the Maker Protocol
Governance Facilitator
  • an elected role that is responsible for supporting MakerDAO's governance process
Governance Poll
  • a time-based vote to gather soft consensus
Governance Portal
  • a front-end application that allows you to interact with MakerDAO's on-chain governance
Governance Security Module
  • a security feature of the Maker Protocol that delays certain governance actions by a predetermined amount of time

H

I

Interim Risk Team
  • the first Risk Team whose role is to help bootstrap the Decentralized Risk Management function

J

K

Keeper
  • external actors who perform various functions in the Maker Protocol

L

Liquidation
  • an automated sale of a Vaults collateral to cover its Generated Dai balance
Liquidation Penalty
  • a penalty fee that's applied to a Vault's Generated Dai balance when it is liquidated
Liquidation Price
  • lowest price per unit of collateral before a Vault is vulnerable to liquidation
Liquidation Ratio
  • a risk parameter defining the minimum Collateralization Ratio below which a Vault is vulnerable to liquidation

M

Maker Foundation
  • the organization that was created to develop and bootstrap the Maker Protocol
Maker Protocol
  • a name that describes the entire smart-contract system of MakerDAO, also known as Multi-Collateral Dai
Market-Maker
  • an agent that provides liquidity to a market by offering both bids and asks at a spread for a given asset
MCD
  • acronym for Multi Collateral Dai
MKR
  • governance token of MakerDAO
Multi Collateral Dai
  • the upgraded Maker Protocol that facilitates the use of multiple collateral types in Vaults

N

O

Oracle
  • a mechanism which makes off-chain data, such as price data, available on-chain for use in smart-contracts
Oracle Security Module
  • a security mechanism that delays and publishes the reference price produced by the Oracle System

P

Price-Feed Delay
  • a risk parameter that controls the delay of the reference prices published by the Oracle system
Proposal
  • a written plan put forward for a vote

Q

R

Reference Price
  • the published price of an asset that is produced by the Maker Protocol's Oracle system and that is used for calculations in the Maker Protocol
Risk Construct
  • a collection of data, risk models, outputs, documentation, and analysis
Risk Model
  • an analytical model measuring and predicting risk, including the input data and output of the model
Risk Parameters
  • a set of configurable, risk-related, variables used to manage the system
Risk Team
  • an independent party who creates a Risk Construct and proposes Risk Parameters to MakerDAO Governance

S

Sai
  • a stablecoin similar to Dai that was produced from the Single-Collateral Dai version of the Maker Protocol
SCD
  • acronym for Single Collateral Dai
Single Collateral Dai
  • the former version of the Maker Protocol which solely accepted ETH as collateral
Soft-peg
  • relating the target value of a cryptocurrency to the absolute value of a fiat currency, allowing for some variance
Stability Fee
  • a variable Fee charged to a Vault for the generation of Dai, set by MKR holders through the governance of the Maker Protocol
Surplus Auction
  • a type of auction that serves as a means to sell a fixed amount of surplus Dai in the system in exchange for MKR that is then burned

T

Time-Based Voting
  • a voting design that ends a vote at a predetermined time

U

V

Vault
  • a core component of the Maker Protocol that facilitates the creation of Dai against locked up collateral, there are different Vault types users can utilize
Voting Contract
  • a smart-contract that allows MKR holders to vote with their tokens
Vote Proxy Contract
  • a smart-contract that makes linked wallet voting possible, allowing MKR token holders to vote with their hot wallets using MKR that is stored on their cold wallets

W

X

Y

Z

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