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asymmetric edited this page May 24, 2019 · 24 revisions

Dai Glossary


  • guy, usr: some address
  • wad: some quantity of tokens, usually as a fixed point integer with 10^18 decimal places.
  • ray: a fixed point integer, with 10^27 decimal places.
  • rad: a fixed point integer, with 10^45 decimal places.
  • file: administer some configuration value


  • auth: check whether an address can call this method
  • ward: an address that is allowed to call authed methods
  • rely: allow an address to call authed methods
  • deny: disallow an address from calling authed methods

CDP Engine - Vat

  • CDP: Collateralised Debt Position

  • gem: collateral tokens

  • dai: stablecoin tokens

  • sin: anticoin tokens (system debt, not belonging to any urn)

  • ilk: a collateral type

    • rate: stablecoin debt multiplier (accumulated stability fees)
    • take: collateral balance multiplier
    • Ink: total collateral balance
    • Art: total stablecoin debt
  • init: create a new collateral type

  • urn: a specific CDP

    • ink: collateral balance
    • art: outstanding stablecoin debt
  • debt: the total quantity of stablecoin issued

  • vice: the total quantity of system debt

  • slip: modify a user's collateral balance

  • flux: transfer collateral between users

  • move: transfer stablecoin between users

  • grab: liquidate a CDP

  • heal: create / destroy equal quantities of stablecoin and system debt (vice)

  • fold: modify the debt multiplier, creating / destroying corresponding debt

  • toll: modify the collateral multiplier, creating / destroying corresponding collateral

  • suck: mint unbacked stablecoin (accounted for with vice)

  • spot: collateral price with safety margin, i.e. the maximum stablecoin allowed per unit of collateral

  • line: the debt ceiling for a specific collateral type

  • Line: the total debt ceiling for all collateral types

  • dust: the minimum possible debt of a CDP

  • frob: modify a CDP

    • lock: transfer collateral into a CDP
    • free: transfer collateral from a CDP
    • draw: increase CDP debt, creating Dai
    • wipe: decrease CDP debt, destroying Dai
    • dink: change in collateral
    • dart: change in debt
    • calm: true when the CDP remains under both collateral and total debt ceilings
    • cool: true when the stablecoin debt does not increase
    • firm: true when the collateral balance does not decrease
    • safe: true when the CDP's ratio of collateral to debt is above the collateral's liquidation ratio
  • fork: split a CDP - binary approval or splitting/merging CDP's

    • dink: amount of collateral to exchange
    • dart: amount of stablecoin debt to exchange
  • wish: check whether an address is allowed to modify another address's gem or dai balance

    • hope: enable wish for a pair of addresses
    • nope: disable wish for a pair of addresses

Stability Fees - Jug

  • duty: the stability fee

  • base: global stability fee

  • rho: when this collateral type was last collected from

  • drip: determine the increase

Liquidations - Cat

  • mat: the liquidation ratio

  • chop: the liquidation penalty

  • lump: the liquidation quantity, i.e. the fixed debt quantity to be covered by any one liquidation event

  • bite: initiate liquidation of a CDP

  • flip: liquidate collateral from a CDP to cover a fixed quantity of debt

Settlement - Vow

  • sin: the debt queue

  • Sin: the total debt in the queue

  • Woe: the total non-queued non-auction debt

  • Ash: the total on-auction debt

  • Awe: the total debt

  • Joy: the total surplus

  • fess: add debt to the queue

  • flog: realise debt from the queue

  • wait: length of the queue

  • heal: cancel out surplus and debt

  • kiss: cancel out surplus and on-auction debt

  • sump: debt auction lot size, i.e. the fixed debt quantity to be covered by any one debt auction

  • bump: surplus auction lot size, i.e. the fixed surplus quantity to be sold by any one surplus auction

  • hump: surplus buffer, must be exceeded before surplus auctions are possible

Auctions - Flipper,Flopper,Flapper

  • flip: collateral auction (selling collateral for stablecoins)

  • flop: debt auction (covering debt by inflating MKR and selling for stablecoins)

  • flap: surplus auction (selling stablecoins for MKR)

  • lot: quantity up for auction

  • bid: quantity being offered for the lot

  • tab: total dai to be raised (in flip auction)

  • guy: high bidder

  • gal: recipient of auction income

  • ttl: bid lifetime

  • beg: minimum bid increase

  • tau: maximum auction duration

  • end: when the auction will finish

  • kick: start an auction

  • tick: restart an auction

  • tend: make a bid, increasing the bid size

  • dent: make a bid, decreaseing the lot size

  • deal: claim a winning bid

Global Settlement - End

  • when: the time of settlement

  • wait: the length of processing cooldown (allowing undercollateralised CDPs to be skimmed)

  • debt: outstanding stablecoin supply, after system surplus/deficit has been absorbed

  • tag: price per collateral type at time of settlement

  • gap: shortfall per collateral considering undercollateralised CDPs

  • fix: the cash price for an ilk (amount per stablecoin)

  • bag: untransferrable stablecoins ready to exchange for collateral

  • out: the amount of already exchanged stablecoin for a given address

  • cage: freeze system, cancel flip/flop auctions, start the cooldown period

  • cage(ilk): sets the settlement price for an ilk

  • skim: cancels CDP debt, taking backing collateral but leaving excess

  • skip: optionally cancel live auctions

  • free: remove collateral from CDP

  • thaw: fixes the total outstanding supply of stablecoin

  • flow: calculates the fix price for an ilk, possibly adjusting cage price with surplus/deficit

  • pack: put some stablecoin into a bag in preparation for cash

  • cash: exchange some stablecoin from bag for a given gem, share proportional to bag size

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