MakerDAO Single-Collateral DAI Sets DeFi Baselines
Code: NT-105
Tags: #defi #makerdao #dai
Language: en
Field Notes
Maker governance calls were small but intense, with community members obsessing over stability fee votes and liquidation ratios. The idea that a dollar-pegged asset could live purely on-chain felt fragile, so risk discussions dove into collateral concentration every week.
Market Read
DAI supply oscillated around 50–60 million, and secondary markets like Oasis and Radar Relay worked to keep the peg near $1 despite ETH volatility. Vault owners watched the ETH price ticker constantly to avoid being liquidated at 13% penalty fees.
Technical Moves
Single-Collateral DAI (SCD) relied on ETH-backed CDPs, and the Keeper network maintained liquidation auctions through scripts community members shared on GitHub. Oracles were gradually decentralized via a whitelist of feeders, laying groundwork for multi-collateral DAI.
Open Questions
Could the system survive a 50% hourly crash without cascading liquidations? When would Maker risk diversify beyond ETH, and how would governance scale once more assets entered the mix?