安全与制造者

Quantstamp Announcements
March 15, 2021

Quantstamp recently completed 2 audits with Maker. We audited Liquidations 2.0 (MIP 45), a proposed update that heavily innovates upon existing liquidation mechanisms, and we also audited the Dai Peg Stability Module, a recently implemented mechanism that helps defend Dai’s peg to the US dollar. In addition to these audits, Quantstamp has previously worked with Maker to provide security services for recipients of Maker Community Grants including, but not limited to, Sablier, PoolTogether, and Ramp.

Maker: The Leader of DeFi

Dai marketcap is now over 2 billion USD. source: CoinGecko

Maker is foundational to DeFi. In December 2017, the Maker protocol went live and began offering loans in newly minted Dai, a stablecoin pegged to the US dollar. Dai is unique in comparison to other stablecoins because it is the most trustless: Dai balances cannot be frozen by third parties.

Although stablecoins and collateralized lending may seem like the norm now, Dai inspired—or at least influenced—the current status of DeFi by showing others that trustless lending and stablecoins were possible. Today, the Maker ecosystem continues to thrive and innovate. As of March 2021, Dai has massive liquidity with over 2.7 billion Dai in existence, the highest TVL in DeFi with over 6 billion USD worth of assets locked, and is heavily utilized by other top DeFi projects.


Maker has the most value locked in its protocol compared to any other DeFi project. source: DeFi Pulse

Liquidations Keep DeFi Healthy

Liquidating collateral plays an essential role in keeping DeFi lending applications running. With Maker, in order to receive a trustless loan, a borrower needs to overcollateralize the loan. This means that if a borrower wants to receive a loan of 100 Dai, they need to deposit over 100 USD worth of digital assets (such as ether) as collateral. Overcollateralization is necessary in lending platforms that allow users to anonymously borrow because it is the only way for lending platforms to remain solvent and profitable in the event that a borrower defaults on their loan.

In order for Maker to remain solvent, a borrower's collateral needs to be liquidated (aka sold off) when the value of the collateral falls below a certain threshold. When it falls beneath this threshold, the collateral is auctioned off to liquidators at a discount, which effectively pays off the loan on behalf of the defaulted borrowers. Liquidators play a key role in DeFi because they eliminate bad debt.  

Lending protocols are most vulnerable when the value of collateral is rapidly dropping. When the crypto market at large experiences a rapid sell off, borrowers rush to pay off their loan before it defaults or provide more collateral. When borrowers sell off other digital assets to pay off the loan, it further contributes to the decline of collateral value and leads to further defaults.

Next Gen Liquidations

In some situations, the rapid decline in value of collateral deposited by borrowers can threaten the solvency of a lending protocol if liquidators decide that purchasing collateral from bad debt is no longer profitable. When the price of collateral is rapidly dropping, liquidators risk losing money if they cannot sell the collateral fast enough to make a profit. If enough liquidators believe they cannot make a profit, lending protocols end up with insolvent loans. 

In order to enhance the liquidation process, the Maker community drafted a proposed update called Liquidation 2.0, which included the following changes and features:

The Dutch style auction mechanism is designed to speed up the existing liquidation process to make Maker more resilient in the event of market volatility. The flashloan component is particularly interesting because liquidators no longer need to be a whale (have lots of capital) to participate in a liquidation. This is likely to enhance the number of liquidators which contributes to healthier DeFi markets.

Quantstamp is proud to have audited Liquidations 2.0. We will continue to provide updates via Twitter as Liquidations 2.0 progresses through the governance process.  

Dai Peg Stability Module

When Dai falls off its peg, Maker governance uses monetary policy tools to enforce the peg. image source: CoinGecko

When borrowers take out a loan from Maker, they are also simultaneously creating new Dai. In order to make sure that Dai remains pegged to the US dollar, Maker governance has monetary policy tools at their disposal. For example, if the price of Dai rose above 1 dollar, Maker governance may choose to increase the debt ceiling or decrease the stability fee (aka the interest rate to receive a loan in Dai) in order to put downward pressure on the free market value of Dai. If the price of Dai falls below 1 dollar, Maker governance may choose to increase the Dai savings rate or increase the stability fee in order to remove Dai supply from the market, which puts upward pressure on Dai price.

On January 28th, 2021, Maker implemented the Dai Peg Stability Module, a new monetary policy tool designed to enhance the strength of the Dai peg. This mechanism helps Dai maintain its peg by enabling Dai to be swapped for stablecoins like USDC at close to a 1 to 1 ratio. This provides arbitrageurs an opportunity to profit by supporting the Dai peg. When Dai is above 1 dollar, arbitrageurs can mint Dai at a value below the market rate by depositing USDC and then selling their newly minted Dai at the market rate. When Dai is below 1 dollar, arbitrageurs can swap Dai for USDC and make a profit as well.

Quantstamp is proud to have audited the Dai Peg Stability Module.

DeFi Innovation Continues

While the crypto market rages on, the DeFi ecosystem continues to aggressively innovate and Maker continues to demonstrate itself as an influential leader. Maker has impacted the DeFi ecosystem since the beginning, and we will continue to feel Maker’s impact as DeFi slowly merges with traditional finance. Quantstamp has secured over $45 billion USD worth of digital assets and we look forward to continuing to secure the future of finance and the assets in your digital nation.

Quantstamp 公告
2021年3月15日

Quantstamp 最近完成了Maker的2次审计。我们审核了清算2.0(MIP 45),这是一个在现有清算机制基础上大量创新的更新建议,我们还审核了Dai Peg Stability Module,这是一个最近实施的机制,有助于捍卫Dai与美元挂钩。除了这些审计之外,Quantstamp ,此前还与Maker合作,为Maker社区资助的接受者提供安全服务,包括但不限于Sablier、PoolTogether和Ramp。

制造者。DeFi的领导者

戴氏市值目前已超过20亿美元,来源:CoinGecko CoinGecko

Maker是DeFi的基础。2017年12月,Maker协议上线,并开始以新发行的Dai(一种与美元挂钩的稳定币)提供贷款。与其他稳定币相比,Dai是独一无二的,因为它是最不可信的。Dai的余额不能被第三方冻结。

虽然稳定币和抵押借贷现在看起来像是常态,但Dai通过向其他人展示无信任借贷和稳定币是可能的,从而启发--或者至少影响了DeFi的现状。今天,Maker生态系统继续蓬勃发展,不断创新。截至2021年3月,Dai拥有庞大的流动性,存在超过27亿个Dai,是DeFi中最高的TVL,锁定了价值超过60亿美元的资产,并被其他顶级DeFi项目大量使用。


与其他DeFi项目相比,Maker在其协议中锁定了最多的价值,源。 DeFi Pulse

清算使DeFi保持健康

清算抵押物对维持DeFi贷款申请的运行起着至关重要的作用。在Maker中,为了获得无信任贷款,借款人需要进行超额抵押。这意味着,如果借款人想要获得100戴的贷款,他们需要存入价值超过100美元的数字资产(如乙醚)作为抵押品。在允许用户匿名借款的借贷平台中,过度抵押是必要的,因为这是借贷平台在借款人违约时保持偿付能力和盈利的唯一途径。

为了让Maker保持偿付能力,当借款人的抵押品价值低于一定阈值时,需要对其进行清算(也就是出售)。当跌破这个门槛时,抵押品就会被折价拍卖给清算人,从而有效地替违约的借款人偿还贷款。清算人在DeFi中起着关键作用,因为他们消除了坏账。  

当抵押品的价值迅速下降时,贷款协议是最脆弱的。当整个加密市场出现快速抛售时,借款人急于在贷款违约前还清贷款或提供更多的抵押品。当借款人抛售其他数字资产来偿还贷款时,会进一步加剧抵押品价值的下降,并导致进一步的违约。

下一代清算

在某些情况下,如果清算人决定从坏账中购买抵押品不再有利可图,借款人存放的抵押品价值的迅速下降可能威胁到贷款协议的偿付能力。当抵押品的价格迅速下降时,如果清算人不能足够快地出售抵押品以赚取利润,他们就会面临亏损的风险。如果有足够多的清算人认为他们无法获利,那么借贷协议最终会出现无力偿还贷款的情况。 

为了加强清算过程,Maker社区起草了一个名为"清算2.0"的拟议更新,其中包括以下变化和功能。

荷兰式的拍卖机制旨在加快现有的清算过程,使Maker在市场波动时更具弹性。闪贷部分特别有趣,因为清算人不再需要成为鲸鱼(拥有大量资本)才能参与清算。这很可能会增加清算人的数量,这有助于更健康的DeFi市场。

Quantstamp 很荣幸能够对清算2.0进行审计。随着清算2.0在治理过程中的进展,我们将继续通过Twitter提供最新信息。  

岱格稳定模块

当Dai掉挂钩的时候,Maker治理就会使用货币政策工具来强制执行挂钩。 图片来源。 CoinGecko

当借款人向Maker贷款时,他们同时也在创造新的Dai。为了确保Dai与美元保持挂钩,Maker治理层可以使用货币政策工具。例如,如果Dai的价格上升到1美元以上,Maker治理层可能会选择提高债务上限或降低稳定费(也就是获得Dai贷款的利率),以对Dai的自由市场价值施加下行压力。如果Dai价格跌破1美元,造物主治理可以选择提高Dai储蓄率或增加稳定费,以消除市场上的Dai供应,从而对Dai价格产生上行压力。

2021年1月28日,Maker实施了Dai挂钩稳定模块,这是一个新的货币政策工具,旨在增强Dai挂钩的力度。该机制通过让Dai以接近1比1的比例换取USDC等稳定币,帮助Dai维持钉住。这就为套利者提供了一个通过支持Dai挂钩获利的机会。当Dai高于1美元时,套利者可以通过存入USDC以低于市场汇率的价值铸造Dai,然后以市场汇率出售他们新铸造的Dai。当戴氏指数低于1美元时,套利者可以将戴氏指数换成USDC,同样可以获利。

Quantstamp ,很荣幸通过了岱格稳定模块的审核。

DeFi创新不断

当加密市场风起云涌的时候,DeFi生态系统继续积极创新,而Maker也在不断证明自己是一个有影响力的领导者。Maker从一开始就对DeFi生态系统产生了影响,随着DeFi与传统金融的慢慢融合,我们将继续感受到Maker的影响。Quantstamp ,已经为价值超过450亿美元的数字资产提供了安全保障,我们期待着继续为未来的金融和你数字国家的资产提供安全保障。

紧跟Quantstamp ,了解最新的行业趋势↪So_1F6E1↩。
注册我们的时事通讯 ↪So_1F4EC↩。
November 11, 2020

Quantstamp Community Update - October 2020

‍Audit of Ethereum 2.0 client Teku, blockchain insurance, Open DeFi, virtual events, and more media coverage... here’s what happened at Quantstamp in October.‍

November 5, 2020

Why Bitcoin is Capturing Enterprise Attention

MicroStrategy made headlines this summer as the first publicly-traded company to buy Bitcoin as part of its capital allocation strategy. Since then, other companies have followed suit. Learn how current economic conditions and the unique properties of Bitcoin have driven these decisions.

October 28, 2020

Formally Verifying Hedera Hashgraph's Stablecoin Framework

Quantstamp created and formally verified a specification for Hedera Hashgraph stablecoins. This simplifies the process of creating safe stablecoins and also makes easier for partners to safely integrate them.

October 27, 2020

Quantstamp Completes Audit of 2nd ETH 2.0 Implementation

Quantstamp has now completed its audit of Teku, the Ethereum 2.0 client developed by ConsenSys. Quantstamp also audited Prysm by Prysmatic Labs.