{"document_id":"BLC-PAPER-0006","slug":"maker-dai","title":"The Dai Stablecoin System","authors":"MakerDAO","year":2017,"date_label":"2017, as cited by the study. Later multi-collateral systems are other documents.","publisher":"MakerDAO","paper_type":"Design paper","category":"Credit and stable value","topics":["Collateralised stable value","Vaults"],"source_url":"https://makerdao.com/whitepaper/","source_label":"MakerDAO white paper","legacy_pdf_path":null,"sha256":null,"sha256_note":"No hash is published. This build does not store those PDF bytes, so a checksum would be invented. Where a legacy path exists, it points at the Internet Archive copy of the old library.","version":"The 2017 Dai design in the study's citation. Not a description of a later module.","doi":null,"rights_status":"Official external source only","source_status":"Official source","use_status":"Metadata and commentary only.","licence":null,"licence_label":"No licence recorded. Rights status under review.","full_text":null,"full_text_reason":"Full text is not published on this page. Public availability is not a licence to republish a document. Blockchain Lab has not recorded a licence that permits an HTML transcription, a training set, or a retrieval corpus of the paper. Text on this page is Blockchain Lab's own wording, or a pointer to a study that is also Blockchain Lab's wording.","editorial_line":"The 2017 paper describes Dai as a liability minted against overcollateralised vaults, kept near a dollar target by a fee, an auction, and an emergency stop.","canonical_url":"https://blockchainlab.com/whitepaper/maker-dai","record_url":"https://blockchainlab.com/research/corpus/papers/maker-dai","study_url":"https://blockchainlab.com/whitepaper/maker-dai","last_reviewed":"2026-10-01","last_checked":"2026-10-01","relationships":[{"rel":"Canonical reading","label":"Maker study","href":"/whitepaper/maker-dai"},{"rel":"Proposes","label":"Stablecoin","href":"/learn/concepts/stablecoin"},{"rel":"Depends on","label":"Oracle","href":"/learn/concepts/oracle"},{"rel":"Different design","label":"Terra, a failure case","href":"/whitepaper/terra-money"},{"rel":"Compare","label":"Collateral and algorithmic designs","href":"/learn/compare/algorithmic-vs-reserve-stablecoins"}]}