CanonMaker
Maker: paper, then practice.
Maker, in the paper, is collateral, a fee, an auction, and a shutdown. That is a vault. It is not a promise that a peg holds.
MakerDAO. 2017. Status: Design paper. Last reviewed: 1 October 2026.
- The paper. MakerDAO's 2017 description of Dai: a liability minted against overcollateralised vaults, kept near a dollar target by fees, a collateral auction, and an emergency shutdown. It is the reference design for crypto-collateralised stable value, as distinct from a fiat-backed token.
- Collateral.
- Maker profile.
- Two kinds of peg.
- Settlement checklist.
What this chain does not claim
It does not rank a network, quote a yield, or say the live client still matches the paper. The full study keeps the limits. Primary source: MakerDAO white paper.