The Top Five Ways the Dai Stablecoin Is Used Around the World
23 October 2020
Update: The Road to Multi-Collateral Dai—Kovan Release v0.2.6
22 May 2019
Introduction
A month ago today (April 24), we announced the release of MCD v0.2.4 on the Kovan testnet.
That release, which included updates to the MCD CDP Portal, Dai.js, and New Contract Addresses, was met with great response from the community. Thank you to everyone who tested v0.2.4 and provided feedback. As we progress, the Maker Foundation’s goal is to be as transparent as possible with the community, and consistently clarify the scope of releases.
Today, we share the details of the most recent update, MCD v0.2.6, deployed on the Kovan testnet. The release covers the newest development updates within the following areas:
- CDP Portal
- Governance Dashboard
- Testchain DSS deployment scripts
- New Developer Guides
Prior to this release, we had a small v0.2.5 release that covered updates to the CDP Portal, Governance Dashboard, and the Testchain DSS deployment scripts. A changelog summary of the v0.2.5 release is below.
Summary of v0.2.5 Release (Changelog)
Descriptive Changelog and Release Timeline
- Release 0.2.6 (Friday, 17.05.2019) - Kovan network
- Release 0.2.5 (Friday, 03.05.2019) - Kovan network
- Release 0.2.4 (Friday, 19.04.2019) - Kovan network
- Release 0.2.3 (Friday, 05.04.2019) - Kovan network
- Release 0.2.2 (Friday, 22.03.2019) - Kovan network
- Release 0.2.1 (Friday, 08.03.2019) - Kovan network
Since the v0.2.4 Kovan release, the following has been changed and/or added for the new v0.2.6 release:
Testchain DSS Deployment Scripts (Highlights)
- Added Method Selection in order to raise the debt ceilings for collateral types via the config file for Kovan deployments (automatic or via executive vote).
- Enabled the usage of Multicall version to be compatible with solc 0.5.
- Added an implementation of DSR Proxy functions (dss-proxy-actions).
- Changed deployment steps to adapt to the modifications made in vow, flap, flip, cat and pot (dss-deploy).
- Minor changes to the Dai Token contract and fixed the expiration date (dss).
- Added configurable auction parameters (dss).
User Interface Changes
MCD CDP Portal
The MCD CDP Portal has been updated quite a bit in v0.2.6. The major changes are:
- Improved proxy creation and the allowances flow for cold wallet users.
- Better indication of CDP creation wait times based on the transaction gas used.
- Small changes to the NavBar CDP list UI.
- Small adjustments to the CDP page and CDP Action forms.
- The Dai.js SDK was updated to the latest version.
- General bug fixes and performance optimizations.
Governance Dashboard
- Added a check to ensure that we have all the data from both hot and cold wallets when a user exits the page before completing the on-boarding process.
- Now using the contract's freeAll method when withdrawing the total MKR balance.
- Updated Kovan MCD addresses for latest contract deployment.
Contract Addresses
Core System Contracts
| Contract Name | Description | Contract Address |
|---|---|---|
| MCD_VAT | The CDP core engine keeps track of DAI credit system accounting. | 0xacdd1ee0f74954ed8f0ac581b081b7b86bd6aad9 |
| MCD_CAT | The user-facing gateway contract for liquidating (biting) CDPs. | 0x81f7aa9c1570de564eb511b3a1e57dae558c65b5 |
| MCD_FLAP | The flap auction contract is responsible for buying and burning MKR when the system has a surplus. | 0xb6e31ab6ea62be7c530c32daea96e84d92fe20b7 |
| MCD_FLOP | The flop auction contract is responsible for minting and selling MKR to cover bad debt. | 0x275ec1950d6406e3ce6156f9f529c047ea41c8ce |
MKR Governance Token Contract
| Contract Name | Description | Contract Address |
|---|---|---|
| MCD_GOV | The MKR governance token contract. | 0xd237d1f674c2232cef8fdc7148a59d576b67a8a3 |
DAI Stablecoin Contracts
| Contract Name | Description | Contract Name |
|---|---|---|
| MCD_DAI | The DAI stablecoin contract. | 0xc7cc3413f169a027dccfeffe5208ca4f38ef0c40 |
| MCD_JOIN_DAI | The DAI adapter is responsible for minting and burning DAI. | 0x7bb403aae0330f1acaad8f2a06ebe4b4e4784418 |
ETH Collateral Contracts
| Contract Name | Description | Contract Address |
|---|---|---|
| MCD_JOIN_ETH_A | The ETH adapter is responsible for joining and exiting ETH collateral. | 0x75f0660705ef0db9adde85337980f579626643af |
| MCD_FLIP_ETH_A | The ETH flip auction contract is responsible for selling off ETH collateral for DAI when a CDP is liquidated. | 0xb88d2655aba486a06e638707fbebd858d430ac6e |
Collateral 1 Contracts
Note: All five collateral tokens (COL1, COL2, COL3, COL4, COL5) from the previous release (v0.2.5), as well as ETH and FAUCET tokens, are kept unchanged for this release.
| Contract Name | Description | Contract Address |
|---|---|---|
| COL1 | Collateral 1 token contract. | 0xc644e83399f3c0b4011d3dd3c61bc8b1617253e5 |
| MCD_JOIN_COL1_A | The COL1 adapter is responsible for joining and exiting COL1 collateral. | 0xc4e81c9690bb664d682826e3415134c23d08e7bb |
| MCD_FLIP_COL1_A | The COL1 flip auction contract is responsible for selling off COL1 collateral for DAI when a CDP is liquidated | 0x6e8032435c84b08e30f27bfbb812ee365a095b31 |
Note: All of the contract addresses, ABIs, and release notes can now be found here: https://changelog.makerdao.com/.
New Developer Guides!
Introduction to SETH
Seth is a powerful command line tool created to interface with the Ethereum blockchain. In this developer guide, we walk you through the installation and setup of Seth. Seth has two main functionalities:
- Performing calls (which perform queries of the Ethereum blockchain).
- Sending transactions (writing to the blockchain, changing its state).
How to use MCD CLI to interact with Kovan deployment of MCD
This guide will walk you through using the mcd-cli to interact with the Kovan deployment of the MCD smart contracts, showcasing how to go through the following stages of the lifecycle of a collateralized debt position (CDP):
- Opening a CDP
- Depositing collateral tokens (COL1 token)
- Drawing Dai
- Paying back Dai
- Unlocking collateral
- Closing a CDP
How to use the dai-mcd-plugin
In this developer guide, we provide an example of how to use the dai-mcd-plugin in the dai.js library. In short, this plugin makes it easy to call functions that interact with the MCD smart contracts. In this example, you can:
- Request COL1 type token from faucet to interact with MCD system
- Lock COL1 token in the CDP and receive MDAI
- Payback MDAI and withdraw COL1 token from CDP
Note: This plugin is currently being used for the mcd portal.
To access the full list of MakerDAO’s Developer Guides, please go here.
Next Steps
The team is still planning to migrate to the Goerli testnet for the next release, so look out for that exciting update!
As always, community feedback is crucial as we move toward the Ethereum mainnet release of Multi Collateral Dai. Please join our public #product-feedback channel on Rocket.Chat to provide feedback and ask any questions you may have.
You can also provide product feedback on the CDP Portal using Usersnap. You do not have to install a Chrome extension to do so. The Usersnap widget allows you to make comments right away.
Getting MakerDAO Updates
To receive updates on Maker from the Foundation, go to https://makerdao.com/en/. There, in the bottom right corner of the page, you will find the ‘Sign up for the latest content and updates’ button. Please enter your email and hit ‘Subscribe.’ If you are interested in learning more about creating a product or tool that leverages the Dai Credit System, contact the Maker Foundation’s product team via Rocket.Chat.