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Ten facts about Maker

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What was the earliest DEX on Ethereum? The answer is Makerdao's Oasisdex.

Ten Lessons About Maker

Original source: MakerDao

1. MakerDAO is ready to start on Bitshares at first

In & have spent Before the emergence of Ethereum in 2014, the founders of MakerDao were active members of the Bitstock community, exploring the launch of stablecoin DAI on the BitShares platform. But it turned out that the Bitstock network was not enough to support a complex financial system, flexible and robust governance and risk management, and chose the Ethereum platform instead.

DAI was born before the Ethereum Beta Network was released

The earliest prototype of DAI was born in March 2015, two months before the Ethereum beta network was officially released. Founder Rune shared the protocol's design, contract code, and test front end with members of the Ethereum community, including Vitalik, on Reddit.

3. There were several other versions of DAI before it was named

When MakerDao was founded, Chinese-speaking founder Rune decided to name Maker's stablecoin with a Chinese name. The first idea was that the JIAO, meaning "exchange", was the world's earliest paper money, but the JIAO was soon abandoned because of the unspoken association. In the end, the name is locked to Dai, which means to borrow.

Dai is short enough to be just three letters long, and the originator of the cryptocurrency concept was called Wei Dai. Dai means "to give" in Slavic, and in many Asian languages, the meaning of Dai is also related to finance.

4. The Maker community was an early supporter of the Ethereum DAO fork

In the wake of the July 2016 DAO attack, the MakerDAO and DigixDAO communities issued a joint statement in support of the hard-forking of the compromised network to what is now Ethereum.

5. DAI originally anchored the SDR, not the dollar

In the original design, DAI's price was not anchored to the US dollar, but it was an attempt to anchor the Special Drawing Rights (SDR), but the designers gradually realized that SDR was more volatile than the world's currency, the US dollar, and did not become a widely used standard, so they chose to anchor the US dollar, which is still in use today.

6. Maker developed the earliest Dex on Ethereum

What was the earliest DEX on Ethereum? The answer is Oasisdex, a decentralized trading protocol that predated EtherDelta, fully matched on-chain settlement and became an early source of liquidity for platforms such as Uniswap and DyDX.

7. Maker developed the most widely used version of WETH

The ERC20 format of ETH - > is currently widely used. Weth (Wrapped ETH), from Maker's development team.

8. Maker's obscure code is deliberate

Many developers who have studied the Maker protocol have been surprised by the complexity and almost obscurity of the terminology. In fact, this complexity is intentional. Variable names of different letter lengths and parts of speech, strictly clear corresponding to different equations and modules.

9. Maker is the first formally proven decentralized protocol

Formal verification of code is usually applied to the most critical software in engineering systems, such as aerospace engineering, to ensure the accuracy of critical safety functions. Formal validation of smart contracts has become the standard in the Ethereum ecosystem due to the high risk and immutable nature of blockchain, which cannot easily fix software vulnerabilities after initial deployment.

In September 2018, the Maker protocol became the first decentralized protocol to pass formal verification.