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/biz/ - Business & Finance

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15925798 No.15925798 [Reply] [Original]

Can someone explain to a brainlet the MakerDao system. Do you earn the stability fee of your locked eth ?

As I undertand it, you lock up eth, that allows you to take some amount of Dai. In order to retrieve your eth you have to pay back all the dai + something called the penalty fee (13%)

how does the stability fee play into this, do your earn it (10%) on the amount of dai that you have outstanding ? as a way to maintain the CDP open ?

pls explain

>> No.15926018

bump bros

>> No.15926095

thats a cute image

>> No.15926183
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15926183

MakerDao is a smart contract that provides a token called DAI to those who provide ether to lock in the contact. When you supply ether to the smart contract, they are blocked and in return you are provided with a number of DAI. From that moment on you can do whatever you want with your DAI, but if you want to get your ether back you have to provide the same number of DAI you received + the stability fee. The stability fee is always paid with the MKR token, which is literally burned when a stability fee is paid.

>> No.15926215

>>15926183
holy fuck thats def a scam

>> No.15926227

>>15926215
yep

>> No.15926270

>>15925798
this coindesk vid is well done https://www.youtube.com/watch?v=J9q8hkyy8oM