MakerDAO是最早也是最著名的专注于去中心化金融的项目之一。作为一个去中心化的借贷平台，Maker（通常被称为）使借贷方式与传统金融有很大不同。它的既定目标是促进 "没有波动的金融自由"。 MakerDAO is one of the first and most well-known projects focusing on decentralised finance. As a decentralised lending platform, Maker (as it is commonly referred to) makes it possible to borrow and lend in a much different way than in traditional finance. Its stated goal is to facilitate “financial freedom without volatility.”

为了实现这一目标，MakerDAO使用Maker协议，使用户能够以抵押品进行借贷。然而，与传统贷款不同的是，传统贷款以法币作为抵押品，而Maker允许用户以各种支持的加密货币资产作为抵押品借款，并将其存入智能合约中。MakerDAO建立在以太坊区块链上，它所促成的加密货币贷款是通过以太坊智能合约处理的。 To achieve that goal, MakerDAO uses the Maker Protocol which enables users to borrow against collateral. Unlike traditional loans, however, which take fiat currencies as collateral, Maker allows users to borrow against a variety of supported crypto assets as collateral that they deposit into smart contracts. MakerDAO is built on the Ethereum blockchain and the crypto loans that it facilitates are handled through Ethereum smart contracts.

起点 MakerDAO项目于2015年由丹麦开发者和现任首席执行官Rune Christiansen启动，他在他的Maker基金会的旗帜下在以太坊区块链上建立了Maker协议。Christiansen的愿景是创建一个去中心化的金融系统，由其用户社区管理，这样做可以让借款人对他们的资产有更多的控制权--即使是在传统的不利经济环境中，如应对高通胀水平的地区。随着时间的推移，创客基金会主动让出了对创客协议的控制权，以便完全转移其所有权，成为一个分散的自治组织（DAO）。DAO由世界各地的个人组成，他们持有MakerDAO的治理代币MKR，这反过来又赋予了对网络变化的投票权利。 Beginnings The MakerDAO project was started in 2015 by Danish developer, and current CEO, Rune Christiansen, who built the Maker Protocol on the Ethereum blockchain under the banner of his Maker Foundation. Christiansen’s vision was to create a decentralized financial system that would be governed by its user community and, in doing so, give borrowers more control of their assets – even in traditionally adverse economic environments such as territories dealing with high levels of inflation. Over time, the Maker Foundation has actively ceded control of the Maker Protocol, in order to transfer its ownership completely and become a decentralised autonomous organisation (DAO). The DAO is composed of individuals all over the world who hold MakerDAO’s governance token MKR, which in turn confers the right to vote on changes to the network.

两个代币是MakerDAO的核心。Dai代币是一种稳定币，旨在通过供应和需求与美元挂钩。当用户通过MakerDAO平台寻求借款时，他们存入支持的加密货币作为抵押品，并以Dai的形式获得贷款。同时，MKR代币在系统积累坏账的情况下提供后援流动性，MKR的持有者也在Maker Protocol的治理中发挥作用。 Two tokens stand at the heart of MakerDAO. The Dai token is a stablecoin which aims to be pegged to the US dollar through supply and demand. When users seek to borrow through the MakerDAO platform, they deposit supported cryptocurrencies as collateral and receive their loans in Dai. Meanwhile, the MKR token is providing backstop liquidity in case the system accumulates bad debt, and holders of MKR also take on a role in the governance of the Maker Protocol.

更详细地说，Maker Protocol的贷款功能是基于以太坊网络上的智能合约，技术上被称为抵押债务头寸（CDP），或最近的Maker Vaults。 In more detail, the Maker Protocol’s loan functionality is based on smart contracts on the Ethereum network, technically referred to as collateralized debt positions (CDP), or more recently Maker Vaults.

当用户想要借用Dai时，他们将ETH或其他抵押资产存入Maker Protocol，由Maker Vault保管，并获得相对于其抵押品的新造Dai贷款。借出的Dai可以在任何时候作为抵押品的回报，或者，如果ETH的价值下降，Vault可以清算抵押品以确保贷款的安全性。同时，当他们被偿还时，Dai代币会自动销毁。 When a user wants to borrow Dai, they deposit ETH or other collateral asset into the Maker Protocol to be held in a Maker Vault and receive a loan in newly minted Dai relative to their collateral. The loaned Dai can be paid back at any time in return for the collateral or alternatively, if the value of ETH drops, the Vault can liquidate the collateral to ensure the loan is secured. Meanwhile, when they are paid back, Dai tokens are automatically destroyed.

相比之下，MKR代币在MakerDAO网络上有两个用途。MKR代币赋予的治理权允许持有者监管生态系统：例如，增加新的抵押品类型和它们的风险参数，由MKR持有者的多数票来设定。除了治理之外，MKR持有者还充当Dai贷款的最后买家：如果Maker Vaults中持有的抵押品ETH不足以支付流通中的Dai数量，MKR就会被创建并在债务拍卖中出售，以提高抵押品的数量。MKR的功能旨在激励持有者在集体治理网络的过程中负责任地行事。 By contrast, the MKR token serves two purposes on the MakerDAO network. The governance rights conferred by MKR tokens allow holders to regulate the ecosystem: the addition of new collateral types and risk parameters for them, for example, are set by a majority vote of MKR holders. In addition to governance, MKR holders also act as buyers of last resort for Dai loans: if the collateral ETH held in the Maker Vaults is insufficient to cover the amount of Dai in circulation, MKR is created and sold in a debt auction in order to raise the amount of collateral. The functionality of MKR is designed to incentivize holders to act responsibly in their collective governance of the network.

MakerDAO是最早也是最著名的专注于去中心化金融的项目之一。作为一个去中心化的借贷平台，Maker（通常被称为）使借贷方式与传统金融有很大不同。它的既定目标是促进 "没有波动的金融自由"。 MakerDAO is one of the first and most well-known projects focusing on decentralised finance. As a decentralised lending platform, Maker (as it is commonly referred to) makes it possible to borrow and lend in a much different way than in traditional finance. Its stated goal is to facilitate “financial freedom without volatility.”

为了实现这一目标，MakerDAO使用Maker协议，使用户能够以抵押品进行借贷。然而，与传统贷款不同的是，传统贷款以法币作为抵押品，而Maker允许用户以各种支持的加密货币资产作为抵押品借款，并将其存入智能合约中。MakerDAO建立在以太坊区块链上，它所促成的加密货币贷款是通过以太坊智能合约处理的。 To achieve that goal, MakerDAO uses the Maker Protocol which enables users to borrow against collateral. Unlike traditional loans, however, which take fiat currencies as collateral, Maker allows users to borrow against a variety of supported crypto assets as collateral that they deposit into smart contracts. MakerDAO is built on the Ethereum blockchain and the crypto loans that it facilitates are handled through Ethereum smart contracts.

起点 MakerDAO项目于2015年由丹麦开发者和现任首席执行官Rune Christiansen启动，他在他的Maker基金会的旗帜下在以太坊区块链上建立了Maker协议。Christiansen的愿景是创建一个去中心化的金融系统，由其用户社区管理，这样做可以让借款人对他们的资产有更多的控制权--即使是在传统的不利经济环境中，如应对高通胀水平的地区。随着时间的推移，创客基金会主动让出了对创客协议的控制权，以便完全转移其所有权，成为一个分散的自治组织（DAO）。DAO由世界各地的个人组成，他们持有MakerDAO的治理代币MKR，这反过来又赋予了对网络变化的投票权利。 Beginnings The MakerDAO project was started in 2015 by Danish developer, and current CEO, Rune Christiansen, who built the Maker Protocol on the Ethereum blockchain under the banner of his Maker Foundation. Christiansen’s vision was to create a decentralized financial system that would be governed by its user community and, in doing so, give borrowers more control of their assets – even in traditionally adverse economic environments such as territories dealing with high levels of inflation. Over time, the Maker Foundation has actively ceded control of the Maker Protocol, in order to transfer its ownership completely and become a decentralised autonomous organisation (DAO). The DAO is composed of individuals all over the world who hold MakerDAO’s governance token MKR, which in turn confers the right to vote on changes to the network.

两个代币是MakerDAO的核心。Dai代币是一种稳定币，旨在通过供应和需求与美元挂钩。当用户通过MakerDAO平台寻求借款时，他们存入支持的加密货币作为抵押品，并以Dai的形式获得贷款。同时，MKR代币在系统积累坏账的情况下提供后援流动性，MKR的持有者也在Maker Protocol的治理中发挥作用。 Two tokens stand at the heart of MakerDAO. The Dai token is a stablecoin which aims to be pegged to the US dollar through supply and demand. When users seek to borrow through the MakerDAO platform, they deposit supported cryptocurrencies as collateral and receive their loans in Dai. Meanwhile, the MKR token is providing backstop liquidity in case the system accumulates bad debt, and holders of MKR also take on a role in the governance of the Maker Protocol.

更详细地说，Maker Protocol的贷款功能是基于以太坊网络上的智能合约，技术上被称为抵押债务头寸（CDP），或最近的Maker Vaults。 In more detail, the Maker Protocol’s loan functionality is based on smart contracts on the Ethereum network, technically referred to as collateralized debt positions (CDP), or more recently Maker Vaults.

当用户想要借用Dai时，他们将ETH或其他抵押资产存入Maker Protocol，由Maker Vault保管，并获得相对于其抵押品的新造Dai贷款。借出的Dai可以在任何时候作为抵押品的回报，或者，如果ETH的价值下降，Vault可以清算抵押品以确保贷款的安全性。同时，当他们被偿还时，Dai代币会自动销毁。 When a user wants to borrow Dai, they deposit ETH or other collateral asset into the Maker Protocol to be held in a Maker Vault and receive a loan in newly minted Dai relative to their collateral. The loaned Dai can be paid back at any time in return for the collateral or alternatively, if the value of ETH drops, the Vault can liquidate the collateral to ensure the loan is secured. Meanwhile, when they are paid back, Dai tokens are automatically destroyed.

相比之下，MKR代币在MakerDAO网络上有两个用途。MKR代币赋予的治理权允许持有者监管生态系统：例如，增加新的抵押品类型和它们的风险参数，由MKR持有者的多数票来设定。除了治理之外，MKR持有者还充当Dai贷款的最后买家：如果Maker Vaults中持有的抵押品ETH不足以支付流通中的Dai数量，MKR就会被创建并在债务拍卖中出售，以提高抵押品的数量。MKR的功能旨在激励持有者在集体治理网络的过程中负责任地行事。 By contrast, the MKR token serves two purposes on the MakerDAO network. The governance rights conferred by MKR tokens allow holders to regulate the ecosystem: the addition of new collateral types and risk parameters for them, for example, are set by a majority vote of MKR holders. In addition to governance, MKR holders also act as buyers of last resort for Dai loans: if the collateral ETH held in the Maker Vaults is insufficient to cover the amount of Dai in circulation, MKR is created and sold in a debt auction in order to raise the amount of collateral. The functionality of MKR is designed to incentivize holders to act responsibly in their collective governance of the network.