Maker DAO 通证解释：DAI、WETH、PETH、SIN、MKR 都是什么？（一）
通证 DAI
![](/data/attachment/album/201905/16/122647ypl8i3y21l2pel38.jpeg)



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> Maker DAO 使用了多个用于特定目的 ERC-20 通证，以确保 DAI 稳定币的稳定性。本文描述了基于 Bloxy.info 通证流工具的角色和使用模式。
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### Maker DAO 通证


Maker DAO 系统是由多个智能合约（Sai Tap、Sai Tub、Vox、Medianiser 等）和 ERC-20 通证组成. 它们一起来确保 DAI 通证的稳定性。


在这篇文章中，我们主要关注通证是如何周转和使用的。下图显示了主要的通证流动周转和智能合约的使用方式，如何将一个通证转换为另一个通证：


![Maker DAO Token流动周转和智能合同使用方式](/data/attachment/album/201905/16/122658vyc9h9hxmazbca6a.jpg)


*Maker DAO 通证流动周转和智能合约的使用方式*


上图中通证显示为圆形，而智能合约及其实体显示为圆角矩形。图表上的箭头表示使用这些智能合约的方法，你可以将余额从一个通证转换为另一个通证。


例如，调用 `join()` 将从你那里删除 WETH 通证，并为你提供适当数量的 PETH 通证。


### 不稳定（类“ETH”）通证


图的左侧显示了与以太币相关的令牌：




|  |  |
| --- | --- |
|  | [ETH](https://bloxy.info/tokens/ETH)：它本身并没有在 Maker DAO 系统中直接使用。如果你原来有 ETH (和我们大多数人一样)，你必须首先将它转换成 WETH（“<ruby> 包装过的 ETH <rt>  Wrapped ETH </rt></ruby>”）通证。 |
|  | [WETH](https://bloxy.info/address/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2)：是 ETH 的一对一映射，但是作为 ERC-20 的通证存在。在任何时候，你都可以把 ETH 换成 WETH，或反之。缺点是，每一次这样的转变都需要花费燃料。 |
|  | [PETH](https://bloxy.info/address/0xf53ad2c6851052a81b42133467480961b2321c09)：是 “<ruby> 集合 ETH <rt>  Pooled Ether </rt></ruby>”的缩写。当你把 WETH 存入 Maker DAO 时，你会得到这个通证。请注意，它并不完全是一对一的，它的汇率是计算出来的。  |


 


### 稳定（类“DAI”)通证




|  |  |
| --- | --- |
|  | [DAI](https://bloxy.info/address/0x89d24a6b4ccb1b6faa2625fe562bdd9a23260359)：MakerDAO 的稳定币，预计将接近 1 美元。当你用 CDP 生成贷款时，它会为你创造 DAI。 |
|  |  [SIN](https://bloxy.info/address/0x79f6d0f646706e1261acf0b93dcb864f357d4680)：代表已清算的债务。它的价值等于 1DAI，在债务清算过程中使用而不是 DAI。 |


 


### Maker DAO 功能通证




|  |  |
| --- | --- |
|  | [MKR](https://bloxy.info/address/0x9f8f72aa9304c8b593d555f12ef6589cc3a579a2)：用于偿还债务时支付佣金的通证（通过擦除方法）。 |


### 智能合约




|  |  |
| --- | --- |
|  | [Sai Tub 智能合约](https://bloxy.info/address/0x448a5065aebb8e423f0896e6c5d525c040f59af3)：抵押债仓（CDP）系统。CDP 是你在 PETH 抵押后生成的 DAI 的债务。Maker DAO 的大多数操作都是使用它完成的。 |
|  | [Sai Tap 智能合约](https://bloxy.info/address/0xbda109309f9fafa6dd6a9cb9f1df4085b27ee8ef)：可以用于清算债务并从中产生利润。 |


 


### 智能合约使用方法


Maker DAO 智能合约有很多的使用方法，下表对其中的主要部分进行了分类：


![Maker DAO智能合约使用方法](/data/attachment/album/201905/16/122659l1yj233t82yez3m3.jpg)


*Maker DAO 智能合约使用方法*


大多数方法都是使用我们上面列出的通证来操作，并且 CDP 作为 Sai Tub 内部的实体。这些方法的更详细描述可以在 [Maker DAO 事务图解](https://medium.com/coinmonks/maker-dao-transactions-illustrated-691ad2715cf7)这篇文章之中看到。


### 通证使用模式


下面的材料是基于 [Bloxy.info](https://bloxy.info/) 通证的周转工具和 Maker DAO 分析的[仪表板](https://stat.bloxy.info/superset/dashboard/makerdao/?standalone=true)。



> 
> [Bloxy.info](https://bloxy.info/) 网站为分析师、交易者、公司和加密爱好者提供了一套工具。
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> 这些工具包括 API、仪表板和搜索引擎，所有这些都是现场提供，提供准确的数据，直接从区块链实时节点索引。
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> Bloxy 的使命是使区块链更加透明，让人们和企业都可以访问。
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> 请引用本文时指出数据来源。
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我们的目标是将智能合约代码和上面的图表与关于这些通证的实际通证周转和用户操作相匹配。我们将使用我们的工具和分析方法，从不同的角度逐一调查这些通证。


我们要看的第一个通证是…


#### WETH（Wrapped Ether）


WETH 解释在 [weth.io](https://weth.io/) 网站上。WETH 被称为“<ruby> 包装过的 ETH <rt>  Wrapped ETH </rt></ruby>”，可以在需要 ERC-20 通证的地方代替 ETH。我们首先想到的是去中心化交换 (DEX)。通常，DEX 协议更希望使用 ERC20 通证作为买/卖方之间的资产，并且不能直接使用 ETH。所以你先把你的 ETH 包装成 WETH，交换后的 WETH 可以换回 ETH。


这个通证与 Maker DAO 协议于 2017 年 12 月同时发起。请注意，其最大的持有者是 Maker DAO 的智能合约：


![WETH 最大持有者](/data/attachment/album/201905/16/122659l2ii5fotnmt02goq.jpg)


*WETH最大持有者*


所有者与其他通证的交集还显示了 Maker DAO 通证:


![](/data/attachment/album/201905/16/122659val48bamkd5q95yy.jpg)


*共同持有者相关的令牌，来源: [bloxy.info](https://bloxy.info/token_holders/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2)*


Maker DAO Sai Tub 智能合约上出现的这种高 WETH 余额，是因为用户将 WETH 存入 Maker DAO 的 Sai Tub 智能合约，以便之后创建 CDP。我们分析了这个过程中动态的 [MakerDAO 仪表板](https://stat.bloxy.info/superset/dashboard/makerdao/?standalone=true):


![](/data/attachment/album/201905/16/122700rs5oz6z4h62rqrxi.jpg)


*WETH 锁定的金额、存款和取款。来源: bloxy.info [MakerDAO dashboard](https://stat.bloxy.info/superset/dashboard/makerdao/?standalone=true)*


从这张图表中可以看出，在 2019 年 5 月 10 日，锁定的 WETH 金额约为 200 万 ETH (橙色线)，而创造的总金额超过了 400 万 ETH。


参与这项活动的人有多少？交易者的数量可以通过唯一地址在 Sai Tub 智能合约上启动的退出/加入交易记录来估计：


![](/data/attachment/album/201905/16/122700kimtvgj1ccmtpmek.jpg)


*在 Maker DAO 智能合约上唯一的地址数、锁定和释放 WETH。来源:bloxy.info [MakerDAO dashboard](https://stat.bloxy.info/superset/dashboard/makerdao/?standalone=true)*


交易者的行为是由每月锁定和释放的 WETH 数量来呈现的：


![](/data/attachment/album/201905/16/122700tcudl2wfl9spjo9u.jpg)


*每月锁定和释放 WETH 的金额。来源: bloxy.info [MakerDAO dashboard](https://stat.bloxy.info/superset/dashboard/makerdao/?standalone=true)*


图中右侧的两列展示了，在 2019 年 4 月前，当更多的人开始从 Maker DAO 锁定和释放 WETH 时，锁定和释放的数量的趋势相当对称。那反过来也可导致 Maker DAO 的 WETH 数量减少。


#### Maker DAO 之外的 WETH?


那么问题来了，除了 Maker DAO 之外，它可以在任何地方使用吗？


答案是肯定的。首先，它在 ZeroX 和 Oasis (匹配市场) 交易所交易中非常活跃，下图是 bloxyinfo 中展示的 [WETH 交易页面](http://localhost:3000/token_trades/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2)。


[通证周转工具](http://localhost:3000/token_graphs/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2#) 显示 WETH 的主要流量：


![](/data/attachment/album/201905/16/122700vlhqlgw6gq1g1bsk.jpg)


*主要的 WETH 周转路线。来源: [bloxy.info](http://localhost:3000/token_graphs/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2#)*


正如你所看到的，WETH 通证 有几个 “重心”：


1. MakerDAI 的 Sai Tub 合约
2. Oasis、DDEX 等交易所
3. ZeroX（不涉及转账，所以没有在这个图表上明确显示）


我们拿 DEX（去中心化交易所）上一个最活跃的交易者的 WETH 交易作为例子：


![](/data/attachment/album/201905/16/122700kcvfk49981hlqsk7.jpg)


*DEX 上 WETH/DAI 交易对的多方交易。来源: [bloxy.info](https://bloxy.info/tx/0xc538725a76c26695c3fae183bea430bfb86449bc9a066288e52716d22b10f009)*


WETH 的交易不仅仅是针对 DAI 的交易，以下是 DEX 交易所的前 10 组交易对:


![](/data/attachment/album/201905/16/122701ryca7cb6b8eezyjv.jpg)


*DEX 上的前 10 组 WETH 交易对。来源: [bloxy.info DEX API](https://bloxy.info/api_methods)*


#### PETH（Pooled Ether）


PETH 代表了 ETH，你在 Maker DAO 智能合约中投入了 ETH，以在未来创造 DAI 债务。它对 WETH 的费率等于：



```
PETH = WETH * (Total PETH supply) / (WETH balance )
```

现在等于 1.04，因为 PETH 的一部分由于债务清算而被销毁。如图所示，这个数字随着时间的推移而增加:


![](/data/attachment/album/201905/16/122701t17wthi1crhzltig.jpg)


*与 PETH/WETH 相关的费率和利润。来源：bloxy.info [MakerDAO dashboard](https://stat.bloxy.info/superset/dashboard/makerdao/?standalone=true)*


PETH/WETH 费率的变化为早期进入并用 PETH 换取 WETH 的用户创造了<ruby> 年利率 <rt>  Annual Percentage Rate </rt></ruby>（APR）和利润，他们的总利润估计在 80,000 ETH 左右。


PETH 是不能在 DEX 上进行交易的，似乎只作为 Maker DAO 的基础设施在其内部使用。


下面的通证周转显示，主要的 PETH 周转量是 Sai Tub 智能合约之间的互相转移。然后，部分周转量会转到 Sai Tap (在债务清算的情况下)，或者转到系统地址（用于销毁）：


![](/data/attachment/album/201905/16/122701d6n0msbnqb0kz01q.jpg)


*PETH 通证周转。来源：[bloxy.info token flow tool](https://bloxy.info/token_graphs/0xf53ad2c6851052a81b42133467480961b2321c09#)*


继续! 在第二部分，我们将讨论 DAI、MKR 和 SIN 通证 !




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via：<https://medium.com/coinmonks/makerdao-tokens-explained-dai-weth-peth-sin-mkr-part-1-a46a0f687d5e>


作者：Aleksey Studnev 译者：zionfuo


OK
# MakerDAO Tokens Explained: DAI, WETH, PETH, SIN, MKR. Part 1

## Maker DAO uses multiple ERC-20 tokens for specific purposes to ensure DAI stable coin stability. This article describe their roles and usage patterns based on Bloxy.info token flow tool.

# Maker DAO Tokens

Maker DAO system consists of several smart contracts ( Sai Tap, Sai Tub, Vox, Medianiser, etc.), and ERC-20 tokens. Together they work to ensure the stability of DAI token.

In this article we mostly focus on how tokens are rotated, and used. The diagram below shows the main token flows and smart contract methods, used to convert one token to another:

Tokens are shown as circles, while smart contracts and their entities are rounded rectangular. The arrows on the diagram means that using these smart contract methods you can change the balance from one token to another.

For example, calling join() will remove WETH tokens from you and give you appropriate amount of PETH tokens instead.

# Unstable ( “Ether”-like) Tokens

The left side of the diagram shows tokens, related to Ether:

*Ether** itself is not directly used in Maker DAO system. If you have Ether originally ( as most of us ), you have to first convert it to WETH ( Wrapped ETH ) token.*

*WETH** is one-to-one reflection of ETH, but as ERC-20 token. In any moment you can change Ether to WETH and back. The downside is that every such transformation requires gas.*

*PETH** is short for “Pooled Ether”. When you deposit WETH to Maker DAO, you get back this token. Note, that It is not exactly one-to-one to Ether, it rate is calculated.*

# Smart Contracts

[ Sai Tub smart contract](https://bloxy.info/address/0x448a5065aebb8e423f0896e6c5d525c040f59af3) stores CDP’s. CDP is your debt in DAI leveraged by PETH. Most operations with Maker DAO done using it.

[ Sai Tap smart contract](https://bloxy.info/address/0xbda109309f9fafa6dd6a9cb9f1df4085b27ee8ef) allows to liquidate the debt and generate the profit from it.

# Smart Contract Methods

Maker DAO smart contracts have a lot of methods, major of them are categorized in the table below:

Most of the method operate with the tokens we listed above and with CDP as internal Sai Tub entity.

More detailed description of these methods you can find in [Maker DAO transactions Illustrated](/coinmonks/maker-dao-transactions-illustrated-691ad2715cf7) article.

# Token Usage Patterns

The material below is created based on the [Bloxy.info](https://bloxy.info) Token Flow tool and Maker DAO analytical [dashboard](https://stat.bloxy.info/superset/dashboard/makerdao/?standalone=true).

*Bloxy.info** web site provides a set of tools for analytics, traders, companies and crypto enthusiasts.*


The tools include APIs, dashboards and search engine, all available on-site, providing accurate data, indexed directly from the blockchain live node.


Bloxy mission is to make blockchain more transparent and accessible to people and businesses.


Please, make a reference to the source of data when referencing this article.

Our goal was to match the smart contract code and the diagram above with actual token flows and user actions regarding these tokens. We will investigate tokens one by one, from different perspectives, using our tools and analytical approach.

And our first token is….

# WETH ( Wrapped Ether)

WETH explanation is on the [weth.io](https://weth.io) web site. It is wrapped Ether, and can be used instead of Ether where ERC-20 tokens are expected. The first coming to mind are decentralized exchanges (DEX). Typically DEX protocols expect ERC20 tokens as buy/sell side assets, and they can not work with Ether directly. So you first change your Ether to WETH, exchange it , amd later WETH can be changed back to Ether.

This token started at December, 2017, the same time as Maker DAO protocol. Note, that the largest holder is Maker DAO smart contract:

The intersection by owners with other tokens also shows Maker DAO tokens:

[bloxy.info](https://bloxy.info/token_holders/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2)

This high WETH balance on SaiTub MaerDAO smart contract appear, as users deposit WETH to Maker DAO’s SaiTub smart contract to create CDPs later. We analyzed the dynamics of this process on the [MakerDAO dashboard](https://stat.bloxy.info/superset/dashboard/makerdao/?standalone=true):

[MakerDAO dashboard](https://stat.bloxy.info/superset/dashboard/makerdao/?standalone=true)

As seen from this graph, on 10 May, 2019 the locked WETH amount is approx. 2 million ETH ( orange line), while totally minted amount is above 4 million ETH.

How many people involved in this activity? The number of traders can be estimated by unique addresses, initiating exit/join transactions on SaiTub smart contract:

[MakerDAO dashboard](https://stat.bloxy.info/superset/dashboard/makerdao/?standalone=true)

Traders behavior is described by how many WETH the lock and free each month:

[MakerDAO dashboard](https://stat.bloxy.info/superset/dashboard/makerdao/?standalone=true)

Interesting trend that the lock and free amount looks rather symmetrical, before the April 2019, when more people started to withdraw ( free ) WETH from Maker DAO, comparing to deposit ( lock ) it. These are 2 right columns of this diagram. This in turn caused that reduction in WETH balance on Maker DAO.

# WETH outside Maker DAO?

The question is — is it used anywhere except Maker DAO?

Answer is yes. First, it is very actively traded on ZeroX and Oasis ( Matching Market ) exchanges, as shown on Bloxy.info [WETH trading page](http://localhost:3000/token_trades/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2).

[Token Flow Tool](http://localhost:3000/token_graphs/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2#) shows major flows of WETH:

[bloxy.info](http://localhost:3000/token_graphs/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2#)

As you see, there are several “centers of gravity” for WETH token:

- SaiTub from MakerDAI
- Oasis, DDEX exchanges
- ZeroX (not involved in transfers, so not explicitly shown on this graph)

Example of WETH trading by one of the most active traders on DEX is this transaction:

[bloxy.info](https://bloxy.info/tx/0xc538725a76c26695c3fae183bea430bfb86449bc9a066288e52716d22b10f009)

WETH is traded not just agains DAI, here is the list of top 10 pairs on DEX exchanges:

[bloxy.info DEX API](https://bloxy.info/api_methods)

# PETH ( Pooled Ether)

PETH represents ETH, that you put into Maker DAO smart contract to create DAI debt in the future. It has the rate against WETH, equals to

PETH = (WETH balance ) / (Total PETH supply) WETH

It is now equal to 1.04, as part of PETH has been burnt due to debt liquidations. This number increased with time as shown on the diagram:

[MakerDAO dashboard](https://stat.bloxy.info/superset/dashboard/makerdao/?standalone=true)

*The change of PETH/WETH rate generate the APR and profit for the users, who joined the pool and received PETH in exchange to WETH, long time ago. Their summary profit is estimated around 80,000 ETH.*

PETH is not traded on DEX and seems to be used solely inside MakerDAO infrastructure.

Token flow below shows, that the major PETH flow goes from traders to Sai Tub smart contract. Part of the flow then goes to SaiTap ( in case of debt liquidation), or to system address ( for burning ):

[bloxy.info token flow tool](https://bloxy.info/token_graphs/0xf53ad2c6851052a81b42133467480961b2321c09#)