MCD Glossaries
A list of words, terms, variables, functions and more relating to the Maker Protocol
Last updated
A list of words, terms, variables, functions and more relating to the Maker Protocol
Last updated
guy, usr: some address
wad: some quantity of tokens, usually as a fixed point integer with 18 decimal places.
ray: a fixed point integer, with 27 decimal places.
rad: a fixed point integer, with 45 decimal places.
file: administer some configuration value
auth: check whether an address can call this method
ward: an address that is allowed to call auth'ed methods
rely: allow an address to call auth'ed methods
deny: disallow an address from calling auth'ed methods
Authority - checks whether an address can call this method
Kiss - cancels out surplus and on-auction debt
gem: collateral tokens.
dai: stablecoin tokens.
sin: unbacked stablecoin (system debt, not belonging to any urn).
ilk: a collateral type.
rate: stablecoin debt multiplier (accumulated stability fees).
take: collateral balance multiplier.
Ink: total collateral balance.
Art: total normalized stablecoin debt.
init: create a new collateral type.
urn: a specific Vault.
ink: collateral balance.
art: normalized outstanding stablecoin debt.
slip: modify a user's collateral balance.
flux: transfer collateral between users.
move: transfer stablecoin between users.
grab: liquidate a Vault.
heal: create / destroy equal quantities of stablecoin and system debt (vice).
fold: modify the debt multiplier, creating / destroying corresponding debt.
toll: modify the collateral multiplier, creating / destroying corresponding collateral.
suck: mint unbacked stablecoin (accounted for with vice).
spot: collateral price with safety margin, i.e. the maximum stablecoin allowed per unit of collateral.
line: the debt ceiling for a specific collateral type.
Line: the total debt ceiling for all collateral types.
dust: the minimum possible debt of a Vault.
frob: modify a Vault.
lock: transfer collateral into a Vault.
free: transfer collateral from a Vault.
draw: increase Vault debt, creating Dai.
wipe: decrease Vault debt, destroying Dai.
dink: change in collateral.
dart: change in debt.
calm: true when the Vault remains under both collateral and total debt ceilings.
cool: true when the stablecoin debt does not increase.
firm: true when the collateral balance does not decrease.
safe: true when the Vault's ratio of collateral to debt is above the collateral's liquidation ratio.
fork: to split a Vault - binary approval or splitting/merging Vaults.
dink: amount of collateral to exchange.
dart: amount of stablecoin debt to exchange.
wish: check whether an address is allowed to modify another address's gem or dai balance.
hope: enable wish for a pair of addresses.
nope: disable wish for a pair of addresses.
Note: art and Art represent normalized debt, i.e. a value that when multiplied by the correct rate gives the up-to-date, current stablecoin debt.
debt: the sum of all dai (the total quantity of dai issued).
vice: the sum of all sin (the total quantity of system debt).
ilk.Art: the sum of all art in the urns for that ilk.
debt: is vice plus the sum of ilk.Art * ilk.rate across all ilk's.
gem: can always be transferred to any address by it's owner.
dai: can only move with the consent of it's owner / can always be transferred to any address by it's owner.
Other
LogNote: a general purpose log that can be added to any function from a contract.
Ilk: contains two uint256 values—duty, the collateral-specific risk premium, and rho, the timestamp of the last fee update
VatLike: mock contract to make Vat interfaces callable from code without an explicit dependency on the Vat contract itself
wards: mapping(address => uint) that indicates which addresses may call administrative functions
ilks: mapping (bytes32 => Ilk) that stores an Ilk struct for each collateral type
vow: the address of the Vow contract
base: a uint256 that specifies a fee applying to all collateral types
These methods require wards[msg.sender] == 1 (i.e. only authorized users may call them).
rely/deny: add or remove authorized users (via modifications to the wards mapping)
init(bytes32): start stability fee collection for a particular collateral type
file(bytes32, bytes32, uint): set duty for a particular collateral type
file(bytes32, data): set the base value
file(bytes32, address): set the vow value
drip(bytes32): collect stability fees for a given collateral type
mat: the liquidation ratio
chop: the liquidation penalty
lump: the liquidation quantity, i.e. the fixed debt quantity to be covered by any one liquidation event
bite: initiate liquidation of a Vault
flip: liquidate collateral from a Vault to cover a fixed quantity of debt
sin: the system debt queue.
Sin: the total amount of debt in the queue.
Ash: the total amount of on-auction debt.
wait: length of the debt queue
sump: debt auction bid size, i.e. the fixed debt quantity to be covered by any one debt auction
dump: debt auction lot size, i.e. the starting amount of MKR offered to cover the lot/sump
bump: surplus auction lot size, i.e. the fixed surplus quantity to be sold by any one surplus auction
hump: surplus buffer, must be exceeded before surplus auctions are possible
Other terms included in Vow documentation:
move: transfers stablecoin between users.
kick: starts an auction.
woe: indicates specifically bad debt, or be used as a variable name for any amount of debt.
wards [usr: address], rely/deny/auth: Auth mechanisms
Bid: State of a specific Auction {bid, lot, guy, tic, end, usr, gal, tab}
bid: Bid amount (DAI)/ DAI paid
lot: quantity up for auction / collateral gems for sale
guy: high bidder (address)
tic: Bid expiry
end: when the auction will finish / max auction duration
usr: address of the Vault being auctioned. Receives gems during the dent phase
gal: recipient of auction income / receives dai income (this is the Vow contract)
tab: total dai wanted from the auction / total dai to be raised (in flip auction)
bids[id: uint]: storage of all bids
vat: storage of the Vat's address
ilk: id of the Ilk for which the Flipper is responsible
beg: minimum bid increase (default: 5%)
ttl: bid duration (default: 3 hours)
tau: auction length (default: 2 days)
kicks: Total auction count, used to track auction ids
kick: function used by Cat to start an auction / Put collateral up for auction
tick: restart an auction if there have been 0 bids and the end has passed
tend: first phase of an auction. Increasing Dai bids for a set lot of Gems
dent: second phase of an auction. Set Dai bid for a decreasing lot of Gems
file: function used by governance to set beg, ttl, and tau
deal: claim a winning bid / settles a completed auction
yank: used during Global Settlement to move tend phase auctions to the End by retrieving the collateral and repaying dai to the highest bidder.
Flap: surplus auction (selling stablecoins for MKR) [contract]
wards [usr: address]: rely/deny/auth Auth Mechanisms [uint]
Bid: State of a specific Auction[Bid]
bid: quantity being offered for the lot (MKR) [uint]
lot: lot amount (DAI) [uint]
guy: high bidder [address]
tic: Bid expiry [uint48]
end: when the auction will finish [uint48]
bids (id: uint): storage of all Bids by id [mapping]
vat: storage of the Vat's address [address]
ttl: bid lifetime / max bid duration (default: 3 hours) [uint48]
lot: lot amount (DAI) [uint]
beg: minimum bid increase (default: 5%) [uint]
tau: maximum auction duration (default: 2 days) [uint48]
kick: start an auction / put up a new DAI lot for auction [function]
tend: make a bid, thus increasing the bid size / submit an MKR bid (increasing bid) [function]
deal: claim a winning bid / settling a completed auction [function]
gem: MKR Token [address]
kicks: total auction count [uint]
live: cage flag [uint]
file: used by governance to set beg, ttl, and tau [function]
yank: is used during Global Settlement to move tend phase auctions to the End by retrieving the collateral and repaying DAI to the highest bidder. [function]
tick(): resets the end value if there has been 0 bids and the original end has passed.
flop: debt auction (covering debt by inflating MKR and selling for stablecoins)
lot: quantity up for auction / gems for sale (MKR)
guy: high bidder (address)
gal: recipient of auction income / receives dai income (this is the Vow contract)
ttl: bid lifetime (Max bid duration / single bid lifetime)
beg: minimum bid decrease
pad: Increase for lot size during tick (default to 50%)
tau: maximum auction duration
end: when the auction will finish / max auction duration
kick: start an auction / Put up a new MKR bid for auction
dent: make a bid, decreasing the lot size (Submit a fixed DAI bid with decreasing lot size)
deal: claim a winning bid / settles a completed auction
vat: the Vat's address
gem: MKR Token (address)
kicks: Total auction count, used to track auction ids
live: Cage flag
wards [usr: address], rely/deny/auth: Auth mechanisms
Bid: State of a specific Auction {bid, lot, guy, tic, end}
bid: Bid amount inDAI / DAI paid
tic: Bid expiry
tick: restarts an auction
cage: Locks the system and initiates shutdown. This is done by freezing the user-facing actions, canceling flap and flop auctions, locking the rest of the system's contracts, disabling certain governance actions that could interfere with the settlement process, and starting the cool-down period.
cage(ilk): Tags the Ilk prices / Sets the final price for an ilk (tag).
skim: Settles a Vault at the tagged price / Cancels owed Dai from the Vault
free: Remove (remaining) collateral from a settled Vault. This occurs only after there is no debt in the Vault.
thaw: Fixes the Dai supply after all Skims / Fixes the total outstanding supply of stablecoin.
flow: Calculates the fixed price for an ilk, possibly adjusting the cage price with surplus/deficit.
pack: Locks Dai ahead of Cash / Puts some stablecoin into a bag in preparation for cash.
cash: Exchange packed Dai for collateral / Exchange some Dai from bag for a given gem, share proportional to bag size.
file: The Governance configuration—sets various parameter values.
skip: optionally cancel live auctions.
wards(usr: address): Auth Mechanism
vat: Vat contract
cat: Cat contract
vow: Vow contract
spot: Spotter contract
live: Cage flag
"Live" contracts have live = 1, indicating the system is running normally. Thus, when cage() is invoked, it sets the flag to 0. This includes the End contract, which means that cage() can only be invoked once and the subsequent functions cannot be invoked until we are "dead" and in the End process
ilk: A collateral type
when: Time of cage / the time of settlement.
wait: Processing cooldown duration / the length of processing cooldown.
debt: Outstanding Dai after processing / outstanding stablecoin supply, after system surplus/deficit has been absorbed.
tag: Cage price / price per collateral type at time of settlement.
gap: Collateral shortfall / shortfall per collateral considering undercollateralised Vaults.
Art: Total debt per Ilk/outstanding stablecoin debt.
fix: Final cash price / the cash price for an ilk (amount per stablecoin).
bag(usr: address): Dai packed for cash / nontransferable stablecoins ready to exchange for collateral.
out: Cash out / the amount of already exchanged stablecoin for a given address.
skip: Optionally cancel live auctions.
wad: Some quantity of tokens, usually as a fixed point integer with 10^18 decimal places.
urn: A specific Vault.
tend: To make a bid, increasing the bid size.
bid: The quantity being offered for the lot.
lot: The quantity up for auction.
dent: To make a bid, decreasing the lot size.
vat: storage of the Vat’s address.
ilk: id of the Ilk for which a GemJoin is created for.
gem: the address of the ilk for transferring.
dai: the address of the dai token.
one: a 10^27 uint used for math in DaiJoin.
live: an access flag for the join adapter.
dec: decimals for the Gem.
mul(uint, uint)/rmul(uint, uint): will revert on overflow or underflow
bite(bytes32, address): will revert if lot or art are larger than or equal to 2^255.
bite: will not leave a Vault with debt and no collateral.
wards: are allowed to call protected functions (Administration and cage())
ilks: stores Ilk structs
Ilk is the struct with the address of the collateral auction contract (flip), the penalty for that collateral to be liquidated (chop) and the maximum size of collateral that can be auctioned at once (lump).
live: must be 1 for the Cat to bite (see cage in mechanisms)
vat: address that conforms to a VatLike interface (see vat documentation [TODO - Link] for more info). It is set during the constructor and cannot be changed.
vow: address that conforms to a VowLike interface (see vow documentation [TODO - Link] for more info).
Events
Bite: emitted when a bite(bytes32, address) is successfully executed. Contains:
ilk: Collateral
urn: Vault address
ink: see lot in bite
art: see art in bite
tab: see tab in bite
flip: address of the auction contract
id: ID of the auction in the Flipper
ilk: a given collateral type
ilk.pip: the contract which holds the current price of a given ilk
ilk.mat: the liquidation ratio for a given ilk
vat: the core of the mcd system
par: the relationship between DAI and 1 unit of value in the price. (Similar to TRFM)
Collateral
Only authorized users can update any variables in contract
Math
mul(uint, uint), rmul(uint, uint), add(uint, uint)& sub(uint, uint): will revert on overflow or underflow
rpow(uint x, uint n, uint base): used for exponentiation in drip, is a fixed-point arithmetic function that raises x to the power n.
Auth
wards: are allowed to call protected functions (Administration)
Storage
pie: stores the address' Pot balance.
Pie: stores the total balance in the Pot.
dsr: the dai savings rate. It starts as 1 (ONE = 10^27), but can be updated by governance.
chi: the rate accumulator. This is the always increasing value which decides how much dai: given when drip() is called.
vat: an address that conforms to a VatLike interface. It is set during the constructor and cannot be changed.
vow: an address that conforms to a VowLike interface. Not set in constructor. Must be set by governance.
rho: the last time that drip is called.
name: Dai Stablecoin
symbol: DAI
version: 1
decimals: 18
wad: fixed point decimal with 18 decimals (for basic quantities, e.g. balances).
totalSupply: Total DAI Supply
balanceOf(usr: address): User balance
allowance(src: address, dst: address): Approvals
nonces(usr: address): Permit nonce
vat: a VatLike that points the the system's contract