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    These are legacy guides and will not be maintened. Each button links to the newer pages in the community portal covering the same topics.
    MakerDAO MCD FAQs
    • Glossary of Terms
    • What is Dai?
    • Why would I want to use Dai?
    • How is the price of Dai kept stable?
    • How can I generate Dai?
    • Where can I buy Dai?
    • Where can I see the amount of collateral that is backing Dai?
    • What organizations are using Dai?
    • What is the Dai Savings Rate?
    • How does the DSR work?
    • Are there any range limits to the DSR? Can it be negative or zero?
    • Does Dai automatically earn the DSR?
    • Is the DSR its own smart contract?
    • When users lock Dai into the DSR, is that Dai pooled?
    • Do DSR accruals compound or are they only earned on the principal?
    • What is the formula for the expected accruals earned through the DSR?
    • Will there be any constraints, like minimum lockup time or withdrawal limits?
    • Does Dai earned by the DSR get calculated and paid out at the time of withdrawal, or is it continuously added to the user’s balance?
    • How is the DSR being used by MKR token holders as a monetary policy tool?
    • Where can someone find information to better understand the economic impact of the DSR?
    • Does the DSR reduce the MKR burn rate?
    • Are Stability Fees structurally higher due to the existence of the DSR?
    • Where can I find more technical information about the DSR?
    • What is an Emergency Shutdown?
    • What happens during an Emergency Shutdown?
    • Who can initiate Emergency Shutdown?
    • When should Emergency Shutdown be used?
    • Does hitting a Debt Ceiling warrant an Emergency Shutdown?
    • Will the redemption of collateral for Vaults and Dai be immediate and automatic, or a manual process?
    • Why is there a delay period before Dai holders can redeem collateral?
    • Do both Dai holders and Vault owners need to redeem collateral?
    • If collateral prices keep falling after the reference prices are frozen, doesn’t that mean people redeeming Dai and closing-out Vaults may experience a haircut?
    • How quickly can an Emergency Shutdown be performed?
    • What happens to MakerDAO after an Emergency Shutdown?
    • Who can redeploy the system?
    • Who decides how the system should be redeployed?
    • What if multiple redeployments happen, who decides which one is legitimate?
    • During Emergency Shutdown, will Vault owner’s collateral be given away to other people?
    • Is there anything preventing MKR holders from triggering an Emergency Shutdown in order to avoid MKR dilution due to poor management?
    • Can I create a Vault during an Emergency Shutdown?
    • What happens to inaccessible Vaults and Dai?
    • Are Stability Fees waived in the event of an Emergency Shutdown?
    • How does Emergency Shutdown affect other Dapps?
    • Has an Emergency Shutdown ever been performed in the past?
    • How was testing for Emergency Shutdown done?
    • How will Vault users and Dai holders be notified of Emergency Shutdown?
    • Where can I find more technical information about Emergency Shutdown?
    • What is Governance?
    • How is the Maker Protocol governed?
    • Is there more than one type of vote?
    • What does a forum signal thread look like?
    • Can anyone start a forum signal thread?
    • What’s the difference between a forum signal thread and a regular forum poll?
    • How does a forum signal thread proceed to an on-chain Governance Poll?
    • When do Governance Polls happen?
    • How long is the voting period of a Governance Poll?
    • Where can I find on-chain Governance Polls?
    • Can anyone create an on-chain Governance Poll?
    • When do Executive Votes Happen?
    • What is Continuous Approval Voting?
    • Why is the Continuous Approval Voting System necessary?
    • How Long is the Voting Period of an Executive Vote?
    • Can anyone start an Executive Vote?
    • Does anyone audit the code for the Executive Votes?
    • What are hats, slates, and spells?
    • How do MKR holders stay informed of governance issues?
    • What do MKR holders vote on?
    • How can I vote off-chain?
    • How can I vote on-chain?
    • How does the Maker Foundation’s Voting Portal work?
    • What is a Voting Contract?
    • How do I know my vote was placed?
    • If a vote has already started can I still participate?
    • Can I change my vote once I have placed it?
    • How is the voting calculated?
    • What are the different ways to set up the Voting Contract?
    • What does voting with a linked wallet do for me?
    • When setting up a linked wallet, what permissions am I granting?
    • Does it cost gas every time I vote?
    • When setting up a linked wallet, how much gas will I need and which wallet does it come from?
    • What are IOU Tokens?
    • When setting up a linked wallet, how many transactions do I have to sign?
    • When setting up a single wallet, how many transactions do I have to sign?
    • What happens to my MKR when I am voting?
    • How do I know my MKR is in the Voting Contract?
    • How do I withdraw my MKR from the voting contract?
    • How does a withdrawal affect my previous votes?
    • Do I need to withdraw MKR from the voting contract immediately after voting?
    • Can I send MKR from my cold wallet to another address while it is locked in the voting contract?
    • What happens if I send more MKR to my cold wallet after I link it?
    • Can I break the link between my hot and cold wallet?
    • Can I combine more than one address holding MKR to vote?
    • Where can I find more technical information about the Maker Protocol Governance mechanism?
    • What is Liquidation?
    • Why does Liquidation exist?
    • Who triggers Liquidation?
    • What is the Liquidation Ratio?
    • What is the Liquidation Price?
    • What is the Liquidation Penalty?
    • Why is the Liquidation Penalty necessary?
    • What happens during a Liquidation?
    • How much collateral is left after a Liquidation?
    • How do I calculate my Liquidation Price?
    • How do I calculate my Collateralization Ratio?
    • How do I lower my Liquidation Price?
    • What are typical practices to avoid getting Liquidated?
    • How would a flash crash affect the Liquidation of Vaults?
    • Where can I view live information about Liquidations?
    • Where can I find more technical information about Liquidations?
    • What is MakerDAO?
    • Who Started MakerDAO and When?
    • Why did the founders call it _Maker_DAO?
    • What does DAO mean?
    • Who is the Maker Community?
    • What is the Maker Foundation, and how does it relate to MakerDAO?
    • Does the Foundation Vote in MakerDAO Governance?
    • Will the Maker Foundation exist indefinitely?
    • What are the primary focuses of the Maker Foundation?
    • Where does The Maker Foundation get funding from?
    • Who controls the Development Fund?
    • What are the plans for the Development Fund?
    • Is MKR in the Development Fund used to vote in Maker Governance?
    • What is the legal structure of The Maker Foundation?
    • How do I distinguish between the DAO and the team who is developing and bootstrapping MakerDAO?
    • What is the Dai Foundation?
    • Who is on the Board of Trustees of the Dai Foundation?
    • What is MKR?
    • What is the MKR token used for?
    • How are MKR tokens created or destroyed?
    • What responsibilities do MKR holders have?
    • What voting rights do MKR holders have?
    • What addresses hold the most MKR?
    • Can MKR be used as a collateral type?
    • Will MKR token dilution be able to cover all Dai if the value of their backing collateral goes to zero?
    • How do I redeem old MKR?
    • What happens to MKR in the event of an Emergency Shutdown?
    • How much MKR is there?
    • What is an Oracle?
    • How does the Oracle system work?
    • How is the Oracle system made secure?
    • What is an Oracle Security Module?
    • Can MakerDAO governance change the time of the Oracle Security Module’s delay?
    • What is a Medianizer?
    • How often does the Medianizer publish an updated reference price?
    • What is a Secure Scuttlebut Network?
    • Why are Oracles an attack target for malicious actors?
    • Who are the Feeds?
    • Why are organizational Feeds public, while individual Feeds are pseudonymous?
    • What is the process for becoming a Feed?
    • Is the Oracle system resistant to Sybil attacks?
    • What happens if there is a flash crash on an exchange?
    • Where can I find more technical information about Oracles?
    • What is the Stability Fee?
    • What is the purpose of the Stability Fee?
    • When do I have to pay the Stability Fee?
    • Do I have to pay the new fees on old debt in the case of a Stability Fee change?
    • Why does the Stability Fee Change?
    • How is the Stability Fee calculated?
    • What does the system do with the collected fees?
    • Where can I see my currently accrued Stability Fee?
    • How can I calculate my potential Stability Fee?
    • Where can I learn more about Risk Teams and how Stability Fees are determined?
    • Is there a limit to how much a Stability Fee can change?
    • How often do Stability Fees change?
    • Where can I find more technical information about Stability Fees?
    • What are Maker Vaults?
    • How does a Vault work?
    • What is a Debt Ceiling?
    • Are there different types of Vaults?
    • What kind of collateral can I use?
    • Who can open a Vault?
    • Are there fees for using a Vault?
    • What is the Collateralization Ratio?
    • What risks are associated with owning a Vault?
    • What are Common Practices to limit risk?
    • How would a flash crash on a single exchange affect the Liquidation of Vaults?
    • Where can I view live information about Liquidations?
    • Where can I find more technical information about Vaults?
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