Summary
Claim Fee Maker implements an addition to the Maker protocol enabling fixed-rate debt over a certain period of time. This addition works with existing ilks/vaults without the need for any change to the core system.
The most critical subjects covered in our audit are the security of the new contracts, the functional correctness and the impact of these changes on the core Maker system. Claim Fee works by issuing claims for which the holder can claim compensation for the stability fee accrued. DAI for payout might be generated by minting unbacked stablecoin accounted to the VOW.
Issuance collects no payment, the privileged role issuing claims must compensate the VOW accordingly, this is not handled by the smart contracts reviewed. A claim fee is not connected to an actual debt position / urn. Plans exist to address this, please refer to note: No connection between ClaimFee and actual Debt.
It is important to note that security audits are time-boxed and cannot uncover all vulnerabilities. They
complement but don’t replace other vital measures to secure a project.
About MakerDAO – Claim Fee
“The Maker Protocol, also known as the Multi-Collateral Dai (MCD) system, allows users to generate Dai by leveraging collateral assets approved by “Maker Governance.” Maker Governance is the community organized and operated process of managing the various aspects of the Maker Protocol. Dai is a decentralized, unbiased, collateral-backed cryptocurrency soft-pegged to the US Dollar. Resistant to hyperinflation due to its low volatility, Dai offers economic freedom and opportunity to anyone, anywhere.”
It was a pleasure working with ChainSecurity. They maintained clear and direct dialogue with us and we look forward to working with them on future Layer 2 solutions to help us scale and grow the DAI ecosystem.
Derek Flossman, Head of Protocol Engineering Core Unit (MakerDAO)