The document summarizes Dai, a stablecoin created by MakerDAO. Dai aims to maintain a price peg of 1 Dai = $1 through the use of collateralized debt positions (CDPs), where Ether is used as collateral to mint Dai loans. The Target Rate Feedback Mechanism (TRFM) uses a target interest rate to incentivize actions that keep Dai's price stable. MakerDAO also plans to expand Dai to be collateralized by