Protocol papers
Credit and stable-value papers.
A vault with collateral is a different object from an arbitrage against the system's own token. The shelf says which is which.
How to read this shelf
Each card opens a study. The study is a reading of a public paper, not the paper and not a description of today's network. Status is a design paper unless the record says historical or failure case.
How to read this page
Research status is named on the page. Primary sources are linked. This is a mechanism and operating note, not investment suitability, legal advice, a security guarantee or an implementation certificate.
Compound · 2019 · Design paper
Compound: The Money Market Protocol
The 2019 Compound paper: pooled lending markets where suppliers earn a floating rate and borrowers post collateral. Interest rates are a function of utilisation, set in the protocol rather than negotiated bilaterally.
Aave · 2020 · Design paper
Aave Protocol white paper
Aave's v1 protocol paper: pooled lending with stable and variable rates, and loan features such as rate switching and uncollateralised flash loans inside a single transaction. It sits in the same family as Compound, with a different rate and product surface.
Maker · 2017 · Design paper
The Dai Stablecoin System
MakerDAO's 2017 description of Dai: a liability minted against overcollateralised vaults, kept near a dollar target by fees, a collateral auction, and an emergency shutdown. It is the reference design for crypto-collateralised stable value, as distinct from a fiat-backed token.
Terra · 2019 · Failure case
Terra Money: Stability and Adoption
Do Kwon's 2019 paper for a family of fiat-pegged tokens stabilised by an arbitrage relationship with a second, volatile token. It is included because it is a canonical design paper that was not in the historic library. It is included as a failure case, not as a model to ship.