I’m a bit puzzled by something and hoping you can help clear it up for me;
We all know the only way to mint 100 Dai is by locking up assets in the Maker Protocol, but to unlock those assets again I need to buy extra Dai on top of that 100 on the open market.
But at the beginning, surely there must have been more Dai than that which was minted from the Protocol? So people could buy enough to pay back the interest? How was this extra Dai accounted for if it wasn’t backed by assets?