Dai (DAI) is a USD-pegged cryptocurrency issued by the Maker platform. Within the framework of the Maker protocol, any Ethereum-based assets can be used as collateral. On the basis of the collateral deposited, DAI stablecoins are minted, and if necessary, the user can exchange them back for their assets, then the stablecoins will be destroyed (burned). All actions are provided by smart contracts of the protocol, which, in turn, are managed by the community on a decentralized basis.
Btcnewsweb.com reminds that Dai can be bought on many decentralized exchanges, as well as on the Binance exchange, where the asset is traded in pairs with USDT, BTC, BNB, ETH, BUSD.
DAI token price to USD
USD to DAI chart
|Co-founder and CEO||Rune Christensen|
|President and COO||Steven Becker|
|Current issue||3 431 309 728 DAI|
|Course on 04/21/21||1 $|
|Capitalization on 04/21/21||3 431 309 728 $|
|Social networks||https://reddit.com/r/MakerDAO, https://twitter.com/MakerDAO; https://www.youtube.com/channel/UC4jqZlzQHUhzqf5rMd5ywTw|
|Reference materials||https://makerdao.com/ru/whitepaper/#стейблкойн-dai; https://community-development.makerdao.com/en/faqs/dai/|
|Exchanges||Binance, Huobi, Bitfinex, EXMO, Coinbase, Balancer, Uniswap,Sushiswap etc.|
Generating DAI on the Maker Platform
For the initial receipt of a stablecoin, the user needs to add collateral assets to the Maker vault. In the future, like any cryptocurrency, Dai can be bought / sold through exchanges or exchangers. Vault Maker is a smart contract responsible for generating a stablecoin based on backed collateral assets. To access this functionality, you need special software. For example, the most popular user interface for this purpose is Oasis Borrow.
At the time of creation of the vault, an obligation is written on the user, including the return of Dai, as well as the payment of a commission in the event that he wants to take his assets back.
Maker vaults are non-custodial, transactions are carried out directly between users’ wallets. The received Dai cryptocurrency can be transferred, paid for goods and services, used in credit protocols, etc. All operations, including asset creation, are transparent and viewable in the blockchain browser.
Stablecoin can perform all the main functions of money on the Internet:
- A means of circulation in the sale, purchase, exchange and any commercial transactions.
- A store of value – stablecoin is resistant to market fluctuations and hardly depreciates over time.
- Deferred Payment Facility – For example, in Maker Vaults, Dai clears the deposit and pays the commission.
- Means are a measure of value. This means that the price of any goods or services can be expressed in DAI, as in dollars or rubles.
When creating a stablecoin, any digital asset on the Ethereum blockchain that users agree to use can act as collateral. Accepted assets are approved by the holders of MKR tokens.
Passive Income: Dai Deposits
Through the Oasis online app or similar interface, Dai holders have the option to block their stablecoins and earn rewards. The amount of this reward is determined based on the DSR (Dai Savings Rate).
Features of working with deposits:
- There is no minimum amount.
- You can withdraw attachments at any time.
- The DSR parameter is regulated by MKR holders and serves to maintain the stability of the coin rate. When the DAI rate exceeds $ 1, MKR holders reduce demand, and when the rate falls below $ 1, they increase.
The adjustments are usually done once a week. Everyone who takes part in the vote has access to both publicly available market information and private statistics, which together influence decision-making. The long-term plans of the project also include the launch of a tool for automated DSR correction.
External system support
Maker’s own infrastructure consists of smart contracts, and in order for them to work properly, a number of external supporters are also required. Among them:
- Custodians interested in adding liquidity to protocols. In the case of Maker, the role of custodians is played by traders, whose participation helps maintain a stable price.
- Price oracles that transfer information about the price level on the market into the protocol in real time. Sources that play the role of oracles are chosen by decentralized voting among holders of the MKR utility token.
- Emergency oracles in case of emergency protection. They can, if necessary, block other oracles or even declare an emergency shutdown of the system.
Also external contributors are members of the DAO team. They are not part of the Maker development team, but include independent traders. It is the decentralized organization that largely controls the state of the protocol.
Where to buy and store Dai?
DAI is one of the most popular stablecoins today. In this regard, it is supported by a large number of trading services:
- Centralized crypto exchanges – Binance, Huobi, Kraken, Kucoin, Poloniex, Bitfinex, Gate.io, EXMO, Coinbase and others.
- Decentralized Exchanges – Balancer, Uniswap, Sushiswap, Curve Finance, 0x Protocol and others.
- Exchangers – Baksman, MChange, ExchangeKey, ProstoCash and others.
Cryptocurrency can be stored in a decentralized wallet for ERC-20 tokens – Metamask, it is also present in Atomic Wallet, Exodus, Jaxx wallets. Storage option available in hardware wallets such as Ledger.
The stablecoin DAI is actively used in decentralized financial applications and shows itself to be a convenient tool for this purpose. At the same time, the potential of the token is far from being exhausted: prospects are open in such areas as cross-border transfers, secured loans, risk hedging, prediction markets, and the online gaming industry. In addition, the list of assets that can be used as collateral to obtain Dai will continue to expand.