Skynet Mining (skynetmining.com) is a crypto hardware store with a 2.4-star rating on Trustpilot. However, those who have commented on the store have nothing good to say ...Read More
Prices are in USD.
|Market Cap Rank||#13|
|Price Change 24H||0.00%|
|Price Change Percentage 24H||-0.10%|
|Market Cap Change 24H||$-45,657,824.00|
|Market Cap Change Percentage 24H||-0.71%|
|Circulating Supply||6,437,244,416 dai|
|All Time High||
March 13, 2020
|All Time Low||
November 25, 2019 -
|Explorers||https://blockchair.com/ethereum/erc-20/token/0x6b175474e89094c44da98b954eedeac495271d0f , https://etherscan.io/token/0x6b175474e89094c44da98b954eedeac495271d0f , https://ethplorer.io/address/0x6b175474e89094c44da98b954eedeac495271d0f|
|Wallets||ledger.com , https://crypto.com/en/defi/wallet/|
|Community||https://reddit.com/r/MakerDAO , https://twitter.com/MakerDAO|
Dai Coin is currently among the top 30 cryptocurrencies in the coin market cap. The coin price is at $1, and you can say that the digital currency performance is great. Dai is safe compared to fiat currency since it is nobody controls the coin.
Unfortunately, this crypto faces volatility like any other currency in the industry. This could be viewed as both a disadvantage and an advantage. Volatility can lead to making profits or losses, which makes digital coins interesting assets.
MakerDAO is the corporate that is behind the coin. The platform wants to attain mass adoption of cryptocurrency. They believe digital funds will replace fiat money. There is a need for stablecoin in the market to help with volatility.
Dai was launched on the market in 2017. The currency is the first stable coin to be based on the Ethereum blockchain. Furthermore, this token continues to grow as time goes by. More crypto enthusiasts are using the coin.
The decentralized platform is unique and innovative. The coin does not have a total supply limit. Instead, Dai's supply is dynamic and depends on the amount of collateral kept on the vault at a particular timeline.
The coin has never lost its peg to USD for several days. The price margin has been at around $1 for some time. Moreover, the existence of DAI was contributed by the launch of other stablecoin in the industry.
The platform eliminates the dependency on the middlemen to transact funds. Furthermore, the coin can be traded for other altcoins in the market. You can also use the Ethereum wallet to transfer, accept, or safeguard money. The fascinating thing is that nobody can close down this operation.
Tether is surrounded by multiple conspiracies, and some think that it could be fraudulent. Therefore, DAI brings in competition to this coin and a decentralized coin. The merchants are the ones who ensure there is the stability of $1.
Dai is a stable coin that is pegged on the United States Dollar. The platform utilizes decentralized technology. Moreover, Ethereum collateralizes the Dai coin. The entity is based on the ETH blockchain.
The platform is secure since it is an ERC-20 coin. Anyone around the globe can use the token. There is no limitation. The coin is a soft peg of USD. The majority view the currency as a haven smart fiat option.
Multiple advantages come with using this currency. Unlike traditional payment methods, DAI does not require users’ personal data. The currency allows investors to be financially free. Some countries limit their citizens financially by putting up strict measures to cab inflation.
Nonetheless, the use of cryptocurrency can play a crucial role in such scenarios. DAI can also be used for investment purposes. It is a self-governing and intriguing currency. It brings together features of a stablecoin and proprietary coin.
Most people do not bother themselves with the technical aspect of the coin. What matters is the value of DAI; so long as it remains at $1, the more people will utilize the currency.
Unfortunately, this asset is not available for mining. Users can mint Dai using the Market Protocol. Currently, there are over 940 M coins in circulation. Ethereum blockchain controls the issuance of DAI.
The maker Protocol feature allows the coin to have a realistic price for USD by maintaining a reasonable amount of other altcoins. Once investors deposit a certain amount of their crypto, they get an equivalent amount of DAI currency.
Ethereum created DAI, and expert users can acquire a loan in DAI using ETH assets. Creating the currency is a hustle, and the majority of the users opt to buy the token in exchanges simply. The demand for this stablecoin continues to grow.
Investors can use smart contracts to acquire DAI. The marker platform locks the collateral of users till they complete paying their loan. Users loan ETH against DAI. You have to convert ETH into ‘wrapped ETH’ WETH and operate like all other ERC20 currencies.
The next step of building DAI is converting the WETH into PETH. This is pooled ETH, which combines all the Dai tokens that are created. After acquiring PETH, you can form a ‘Collateralized Debt Position’ CDP.
The smart contract interest rate acts as stable charges. The market platform allows users to loan stable assets and take volatile assets. The platform allows investors to build a diverse portfolio that provides every stable coin.
The platform also uses the mechanism of autonomy to attain stability. Once there is uncontrollable volatility, Dai company encourages users to create more currency ensuring the price is $1.
Once the price decrease, the platform liquidates all the CDPs. Moreover, Ether's equivalent amount is auctioned until there is sufficient Dai token to pay up the CDP. The future of this currency is bright, and we have seen significant use of the coin.
Dai can be used in multiple industries in the market. These include; gambling games and prediction markets, derivatives, leverage trading for hedging, and financial markets. Moreover, the accounting system of the company ensures there is transparency.
Therefore, government and other sectors can use Dai for credibility. The maker ecosystem is expanding as more demand increases. The entity enables users to transact funds efficiently at low costs.
The coin is successful and can be used for various purposes. Dai has played an essential role in blockchain finance. The security feature of this digital currency is great. Additionally, investors can use Dai to earn a profit.
Most importantly, users who want to hedge against volatility will find the platform useful. Investors can trade the coin with other altcoins with little trading fees. Furthermore, the company is among the best decentralized stable coin.
The platform is collateralized and backed by the Ethereum blockchain. Therefore, the coin is more transparent, and traders can transact on various exchanges. You do not necessarily have to sign up on multiple platforms to use this currency.
Investors can trade Dai at various exchanges, including Poloniex, IDCM, Huobi Global, Binance, Bitfinex, Bithumb, etc. Remember to store your coin in a secure wallet like Trezor and Ledger. Additionally, investors can also use MyEtherWallet.
Dai coin's main advantage is that it is pegged on USD. Additionally, a stable currency is transparent and reputable. The fluctuation in the market can be swift both ways. Therefore, investors must get a wallet.
The token is a P2P coin, and its price is equivalent stable to USD. The collateral of the platform is based on cryptocurrency. The ratio which the coin target is that of 1:1. It helps in minimizing the fluctuation.
The coin is a critical element in the Decentralized Finance movement. DAI stores the value of the coin and another source of income for the investors. The company has achieved multiple milestones since its invention.