What is Dai?
DAI is an Ethereum-based stable-price cryptocurrency (stablecoin) issued, developed, and managed by MakerDAO and the MakerProtocol decentralized autonomous organization. DAI’s price is soft-pegged to the U.S. dollar and collateralized by a combination of other cryptocurrencies deposited into smart-contract vaults whenever new DAI is minted. It is vital to make a distinction between Multi-Collateral DAI and Single-Collateral DAI (SAI). Single-Collateral DAI (SAI) is an earlier version of DAI that only a single cryptocurrency could collateralize and does not support the DAI Rate, allowing users to earn savings by holding the tokens. In November 2019, Multi-Collateral DAI was created to solve these problems.
One defining point of DAI is that no single person or group of co-founders created it. MakerDAO and Maker Protocol governs the issuance of new tokens and the development of the software that powers it. MakerDAO is a type of company that runs itself in a decentralized way by using smart contracts, a decentralized autonomous organization. Smart-contracts are self-enforcing agreements written in software code and performed on the Ethereum blockchain. Danish entrepreneur Rune Christensen formed MakerDAO in 2015.
DAI Key Points
The most significant advantage of DAI is its soft peg to the price of the U.S. dollar. Unfortunately, the crypto market is known for its volatility- even the highly-liquid coins like Bitcoin experience price fluctuations of 10% or more in a day. Given this situation, investors and traders are inclined to include safe-haven assets in their portfolios so that stable prices can help balance out significant market changes. DAI is one example of this kind of asset, known as stablecoins. Stablecoins are cryptocurrencies whose prices are pegged to assets that hold a stable value, such as USD or EUR.
Another benefit of DAI is that a decentralized autonomous organization manages it via software protocol and not by a private company. This means that all burning of tokens and issuance are publicly recorded and managed by Ethereum-powered, self-enforcing smart-contracts, making the system less prone to corruption and raising transparency.
What are Dai Frequenty Asked Questions?
Where does Dai (DAI) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Dai currently ranks in position 32 out of the thousands of cryptocurrencies. It is also important to consider Dai‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Dai has a market cap of $ 1,407,870,801, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 650,720,846,596, Litecoin at $ 9,593,933,307, Ethereum at $ 150,140,444,198, Tether at $ 24,782,037,653, and XRP at $ 13,176,629,456.
What is the price of Dai (DAI) today (updated in realtime)?
The current price of Dai is $ 1.00 in USD. (The price in Euros is 0,824500 €; and the price in Bitcoin is Ƀ 0.00002900 BTC.)
How has Dai (DAI) performed recently?
Dai‘s price has increased in the last 24 hours by 0.28%. This compares with a seven day change of -0.29%. The trading volume over the last 24 hours was $ 549,272,325. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Dai (DAI) official website?
Links to Dai‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Dai (DAI) performed well historically?
Here is a chart showing how Dai has performed historically.
Where Can I Buy Dai (DAI)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
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