Dai

• It provides greater stability than other volatile cryptos.
• It has a market cap of more than $5.7 billion.
• It is an Ethereum based ERC-20 token.
• Besides being a stable coin, it has been able to maintain its position in the top 30 of the largest cryptocurrencies.
• It can supply any number of Dai tokens in the market.

Dai was launched in December 2017 formulated under the governance of MakerDAO and Maker Protocol. MakerDAO is itself a company that runs in a decentralized way using smart contracts. Dao is the world’s first decentralized stable cryptocurrency. The collateralized assets of other cryptocurrencies back it. The assets are held within smart contracts and not within institutions.

Dai has its official utility token as DAI has been pegged to a US dollar(1 USD). DAI is used as a mode to provide users with various incentives.

• It is highly composable with other decentralized applications such as Compound.

• It is more transparent to the users, and also it provides higher security and censorship.
• DAI holders can also earn interest through DSR(Dai Savings Rate).

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