DAI is a decentralised cryptocurrency that is created and governed by MakerDAO. MakerDAO is a Decentralised Autonomous Organization. The Maker Protocol enables users to generate Dai by using collateral assets approved by the “Maker Governance.”
About Dai Coin
This digital money is open to everyone or any business and can offer its advantages. DAI is a cryptocurrency that is backed by fiat currency. The value of 1 Dai is equal to 1$. Thus it makes Dai a stable coin. By the mid of 2021, Dai had a circulating supply of about 5.5 billion units, which put it in fourth place among stable currencies.
Dai is a stablecoin backed by the US dollar. When the price of Dai Coin goes below its assigned value of 1$, the Decentralized Autonomous Organization boosts interest rates on loans which encourages users to get rid of Dai and close their loans. When DAI costs more than $1, the organisation performs the opposite procedure and handles the situation.
The Dai platform ensures greater stability and usability. In the below section, we can see the uses of the Dai platform:
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DAI is a cryptocurrency that is backed by fiat currency. The value of 1 Dai is equal to 1$.
535 Cr. DAI
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