What is Dai?
The birth of DAI is in a way the debut of the whole DeFi industry. DAI is the first decentralised stablecoin, whereby its 1:1 value with the dollar is guaranteed by cryptocurrency reserves. This means that DAI can be generated by posting other cryptocurrencies as collateral even though they are volatile by nature. The Maker Protocol is responsible for the price stability of DAI, the issuance and burning of coins, interest rates, sanctions, the voting system and the Foundation’s decision-making process.
Why buy Dai?
Unlike many stablecoins, DAI is completely decentralised and therefore not dependent on banks. Because of its characteristics, it is the most widely accepted stablecoin in the DeFi and DEX world, and has many real-world applications. The most important one is definitely the fast access to financial services. You can use your DAIs simply by accessing its DApp. In this way, millions of people can access loans, savings schemes, investment pools and other financial instruments that would otherwise be unattainable by traditional means.
How was it created?
MakerDAO, the decentralised autonomous organisation managing DAI, was founded in 2014 by the Danish entrepreneur Rune Christensen. The protocol’s effectiveness was clear since its launch in 2017: in that year, Ethereum lost 80% of its value, however DAI managed to keep it’s 1:1 ratio with the US dollar.
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