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What is Dai all about
DAI is an important stablecoin that operates off the Ethereum blockchain. Its value is tied to $1 and thus can be used as a stable value coin, but it is also the key to the MakerDAO lending system.
What makes DAI so different from other stablecoins, like Tether and USDC, is that it can claim to be the only widely used, decentralized, and trustless stablecoin available.
DAI is used in the MakerDAO lending system in that when a loan is taken out on MakerDAO, DAI is created. It’s the currency users borrow and pay-back. Having a stable value coin in a decentralized lending system is extremely powerful as it can be incorporated into any decentralized application needing a stable asset or payment system.
The recent boom in DeFi has really spurred on the popularity of DAI. A number of services have come through offering users the ability to lend on DAI deposits. This is helping it obtain its goal to be as accepted and widely used as some of the world’s biggest currencies.
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DAI Questions & Answers
What is the current price of Dai?
Price of Dai right now is 0.86 Euro.
How much did Dai cost at its highest?
We saw the highest spike in the price of Dai on 2020-03-13, at 1.09 Euro.
How popular is Dai among social media users?
31042 people took part via Reddit, in an online discussion about Dai in the last 2 days. Dai's official Twitter profile is followed by null users.
How is DAI different to other stablecoins?
Most other popular stablecoins are created and run by a company, making them centralized. DAI, from MakerDAO, is entirely decentralized and quite unique in that aspect. This is a move in the right direction for the blockchain space that prizes decentralization as a key pillar.
How does DAI stay connected to the US dollar price?
The price of DAI is kept in check through a system of smart contracts automatically executing themselves. If the price of DAI fluctuates too far from one dollar, Maker (MKR) tokens are burned or created in order to stabilize the price of DAI.
How else can DAI be used?
Other than a stable transfer of value, DAI is an ERC20 token meaning anybody can use or build with DAI without permission. As an ERC20 token, DAI functions as a building block that can be incorporated into any decentralized application (dapp) needing a stable asset or payment system.
Is DAI under threat from regulators?
As more regulators look to stablecoins to become part of the financial fabric, there are suggestions that they need to be held to the standards that banks are. This would work for other centralized coins, however DAI as a decentralized entity would not be able to adhere should certain laws come into play.