DAI is a stablecoin that is striving to always keep its value to 1USD. It does this with the help of automated contracts and operates on the ETH blockchain. Many investors use this crypto if they want to maintain the value of their investment as close to the value of the dollar as possible. It’s not an old player in the world of crypto since it was only introduced in 2017. However, since then, it has won the attention of many users globally. As such, it’s safe to mention that the stable crypto is gaining popularity faster than many other digital coins.
Briefly about Dai
Dai is a stablecoin cryptocurrency that tries to keep its value as close as possible to the USD. That means one Dai coin is usually equal to one USD. The coin was launched on the Ethereum network in 2017. The coin is issued when an investor deposits Ethereum or other accepted forms of collateral in the network, and the coins earn interest over time. When the collateral is finally made available for collection, the associated Dai coins are destroyed, thus keeping the value of the currency stable. Since the currency is pegged to the USD, it can provide the benefits of cryptocurrencies without the volatility.
A better, smarter stablecoin that can be used by anyone, anywhere at anytime.CryptoLists.com
DAI is a stabelcoin tied to the USD. It operates in the Ethereum blockchain, which is one of the best networks today. The system is designed in a manner that only works best for transfers. Since its founding, its price has always remained 1 USD. Most individuals use the system for money transfer, and they can also keep their money in your digital wallet so that they can withdraw it later on or use it for online transactions.
Utility of Dai?
Several cryptocurrencies have been classified as stablecoins, including USDC, Tether, and Dai. However, Dai stands out since it is decentralized. Unlike other stablecoins, it is managed by a decentralized organization known as MakerDAO. Its price is maintained using smart contracts, and these simply execute themselves whenever certain conditions are met. Another reason for caring about Dai is that it is backed by other cryptocurrencies. The main crypto coins backing Dai are USD Coin and Ethereum. Since its price is stable, it can be used to buy and sell goods and services.
You should care about DAI because it is one of the best stablecoin alternatives out there. If you want to invest and maintain the value of your investment over time, then DIA is the best choice out there. The fact that the value is always close to the dollar makes it a great starting point as a crypto enthusiast.
Also, it's gaining popularity fast, and the system is easy easier to use. You can be sure that digital currency will be something huge in the next few years. Thus, take your time and understand how the system works so that you're not left out.
Dai Price detailsERC20 Contract address: 0x6b175474e89094c44da98b954eedeac495271d0f
›› DAI tokenomics and social media
Advantages at Dai+ The coin got a stable value around 1 USD.
+ The blockchain used is safe, so transactions can be completed anonym.
+ DAI is straightforward to use.
Disadvantages- It’s rather limited use focus mainly on money transfers and savings.
Costs▪ Rated at 8/10
There is more than one way to use DAI as crypto. For instance, you can use it to purchase items online or to pay fees. If you want faster ways to transfer funds to your friend, loved one, or a merchant, you can send them the funds in the form of DAI coins.
At the time, one DAI coin is equivalent to 1USD. The same also applies when you use DAI as a stablecoin, regardless of your location or the person you’re paying. It’s reported that the value might slightly go higher than the dollar in the next few years.
Reputation and Buzz▪ Reputation rated at 8/10
▪ Buzz rated at 8/10
Generally, DAI has an amazing reputation. It has been in the market for hardly five years and is already doing great. Merchants and online shoppers can use the coin and transact without having to share their identities. The fact that it operates on the ETH blockchain makes it trustworthy.
Today, there's 76 million DAI in circulation, which is a huge growth considering it's one of the youngest cryptos on the market. The coin is mainly prevalent in the UK, US, Canada, and other European countries. However, it's quickly finding its way to the global market and will be a huge name in the next few years.
Which blockchain does Dai use?
Dai uses the Ethereum blockchain, and that means its transaction speeds and fees are dependent on this blockchain. Usually, the transactions take one to three minutes to complete, but this time can go up to five minutes. The transactions will mostly go up to five minutes if they need to be included in the next block.
Is the price of Dai guaranteed to always be 1 dollar?
No, the price of Dai rises and falls based on the value of the underlying assets. However, Maker DAO tries to maintain its price as close as possible to 1 USD. The highest it has ever gone is 1.10 USD, and this was in 2020.
Who was the developer of Dai?
Dai was created by Maker Dao, which itself was founded by a Danish entrepreneur who is known as Rune Christensen. The price of the coin is maintained by Maker Dao, and this operates as a decentralized organization.
Is Dai a scam?
No, Dai is not a scam. Its price is maintained close to 1 American dollar by Maker Dao, and it is backed by other cryptocurrencies like Ethereum.
What is the maximum supply of Dai cryptocurrency?
There is no maximum supply of Dai as it is always created when individuals deposit Ethereum or other accepted forms of collateral to the network. Whenever these assets are taken out of the network, the associated Dai coins are destroyed.
How can I mine Dai?
Unlike other cryptocurrencies, this one is not mined. It is created whenever assets are deposited to the network as collateral.
Is DIA crypto a great investment?
It all depends on what you would like to do with the crypto. If you want a coin whose value goes up with time, then this one might not be a great idea since it’ll always be equivalent to 1USD. But it’s great for transferring funds and completing online transactions on various platforms.
Will the coin ever go up?
This coin is always trying to stay close to the value of the dollar. That way, even if it goes up, the margin won't be high. Some financial experts claim that the value of the coin will go to 1.22. But if that one works, then the coin might qualify as a good investment for those looking for financial growth.
Screenshots from Dai
More sites where to buy/sell/trade DaiBelow you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this coin. Click on the logo to read our review.
Dai details and tokenomics
BSC Contract address: 0x1af3f329e8be154074d8769d1ffa4ee058b1dbc3
MATIC Contract address: 0x8f3Cf7ad23Cd3CaDbD9735AFf958023239c6A063