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Dai StableCoin (DAI)

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DAI is one of the two stablecoins that support the MakerDAO stablecoin ecosystem launched by MakerDAO in 2016. DAI’s purpose in the ecosystem is distinct, being the actual stablecoin, as opposed to its governance token counterpart that is MKR.

Stablecoins are being created with increasing frequency and it forms one of the major trends of 2019. However, unlike most other stablecoins, the DAI token differs from others as it does not back DAI tokens with dollar reserves. Rather, it supports the value of DAI tokens through Collateralized Debt Positions (CDPs). CDPs are smart contracts that provide DAI tokens which are backed by collateral (Ether), which it holds until the DAI is returned. This is an integral function in the MakerDAO ecosystem.

The technique used to keep DAI’s value stable at $1 is quite clever. In short, the DAI token is always collateralized and if its value sways from $1, the network is incentivized to push the value back to $1. 

As the DAI token is simply a stablecoin, there is not much in the way of development for the specifically the token, though the team has released many details on the general development of the ecosystem. 

Several changes have been made to the ecosystem in 2019, including updates on the Maker governance system that allowed multiple polls to be conducted simultaneously, security audits, a bug bounty program in collaboration with HackerOne, and a lot of progress towards multi-collateral DAI. Seven new collateral types have been put up for a first round of voting: Augur (REP), Basic Attention Token (BAT), DigixDAO (DGD), Ether (ETH), Golem (GNT), OmiseGo (OMG) and 0x (ZRX)

The rest of 2019, and going forward into 2020, will see a vote to finalize all the changes that would allow multi-collateral DAI, voting on oracle providers, a rebranding and a presentation of general risk proposal model to the community for review, and much more.


Another Near Miss with Outrageous Gas Fees

23 Feb 2021 1 minute read 16 comments rah

Maybe I was being a bit smug yesterday. I’d been waiting for a correction and I was genuinely excited about the falling figures having positioned myself to take advantage of this and being impatient as I am I couldn’t resist taking a small advantage...

Combining Two Crypto Strategies to Leverage 10%+

22 Feb 2021 1 minute read 4 comments rah

Everyone who knows me knows that I am poised for the bubble to burst or in crypto-speak for the next major correction. Over the last few weeks since moving a significant amount of my holdings to StableCoin I have done very little except just add in m...

Harvest Finance: Making Me Chose Between Sure Money and Maybe Money

21 Feb 2021 2 minute read 1 comment Cje95

I love Harvest Finance and I was beyond thrilled when Publish0x added it to their tipped coins. I mean if I could I would have willingly signed up for getting tipped in FARM exclusively as I have been farming with them since November I believe of las...

Unicrypt Network Is Moving Its Suite of Services to xDai

16 Feb 2021 2 minute read 1 comment Crypto Adventure

UniCrypt network is set to move its whole suite of services to xDai, a stable payments sidechain on Ethereum built for faster and inexpensive transactions. The xDai migration will enable Unicrypt to deploy super easily and offer all its services ever...

1Hive: Introduction to Agave ($AGVE)

15 Feb 2021 2 minute read 5 comments Blazarius120

Introducing $AGVE, or Agave, a decentralized non-custodial money market protocol where users can participate by borrowing or lending money through the application. Agave is a fork of Aave, built by the 1Hive community and deployed on the xDai chain...

This guy bought a house with crypto!

14 Feb 2021 1 minute read 0 comments Al27x

I'd heard about crypto for many years but had never had the balls to jump in and start investing - not until I saw this guy speak and realised the infinite possibilities of crypto and decentralised finance! Meet Richard De Sousa from South Africa. He...

Poised for the next crash!

10 Feb 2021 1 minute read 4 comments rah

There is a chance I am reading the market wrong, but overnight I finally crossed the line and can say that I have more than recovered from the September crash that has haunted me ever since. After an overnight surge in Yearn Finance I am now holding...

Bring your FARM in the barn! Crop Spotter Guide on how to stake $FARM

8 Feb 2021 5 minute read 42 comments PVMihalache

The farmer has patience and trusts the process. He just has the faith and deep understanding that through his daily efforts, the harvest will come. And then one day, almost out of nowhere, it does.  - Robin Sharma As Robin Sharma said, you have to...

January situation report

8 Feb 2021 3 minute read 5 comments PierreL

I started the year with a lot of motivation and ideas, but my momentum got cut short in the second half of the month because my day job as a video editor kept me more busy than I anticipated. But I still found time to work on a few extra elements and...

Ethereum’s Sister Chain XDai Stablechain Looks Promising

7 Feb 2021 3 minute read 2 comments paragism

Cryptocurrency is often condemned due to its extreme volatility. The green candles of the chart turn into red very quickly. Volatility can be a trading opportunity but using cryptocurrency as a medium of payment is often problematic due to this reaso...