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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.


Harvest Finance: How Well Does Their Gas Saving Stratigies Work

5 May 2021 2 minute read 0 comments Cje95

One of and if not the biggest pro that Harvest Finance banks on is not their native token FARM or iFARM but the gas-saving strategies that they use to help grow your deposit. By lumping together all of the funds deposited in each farm they are able t...

Amplforth (AMPL), The New King of Decentralized Stablecoins

3 May 2021 1 minute read 2 comments zacharias

With the release of FORTH on many major exchanges, interest in the Amplforth stablecoin AMPL has grown considerably.  AMPL is a new take on cryptocurrency stablecoins.  It aims to remain a steady, decentralized, non-dilutable asset in which to store...

Ethereum Dapps: Great Ideas Rendered Unusable by Fees

29 Apr 2021 1 minute read 1 comment justGreg

Fees, Fees, and more Fees I recently discovered the Ethereum Dapp PoolTogether. PoolTogether is a "no loss lottery" where users funds are pooled together (get the pun) and interested is collected. For each whole coin added you get 1 ticket and your o...

Stablecoins and their benefits

29 Apr 2021 3 minute read 2 comments NOWPayments

April 29, 2021 by Walt Cryptocurrencies have evolved over the past decade from a province of geeks to a multi-billion-dollar industry. Recently, the crypto sphere has seen a rise in innovative platforms and solutions inspired by Bitcoin and seeking t...

Introducing The HashAvatars Collections! Snowflakes Hash is born!

29 Apr 2021 1 minute read 0 comments TheHashAvatars

  We are so happy to announce The HashAvatars Collections, they are new and limited HashAvatars created with different characters and pattern images waiting to be claimed to populate the NFT world. The new HashAvatars Collection is Snowflakes Hash, a...

GetBlock Rolls Out xDai (STAKE) Node: Details of Partnership

26 Apr 2021 1 minute read 0 comments GetBlock

With new partnership, GetBlock will empower its customers with the whole range of xDai (STAKE) opportunities. xDai (STAKE) joins the premier league of blockchains whose nodes are available for GetBlock clients. Every crypto enthusiast can move its p...

My experience with harvest finance.

25 Apr 2021 1 minute read 0 comments edexter

  BinanceFARMer I recently cashed out of a couple of positions one in arrr and some of the governance tokens for ampl.  With the latter there is no guarantee that they will not do another airdrop to coinbase or kucoin or whatever so withdraw to kucoi...

Maker (MKR) Holding Near All-Time Highs! DAI Growth Picking Up! What Gives?!

23 Apr 2021 17 minute read 1 comment Michael @ CryptoEQ

Overview The Maker (MKR) token was created by MakerDAO (2014) and its principal purpose is to underpin and secure the DAI token which launched in 2017. MKR is also used as a governance token for participation in the governance decision associated wi...

FORTH Windfall!!! Thanks Publish0x!

22 Apr 2021 1 minute read 1 comment Cje95

If you have not already seen the annoucement that Igor posted here it is! I have to admit that while I like and see the logic and idea behind the idea due to high gas costs on the Ethereum network Ampleforth has fallen to the back of my mind. I have...

Stablecoins Explained

22 Apr 2021 6 minute read 0 comments RelyOnCrypto

The majority of cryptocurrencies are designed to be used as a medium of exchange rather than a store of value. The concern is that, due to their limited market cap, even common cryptocurrencies like Bitcoin are subject to large price swings. The lowe...