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Dai DAI |
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£0.7462978 |
0.02 % (24h) |
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Marketcap |
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£4,004,173,198 |
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Volume 24h |
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£120,989,039 |
Description
Dai (DAI) is a decentralized stablecoin that is soft-pegged to the US dollar and runs on the Ethereum blockchain. Launched in 2017 by the MakerDAO project, Dai is generated through a system of collateralized debt positions (CDPs), where users lock up collateral in smart contracts to mint new DAI tokens. Unlike other stablecoins, Dai is not backed by a central entity, but by a diverse basket of assets on the Ethereum blockchain. DAI is used in various decentralized finance (DeFi) applications, offering stability and liquidity to the ecosystem.