The bitcoin community may soon have its own version of ethereum’s flagship decentralized finance (DeFi) platform.
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Dai (DAI) is a decentralized stablecoin running on Ethereum (ETH) that attempts to maintain a value of $1.00 USD. Unlike centralized stablecoins, Dai isn't backed by US dollars in a bank account. Instead, it’s backed by collateral on the Maker platform. Note: if the Dai credit system is upgraded or shutdown, Dai holders may need to convert their Dai to Ethereum through the Maker platform. Read more at makerdao.com/whitepaper.
The Maker Foundation has added a new poll to its governance portal aiming to introduce a 24-hour governance delay to its protocol after a community member flagged a loophole that can potentially compromise the system’s $340 million worth of ETH collateral. The post MakerDAO proposes new security feature to prevent losing all its collateral to hackers appeared first on The Block.
Cryptocurrency exchange Coinbase’s Visa debit card offering has added support for ethereum-based DAI stablecoin. Announcing the news Friday, Coinbase Card said DAI is the first stablecoin added to its offering. The post Coinbase’s Visa debit card adds support for DAI stablecoin appeared first on The Block.
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