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 amount of available DAI has surpassed $1 billion, according to available data. The post More than 1 billion DAI, the stablecoin of lending protocol Maker, has been created appeared first on The Block.
The stablecoin dai (DAI) broke a market capitalization of $1 billion on Wednesday, a major milestone for the DeFi pioneer.
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