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.
New data interpretation from The Block shows that centralized assets comprise 40% of the collateral locked in MakerDAO. The post Centralized assets now constitute 40% of MakerDAO’s vaults appeared first on The Block.
Bitcoin price dipped Wednesday while investors park crypto in Ethereum sidechain stablecoin xDai.
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