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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.
Tether held most of February's record stablecoin volume, with USDC and DAI coming next. The post On-chain stablecoin volume surpasses $360 billion for February appeared first on The Block.
In total, out of the over $24.1 million worth of liquidations, over half came from DeFi protocol Compound. The post Monday market decline triggered second-highest amount of liquidations in DeFi space’s history appeared first on The Block.
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