Multi-Collateral Dai Price

DAI is a stablecoin created with the intention of solving the volatility problem of the crypto market. It is an ERC-20 token, so it can easily be transferred between users on the Ethereum network. The stablecoin targets a peg to the US dollar, meaning that it is designed to trade as close to $1 as possible. 

DAI was created by Maker with the purpose of creating a decentralized crypto asset that will have it’s volatility kept at a minimum. It was launched in late 2017 and has since grown into the most popular decentralized stablecoin on the market.

Dai works through a system of smart contracts on Ethereum called the Maker protocol. The mechanism works by users locking their crypto assets like ETH and BAT as collateral in a vault managed by decentralized smart contracts and receiving DAI tokens in return. Currently, you can use over 15 different types of tokens as collateral to take out a DAI loan. After a user locks their collateral in a vault to receive DAI, they can send the DAI back along with a fee to unlock the collateral they used.

If DAI is worth more than $1 on an exchange, users will mint DAI and sell them on an exchange for a profit. This increases the supply of DAI and decreases its value on exchanges back towards $1. However, if DAI is worth less than $1 on an exchange, users will buy DAI on that exchange and lock it in a vault for profit. This way, they decrease the supply of DAI on the market, which helps increase the value of DAI back towards $1.

There are also safety mechanisms in place if the price of a collateral token collapses. First, they have over-collateralization, which means that more crypto is required to be locked than you can unlock in DAI. If the value of the collateral increases, the borrowers can unlock more DAI. If the value of the collateral falls, the borrowers can choose to either repay borrowed DAI or add more collateral to the vault.

Maker has created a decentralized application (dApp) called Oasis, specifically designed to use the capabilities that DAI has to offer. The dApp has a simple interface and all you need to do to use it is to connect your wallet to the Oasis platform.

There are three main features available for you to use. Mainly, you have Oasis trade, a decentralized exchange where you can trade your DAI for other ERC-20 tokens. Then you have Oasis borrow, where you can create vaults to unlock DAI by locking up your other tokens. Finally, you have Oasis save, where DAI holders can earn returns on their stablecoins.

The main value DAI has is that it brings stability to a market where prices can change drastically in a short period. Because of the system that DAI uses, its value typically hovers around $1. Other than this, it’s easily tradable on multiple exchanges and you can earn returns as a DAI token holder on the Oasis platform. Many users prefer DAI to centralized stablecoins like USDT and USDC because of its decentralized design.

DAI can be traded on many exchanges in the DeFi ecosystem. It can be tradedon the Oasis platform, which was specifically built to simplify the use of the token.

The other way to get the token is to unlock it from a vault on the Oasis platform. You do this by offering another stable coin as collateral, and you get the equivalent amount of DAI tokens in return.

DAI is the most used decentralized stablecoin for a reason. Being pegged to $1 makes it one of the least volatile cryptos on the market, which is very appealing to anyone looking to be a part of the crypto world. However, most people won’t really view DAI as an investment, because it doesn’t have the volatility that’s required to make profits.

DAI coins are created on the Oasis platform, with the Oasis borrow option. With this feature, a vault can be created in which the user puts ERC-20 tokens as collateral, and in return they unlock and get DAI tokens. They can get their ERC-20 tokens back by returning the unlocked DAI tokens.

On , the price of DAI is .

There are currently tokens, while there are tokens in circulation.

Unfortunately, not a lot of exchanges offer the option to swap your DAI tokens for fiat currencies. However, it’s easy to trade DAI for other cryptocurrencies like ETH and BTC on (de)centralized exchanges, and those coins can be cashed out more easily.

You can store DAI on any wallet that is compatible with ERC-20 tokens. The safest option would be using hardware wallets like Trezor or the Ledger Nano S.

DAI stablecoins are deemed safe to use. Maker intends to keep upgrading their platform's security, especially their vaults, to make sure that the DAI stablecoin can remain one of the least volatile cryptocurrencies on the market. Keep in mind that no cryptocurrency is completely safe, and we advise you to do your own research on this topic.

Many countries have adopted cryptocurrency in their legal systems, but their acceptance still varies depending on the region. You can check the legality of cryptocurrencies by country or territory here.

DAI transaction fees depend on the fees on the Ethereum network. During periods of congestion, transacting with DAI can be quite expensive.