What is a dai coin (DAI)?

Dai is a digital stablecoin built on the Ethereum blockchain. It is designed to maintain a consistent 1-to-1 price parity with the U.S. dollar, allowing users to make payments and store their money in a decentralized, trustless currency that is independent of any government or central authority. This was launched in December 2017 as the first-ever decentralised stablecoin and is issued by the MakerDAO protocol. It is currently used by millions of people around the world to make payments and store their wealth, as well as for a variety of other use cases such as lending, Defi, trading, and more.MakerDAO has launched Multi-collateral DAI (MCD). This token refers to the new DAI that is collateralized by multiple assets. Stablecoins aim to provide many inherent benefits to the cryptocurrency ecosystem, like secured transactions, lower fees, quick settlements, and instant transfers. They can offer a stable value during times of volatility in the markets. Furthermore, they can be used as a stable and reliable cryptocurrency for global payments and sent in large amounts to anyone with a wallet.

How does it work?

When a user deposits ETH into the MakerDAO system, they will receive a proportional amount of these coins in exchange. This can be used for any purpose, such as purchasing goods and services, that one would use US Dollars. The user can then redeem these coins back into ETH at any time by paying off the debt they owe to MakerDAO, plus a small stability fee. By constantly adjusting the amount of collateral needed to mint Dai, MakerDAO is able to maintain its peg to the US Dollar. It is trusted by hundreds of thousands of users and is listed on many exchanges, making it an attractive option for those looking to hold digital currency without the volatility of other cryptocurrencies.

How to get dai coin?

Getting Dai coin is a relatively simple process that can be done either through decentralised exchanges or by converting cryptocurrencies like Bitcoin and Ethereum into DAI.

The most commonly used method to obtain this coin is to use an online exchange like Coinbase, Binance, or Kraken. Most of these platforms allow users to purchase DAI with a variety of payment methods, such as credit card, bank transfer, or PayPal. Once you have purchased this coin on an exchange, it can be transferred to a hardware wallet or kept in storage within the exchange itself.

Another way to get this is by converting cryptocurrencies like Bitcoin and Ethereum into this through decentralised exchanges (DEX). DEXs are platforms that allow users to exchange different cryptocurrencies in a trustless and secure manner. In order to convert Bitcoin or Ethereum into Dai coin, you will need to use a decentralised exchange like Kyber Network or Uniswap. Here, you can set up an account and transfer the desired amount of cryptocurrency into the platform. Once transferred, you can then exchange it for this coin, which will be stored in your assigned wallet.

Dai coin price live update.

This coin is a popular stablecoin that can be used in the cryptocurrency market to make payments or store value. It has been designed to maintain its 1:1 peg with the US Dollar, ensuring that its value remains stable regardless of market conditions. its stability makes it attractive to those looking for a reliable store of value and a low-volatility payment option. it also offers live price updates, so you can stay up on the Dai coin’s value in real-time, as well as keep an eye on changes in the market. With this coin, you don’t have to worry about your investment fluctuating wildly! Check out Dai today and get the latest Dai coin price live updates!