What is DAI Coin?

Dai Coin is a decentralized, neutral, collateral-backed cryptocurrency fixed to US $ 1.

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Dai Coin is a decentralized, neutral, collateral-backed cryptocurrency fixed to US $ 1. The Maker protocol, also known as the Multi-Collateral Dai (multi-collateral Dai) (MCD) system, allows users to generate Dai by leveraging collateral assets approved by “Maker Management”. The concept of” Maker management " is a process organized and operated by the community that manages the Maker protocol. In this article, we will clarify the concepts of Dai coin, Multi Collateral Dai, Defi what is crypto, DAI, MKR, Maker and MakerDao.

What Is MakerDao?

MakerDAO is an open source project and Decentralized Autonomous Organization on the Ethereum blockchain. The system is based on the project's own token, Maker Coin – MKR (what is Maker Coin?) is managed by owners. MKR owners manage the Maker protocol and Dai's financial risks to ensure stability, transparency and efficiency. MKR owners have as many votes as the MKR they hold. In other words, the more MKR tokens a user has, the greater the decision-making power of that user, that is, the voter.

What Is The Maker Protocol?

The Maker protocol, built on the Ethereum blockchain, allows users to create currency. The current elements of the Maker protocol are Dai (stable cryptocurrency),Maker Collateral Vaults, Oracles and voting. MakerDAO manages the Maker protocol by making decisions through the voting system of MKR owners. One of the largest decentralized applications on the Ethereum blockchain, the Maker protocol is the first decentralized finance (DeFi) application to be largely adopted.

What Is Defi Ethereum?

DeFi is an acronym for decentralized finance, referring to digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum. In simpler terms, it is a movement that takes advantage of decentralized networks that, for example, operate loans from traditional financial products through intermediary, reliable and transparent protocols. MKR and DAI Defi coins mentioned in this article can be called.

What is DAI Coin?

It is a decentralized, neutral, collateral-backed cryptocurrency fixed to US $ 1. Resistant to hyper-inflation due to its low volatility, Dai offers economic freedom and opportunity to everyone, everywhere. Dai is held in cryptocurrency wallets or platforms, supported by Ethereum and other popular applications. Dai is easy to create, access and use.

Users create Dai tokens by depositing their collateral assets into the maker vault within the Maker protocol. Dai enters circulation in this way and users have access to liquidity. In addition, Dai can also be obtained by buying from intermediaries or exchanges or simply using it as a payment instrument. Once created or purchased, Dai can be used in the same way as other cryptocurrencies: it can be sent to others, used as payment for goods and services, and even held as savings through a feature on the Maker protocol.

DAI Token price

Dai developer MakerDAO is one of the most popular financial applications in the cryptocurrency world. There are currently 127 million DAI in circulation. It is also locked in a MakerDAO system worth $ 300 million to keep the token's price stable. The Dai Token, which has been trying to be brought closer to $ 1 for the past months, is currently trading at $ 1.00. As Dai supply increased, Dai transaction fees also began to rise. According to some, this increase is very important for ensuring healthy support. In addition, there is a 0.5% interest in creating a Dai Token in the MakerDAO system. This fee, which is cut under the name balance fee, increases over time. MakerDAO applications are cited as the main reason for Dai's success.

Recently, the search for new stablecoin had begun in the market with the flare-up of the tether controversy. In the last 1 year, many companies have released their own stablecoin, but we can not yet talk about a stablecoin that has become as popular as Tether. As the tether and Bitfinex investigations continue, there is no decline in the use of tether for now, but competition could suddenly escalate if the search for new stablecoin begins in the market.

How To Buy Dai Coin?

To buy Dai coins, you can use Binance, the cryptocurrency exchange with the highest trading volume in the world. Binance platform may be preferred due to Turkish language support and identity-free transactions.

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