Cryptocurrency Q&A
Is DAI based on Ethereum?
Is DAI based on Ethereum?
charlotte_wright_coder
Thu May 16 2024
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5 answers
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I'm curious, is DAI actually based on Ethereum? I've been hearing a lot about DAI and its stablecoin properties, but I'm not entirely sure about its technological foundation. Given the popularity and widespread use of Ethereum in the crypto world, it seems like a logical choice for DAI's underlying blockchain. But I'd like to know for certain. Could you clarify if DAI is indeed built on Ethereum, and if so, what are the advantages of this choice? I'm really interested in understanding the technological nuances behind DAI and its integration with Ethereum.
5 answers
KimchiQueenCharmingKiss
Sat May 18 2024
DAI, an algorithmic stablecoin, is issued by MakerDAO, a leading player in the realm of decentralized finance. Its core objective is to maintain a strict one-to-one peg with the U.S. dollar, ensuring price stability and utility across various blockchain applications.
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Silvia
Sat May 18 2024
MakerDAO's DAI stablecoin operates on the Ethereum blockchain, leveraging smart contracts to facilitate its issuance and management. This innovative approach allows DAI to maintain its pegged value, offering users a reliable and decentralized alternative to traditional fiat currencies.
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charlotte_clark_doctor
Sat May 18 2024
The DAI stablecoin's algorithmic nature ensures its supply is dynamically adjusted to maintain its pegged value. This process involves a complex system of collateralized debt positions (CDPs) and stability fees, allowing the MakerDAO community to collectively govern the issuance and redemption of DAI.
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Nicolo
Fri May 17 2024
BTCC, a UK-based cryptocurrency exchange, offers a comprehensive suite of services tailored to meet the needs of crypto enthusiasts and investors. Among its offerings are spot trading, futures trading, and a secure wallet solution.
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Federica
Fri May 17 2024
BTCC's spot trading service provides users with a platform to buy and sell cryptocurrencies at current market prices. Its futures trading platform, on the other hand, allows users to speculate on the future prices of cryptocurrencies, offering leveraged trading options for experienced investors.
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