How to use Dai crypto?

Using DAI is fairly easy. A few exchanges support the asset, but you’re best off heading to the platform’s official Oasis decentralized exchange. There, you can acquire a DAI loan utilizing various ERC-20 assets as collateral. There are all several wallets that support the DAI crypto.

What cryptocurrencies can Dai use as collateral?

Second, unlike most stablecoins, which are collateralized against a single fiat currency or cryptocurrency, DAI can use different cryptocurrencies as collateral: ether (ETH), basic attention token (BAT), USD Coin (USDC), wrapped bitcoin (wBTC), compound (COMP), and many more. At its inception, the Maker Protocol supported only ether as collateral.

What is makerdao (Dai)?

MakerDAO was first introduced in 2015 by CEO and founder Rune Christensen, and the Maker Protocol — the architecture underlying the DAI stablecoin — was launched in December 2017. MakerDAO’s model for DAI differs from other leading stablecoins. First, DAI features an unprecedented degree of decentralization.

Is Dai a stablecoin?

While most stablecoins are tied to the value of a physical asset, DAI crypto is a little different. This stablecoin is generated by locking in ethereum, and isn’t necessarily backed by dollars sitting in a bank. Also, when locking in that ethereum, one must invest 150% of the value of the loan in DAI they’ll actually receive.