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Dai (DAI) is the 23rd largest cryptocurrency in the world by market cap, valued at $5,106,618,805. The current price of Dai is $0.9998, which is 0.010% higher than yesterday. Prices have ranged between $1.007 and $0.996902 over the past 24 hours. All prices are listed in US dollars and accurate as of January 31, 2023 11:01 UTC.
One of the key barriers to the widespread adoption of cryptocurrencies is their volatility. Bitcoin, Ethereum and other major digital currencies regularly experience substantial price fluctuations.
To counter this, stablecoins – tokens pegged to the value of an underlying asset – were introduced.
MakerDAO is the company behind Maker, a smart contracts platform designed to back and stabilise the value of the Dai stablecoin.
DAI is a collateral-backed cryptocurrency designed to have a stable value relative to the US dollar. Anyone who has Ethereum assets can leverage them to generate Dai on the Maker platform through smart contracts known as Collateralized Debt Positions, or CDPs.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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