What currency is Dai? Where to trade Dai?

Dai, a stablecoin pegged to the US dollar, can be traded on leading cryptocurrency exchanges such as Coinbase, Binance, and Kraken.

Oct 03, 2024 at 08:05 pm

1. What is Dai?

Dai is a stablecoin, a type of cryptocurrency whose value is pegged to a fiat currency, in this case, the US dollar. Dai is designed to maintain a stable value against the dollar, making it less volatile than cryptocurrencies like Bitcoin or Ethereum.

2. Where to trade Dai?

Dai is traded on several major cryptocurrency exchanges, including:

Coinbase
Binance
Kraken
Gemini
Poloniex

Additional Information:

Mechanism of Stability: Dai's stability is maintained through a system of smart contracts and collateralization. Users must lock up a certain amount of collateral, usually Ether (ETH), to receive Dai. If the value of ETH falls below a certain threshold, users must provide additional collateral to maintain the stability of Dai.
Use Cases: Dai is primarily used as a medium of exchange and a stable store of value. It can be used to purchase goods and services or as a hedge against volatility in other cryptocurrencies.
Other Stablecoins: Dai is not the only stablecoin in existence. Other popular stablecoins include Tether (USDT), USD Coin (USDC), and Binance USD (BUSD).

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