-
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What is Dai? What can Dai do? How to store Dai?
Dai's decentralized nature, Ethereum-based technology, and price stability make it a versatile tool for value storage, collateralization, and cryptocurrency transactions.
Oct 13, 2024 at 08:23 am
What is Dai?
Dai is a decentralized stablecoin that maintains a value of $1 USD. It is an ERC-20 token on the Ethereum blockchain. Dai is backed by a decentralized network of smart contracts known as the Maker Protocol.
What can Dai do?
- Stablecoin: Dai is designed to provide a price-stable option for holding value. It aims to provide a secure way to hold funds and avoid price volatility.
- Collateral for lending: Dai can be used as collateral to borrow other assets on decentralized lending platforms. This allows users to leverage their Dai to access liquidity without having to sell.
- Medium of exchange: Dai can be used as a payment method in various applications that support cryptocurrencies.
How to store Dai?
Dai can be stored in any Ethereum-compatible cryptocurrency wallet or on centralized exchanges. Here are some popular options:
- Hardware wallets: Ledger Nano X, Trezor Model T
- Custodial wallets: Coinbase, Binance
- Non-custodial wallets: MetaMask, MyEtherWallet, Trust Wallet
- DEXs: Uniswap, Curve
- CeFi platforms: BlockFi, Celsius
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