DAI is an Ethereum-based stablecoin managed by the Maker Protocol and MakerDAO decentralized autonomous organization. Its price is soft-pegged to the US dollar and is collateralized by a mix of other cryptocurrencies deposited into smart-contract vaults when new DAI is minted.
Multi-Collateral DAI was launched in November 2019, and it is important to note the difference between it and the earlier version, Single-Collateral DAI, which only had one cryptocurrency as collateral and doesn't support the DAI Savings Rate. The development and issuance of DAI is governed by the MakerDAO and Maker Protocol, which is managed democratically by holders of its Maker (MKR) governance tokens. MakerDAO was founded by Danish entrepreneur Rune Christensen in 2015. To generate DAI, users deposit crypto-assets into Maker Vaults on the Maker Protocol through interfaces like Oasis Borrow. DAI's main advantage is its soft peg to the US dollar, making it a safe-haven asset for traders and investors in a volatile crypto market. Additionally, its management by a decentralized autonomous organization via a software protocol makes the system more transparent and less prone to corruption.
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