Dai Price DAI

    About Dai

    Previously known as Sai, this is an Ethereum-based decentralized stablecoin that seeks to maintain a $1 value. Contrary to centralized stablecoins, Dai isn't supported by USD in the bank. Alternatively, it's backed by the Maker portfolio's collateral. This means that if the Dai network is shut down or upgraded, inventors might require converting their Dai tokens to Ethereum via the Maker portfolio.

    How it works

    This token is generated from overcollateralized repayment and loan procedures enabled by the smart contract from MakerDAO as a decentralized application form. Investors who deposit accepted cryptocurrencies can borrow against their deposits` value and receive recently created Dai. The ratio of collateralization for Ether stands at 150%, meaning if an investor deposits Ether worth $150, they can borrow a maximum of 100 Dai. However, if the collateral drops beneath this ratio, the Smart contracts could automatically liquidate the loan. All the same, if the value surges, the investors can borrow extra Dai.

    Release Time: 2017-12-18

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