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Dai is an algorithmic stablecoin created by MakerDAO, that allows for permissionless trading, borrowing and lending of crypto assets.
Dai (DAI) is an ERC20-derived stablecoin. Dai was launched in 2017 by MakerDAO. Unlike other stablecoins that are directly pegged to a fiat currency, DAI uses a bundle of different cryptocurrencies for collateral. Every time a loan is taken out from the MakerDAO system, new DAI tokens are created and can be used as any other ERC-20 based token and transferred to a wallet.
Dai works by using smart contracts called Collateralized Deb Positions (CDPs) that allow users to lock in crypto assets that can then be lent out. DAI is overcollateralized to mitigate the volatility in crypto prices, i.e., the deposit amount required is usually higher than the value of the DAI issued.
DAI’s algorithmic TRFM smart contract system to maintain its peg is unique among stablecoins. When the price of DAI fluctuates too far from USD 1 USD, its smart contracts burn or create more MKR tokens to stabilize the price of DAI. So far, DAI has successfully maintained its parity to the US Dollar for three years with only minor fluctuations.
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