What is DAI ?

DAI is a decentralized stablecoin that is designed to maintain a stable value relative to the US dollar. It is pegged to the US dollar, meaning that its value remains relatively stable compared to more volatile cryptocurrencies like Bitcoin or Ethereum.

DAI is created and managed by the MakerDAO decentralized platform, which is built on the Ethereum blockchain. Users can create DAI by depositing Ethereum or other assets into the MakerDAO platform, which then uses a complex system of smart contracts and crypto-economic incentives to maintain the stability of the currency.

DAI is used as a means of payment for various goods and services, as well as a store of value and a hedge against the volatility of other cryptocurrencies. It is also used as a means of exchange between different cryptocurrencies and fiat currencies, providing users with a stable and reliable alternative to more volatile cryptocurrencies.

In summary, DAI is a decentralized stablecoin that is designed to maintain a stable value relative to the US dollar. It is created and managed by the MakerDAO platform, and is used as a means of payment, a store of value, and a hedge against cryptocurrency volatility.