We are excited to announce our partnership with the MakerDAO team and thrilled to introduce the DAI/SGD trading pair on Coinut! Singapore users may now buy or sell DAI with SGD.
What is DAI?
DAI, created by the MakerDAO (MKR) team and running on the Ethereum blockchain as an ERC20 token, is a revolutionary stablecoin because it is decentralized and thus subject to no government’s scrutiny. It soft-pegs with the value of USD at a 1:1 ratio but backed by the decentralized ETH token instead of the centralized US dollars like Tether.
DAI lives completely on the blockchain, making it borderless and available to anyone, anywhere. An unbiased currency, DAI’s value does not rely on any trusted counterparties and its stability is unimpeded by politics or government debts. All DAI is backed by a surplus of collateral that has been individually escrowed into audited and publicly viewable Ethereum smart contracts. Anyone with an Internet connection can monitor the health of the system anytime at mkr.tools. Moreover, you are able to send or receive at any time, anywhere as long as you have an Ethereum Wallet.
Highlights of DAI
Secure and Decentralized
Each DAI is backed by a certain amount of ETH based on the current ETH/USD rate. In the future, it can be diversified and allowing multiple assets to guarantee its value.
Transparent
The information on the locked collateral backing is open to view publicly. Also, the ETH price feed put in it is controlled by a transparent Decentralised Autonomous Organisation (DAO), instead of any individual or centralized government or company.
Resilient
It offers the stabilization through the Collateralized Debt Position (CDP) that also help to facilitate an efficient decentralized margin trading platform.
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