DAI Coin is undoubtedly one of the oldest stablecoins in the cryptocurrency sector. Stablecoins are digital currencies whose value is pegged to different assets, often equated to 1 unit of currency. DAI Coin, launched in December 2017, has a similar structure, with the value of 1 DAI equal to 1 US Dollar.
However, DAI Coin seems quite different from other stablecoin projects. What exactly sets the Dai stablecoin, also known as Maker coin, apart from other projects?
What is DAI Coin?
The difference of the DAI Token from other stablecoins lies in its multi-collateral dai system. Maker coin, a decentralized stablecoin, does not have any supporting institution. Instead, smart contracts are known to maintain the value of 1 DAI equal to 1 US Dollar.
Unlike the Tether stablecoin, new DAI tokens are not created by an institution but directly by users, who can generate and release them into the market. The underlying Maker Protocol allows anyone in the world to produce DAI, ensuring the process is completely decentralized, transparent, and secure. Users can deposit their tokens as collateral and generate DAI tokens in exchange.
Those who can use decentralized applications can directly deposit collateral and obtain their DAI coin, while others distant from these platforms can directly buy or sell through cryptocurrency exchanges. Demand for DAI also increases during volatile market periods, as in the last two days. At the time of writing this article, despite being a stablecoin, DAI has gained in value and risen above 1 dollar.
DAI Coin Review
Looking at DAI Coin reviews, it seems that the project has overcome a major event. The DAO attack on the Ethereum network in 2016 had shaken the foundations of the DAI cryptocurrency project. Despite this, the MakerDAO team and DAI cryptocurrency managed to recover and turn over a new leaf.
DAI is currently the 37th largest cryptocurrency by total market value, approaching a market cap of 500 million dollars. MakerDAO’s cryptocurrency, MKR, is the 32nd largest cryptocurrency, with a value nearing 600 million dollars.
The mutual support of the two projects and their significant potential lead to positive reviews for DAI. DAI is promising for the future, both as a stablecoin and for its contribution to the DeFi sector.
So how can one purchase DAI? DAI can be bought through the decentralized applications mentioned above or directly from Binance.
How to Buy DAI Coin?
To buy DAI through Binance, the USDT trading pair can be used:
- First, deposit USD balance to the exchange or purchase a cryptocurrency that can be used in its place. To do this, first go to the Binance homepage, click on the “Buy Crypto” option in the upper left, and select the “Credit/Bank Card” tab.
- In the tab that opens, select how much USD you want to transact with, and mark Tether, that is USDT, in the Coin section.
- After purchasing USDT, preview the “Buy-Sell” option in the upper left again and click on the “Classic” tab.
- In the section that opens, select the USDT tab from the top right, type DAI in the search button and select the DAI/USDT pair that appears below.
- Then, go to the “BUY DAI” section in the middle, enter the amount you want to buy.
- Enter the desired amount and confirm the transaction to complete the purchase of DAI.
