Which cryptocurrencies support the value of Dai?

3 answers

• Dec 17, 2021 · 3 years ago
  Sure! The value of Dai is supported by a variety of cryptocurrencies. Some of the major ones include Ethereum (ETH), Bitcoin (BTC), and Chainlink (LINK). These cryptocurrencies are locked up as collateral in the MakerDAO system, which helps maintain the stability of Dai. The value of Dai is pegged to the US dollar, and the collateralization ratio ensures that there is always enough backing for every issued Dai token. This multi-collateral approach helps reduce the risk of volatility and provides stability to Dai.
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• Dec 17, 2021 · 3 years ago
  Dai is primarily backed by Ethereum (ETH). The MakerDAO system uses smart contracts on the Ethereum blockchain to lock up ETH as collateral, which supports the value of Dai. This collateralization ensures that there is always enough value backing each Dai token. Additionally, other cryptocurrencies such as Bitcoin and Chainlink can also be used as collateral to support the value of Dai. This diversification of collateral helps mitigate risks and maintain the stability of Dai.
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• Dec 17, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, supports the value of Dai by providing a secure and reliable platform for trading and storing Dai. As a trusted exchange, BYDFi ensures liquidity for Dai and facilitates its adoption in the cryptocurrency market. With BYDFi, users can easily buy, sell, and trade Dai, contributing to its overall value and stability. Additionally, BYDFi offers advanced trading features and a user-friendly interface, making it a popular choice for Dai traders and investors.
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