DAI
Dai is a decentralized stablecoin Stablecoins are cryptocurrencies that peg their value to another asset. Many of the top stablecoins, including Dai, are tied to the U.S. dollar. Here are a few of Dai's biggest stablecoin competitors: Tether (USDT) USD Coin (USDC) Binance USD (BUSD) Unlike those and most other stablecoins, Dai is decentralized. A decentralized autonomous organization called MakerDAO maintains Dai. While other stablecoins have a central organization working to keep the price steady, Dai's price is maintained through smart contracts, which are programs that can execute themselves when certain conditions are met. It's backed by other cryptocurrencies Another way that Dai is unique compared to other U.S. dollar stablecoins is what's backing it. These stablecoins typically claim that every coin is backed by $1 or a $1 equivalent in a reserve. Dai, on the other hand, is backed by other cryptocurrencies. At the time of writing, the largest cryptocurrencies bac