What is DAI? 

In December 2017, the company Maker launched their stable coin called DAIcoin. It is an ERC20 token that is fixed to $1 that is a Dai worth $1. There is no financial institution that backs each Dai with an authentic US dollar. Dai run on the Ethereum blockchain with the use of smart contracts.

DAI is the native stable coin for the Maker protocol. It is the world’s first crypto-collateralized and decentralized stable coin, whose value is soft pegged to the US Dollar. The collateralized assets backing DAIcoin are other cryptocurrencies rather than fiat and are held within smart contracts instead of institutions.

Unfavorably, you cannot have a direct purchase of DAIcoin with US dollars. To buy this coin, you will have to buy a crypto that is listed as a trading pair to Dai, like Ethereum or Bitcoin and then use either of the two to exchange for Maker coin.

Its price will change 24-hour trading. It is a volume of $3,362,902,767. It is a circulating supply of 4.2 Billion DAIcoins and a max supply of 4.2 Billion. Sushi swap is the most active market trading it.

 What is Maker? 

Maker could be a smart contract lending platform that permits users to require out loans by locking in collateral for DAI coin. In 2019, two years later , the inspiration released the Multi-Collateral Dai (DAI), phasing out SAI. 

How can we buy Maker protocol Coin?

We have two methods. There are

In the Primary method, users can head to an exchange like Coinbase. You’ll be able to find DAIcoin trading on various centralized and decentralized cryptocurrency exchanges via the link provided. This page’s market tab also shows a listing of all the exchanges that are trading Dai pairs.

  The second method involves locking in collateral within the Maker protocol’s smart contracts referred to as Maker Vaults. to induce started, users should head over to Oasis, connect their wallet, and follow the relevant instructions. The number of this coin minted will depend upon two factors:

1. The quantity of collateral locked-in and
2. The chosen collateral’s collateralization ratio. For example, if a user chooses Ether (ETH) as collateral and therefore the collateralization ratio of ETH is 150%.