Young Platform’s exchange is expanding and welcoming stablecoins, the cryptocurrencies that aim to defeat market volatility. Now, the turn of Dai, Maker’s stablecoin, reflects the US dollar price.
What is MakerDAO?
The Dai stablecoin was developed and launched in 2017 by MakerDAO, one of DeFi’s longest-running and most popular projects on Ethereum. In line with the DeFi philosophy, the Maker project is managed decentralised via a decentralised autonomous organisation (DAO) and is, therefore, governed by its community. MakerDAO has developed its own token, Maker (MKR), and DAI, its stablecoin pegged to the dollar price.
What is DAI?
DAI is one of the first decentralised stablecoins in the crypto landscape. It replicates the value of the dollar in a 1:1 ratio. DAI maintains its peg to the dollar through a pool of cryptocurrencies, mainly ETH, USDC and WBTC. Unlike centralised stablecoins such as USDC, it does not use fiat currencies as collateral. DAI is designed to provide rapid access to decentralised financial services like lending.
Why follow the price of Dai (DAI)?
DAI is a fully decentralised stablecoin, which implies transparent project management. Decisions regarding the stablecoin are, in fact, taken collectively by the entire community through on-chain voting systems. DAI also ranks among the top stablecoins in terms of market cap. Thanks to its relative stability and retention of the dollar peg, it has, over time, become a popular stablecoin, chosen by many as an alternative to the volatile market.
Price of DAI July 2024: € 0,9314
Want to know more?
- To learn more about Dai (DAI), visit the official website
- Check out the documentation
- Read the whitepaper
- For any questions, you can contact the Maker DAO’s team
- Further Reading: Academy – Dai: the stablecoin for decentralised lending
Dai in the context of MiCA
The European Regulation No. 2023/1114 entry into force of 31 May 2023, concerning the Markets in Crypto-Assets (MiCA), marked a significant milestone for stablecoins and the digital asset market throughout the European Economic Area (EEA). A first block of the regulation came into effect on 30 June 2024, significantly impacting stablecoins. MiCA defines stablecoins in two main categories: ART (Asset-Referenced Tokens) and EMT (E-money Tokens), for which specific requirements are provided in articles 16 and 48 of the regulation. Furthermore, on 25 June 2024, the Italian government approved a Legislative Decree to adapt the national regulatory framework to the MiCA Regulation, ensuring coordination with existing sector provisions in Italy, particularly with the TUB and TUF.
Disclaimer
This marketing communication is issued by Young Platform S.p.A., an authorised cryptocurrency exchange and a registered digital asset service provider in France (Prestataire de Services sur Actifs Numériques —Autorité des Marchés Financiers) and Italy (Operatore Valute Virtuali (PSV1)—Organismo Agenti e Mediatori).
Young Platform S.p.A. is not responsible for such content or any errors present in the content or actions taken. The news content and third-party reviews or opinions are provided for informational purposes only and should not be considered investment advice. This information does not constitute a recommendation to buy or sell a specific digital asset or for an investment strategy. Young Platform S.p.A. makes no warranty regarding the accuracy, suitability, or validity of the information provided or a specific asset. Prices are indicated for illustrative purposes only and may vary. The data presented here may reflect assets traded on the Young Platform S.p.A. platform and other selected cryptocurrency exchange platforms.