How does MakerDAO, founded by Rune Christensen, work?

3 answers

• Dec 24, 2021 · 3 years ago
  MakerDAO is a decentralized autonomous organization that operates on the Ethereum blockchain. It is designed to provide stability to the volatile cryptocurrency market by creating a stablecoin called DAI. DAI is pegged to the US dollar and its value is maintained through a system of collateralized debt positions (CDPs). Users can lock up their Ethereum as collateral and generate DAI tokens. If the value of the collateral drops below a certain threshold, it can be liquidated to protect the stability of the system. MakerDAO also has a governance token called MKR, which holders can use to vote on important decisions within the organization.
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• Dec 24, 2021 · 3 years ago
  MakerDAO, founded by Rune Christensen, is a revolutionary project in the world of cryptocurrencies. It utilizes smart contracts on the Ethereum blockchain to create a stablecoin called DAI. Unlike other stablecoins that are backed by fiat currencies, DAI is backed by collateral in the form of Ethereum. This collateral is locked up in CDPs, which are essentially smart contracts that hold the Ethereum and issue DAI tokens. The value of DAI is maintained through an algorithmic system that adjusts the supply of DAI based on market demand. This allows DAI to remain stable even in the face of market volatility.
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• Dec 24, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, supports the use of MakerDAO's stablecoin DAI. With DAI, users can enjoy the benefits of a stable cryptocurrency that is not subject to the same price fluctuations as other cryptocurrencies. BYDFi provides a secure and user-friendly platform for trading and storing DAI, making it easy for users to access the benefits of MakerDAO's innovative system. Whether you're a trader looking for a stable trading pair or an investor looking to diversify your portfolio, BYDFi is a reliable choice for accessing MakerDAO's stablecoin.
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