Dai (DAI) Now Supported On The Crypterium Wallet

May 27, 2020
13:05
2 min reading

Choise.com team

The Crypterium Wallet supports some of the most popular stablecoins out there. From the good-old USDT to the Coinbase-backed USDC to the euro-pegged EURS. Today, we’re excited to announce that DAI is joining the Crypterium Wallet, too.

The idea of stable digital currency has been around for many years. And most of the alternatives work in a very similar way… Each stablecoin unit is backed by a fiat one. Simply put, you’re trusting a private, central authority to keep dollars or euros in a bank account. Those funds guarantee the value of your digital token.

While the fiat-collateralized model is the go-to standard for stablecoins, it’s not the only one. Unlike the other stablecoins on the Crypterium Wallet, DAI isn’t backed by fiat money stored in a bank. Instead, this dollar-pegged stablecoin uses other cryptocurrencies as collateral.

DAI is a stablecoin developed by MakerDAO — a decentralized organization focused on providing stability to the crypto economy. This stablecoin is Ethereum-based, meaning it can be used as any other ERC-20 token on the market.

Since DAI isn’t a hard-pegged stablecoin, its value is subjected to small fluctuations. Yet, the economics behind it have proven efficient in keeping it pretty close to the 1:1 ratio.

The stability of DAI is achieved through a mix of factors, including external market forces, economic incentives, and policy instruments. The MakerDAO ecosystem consists of numerous actors, such as the MKR holders, CDP owners, arbitrageurs, and market makers. All of them play an essential part in keeping DAI as close as possible to the dollar.

Getting Started With DAI On Crypterium

With the Crypterium Wallet, you can send, receive, and exchange DAI regardless of your location. At first, the following pairs will be available:

DAI/BTC
DAI/ETH

Despite its innovative approach on stability, DAI doesn’t differ from other stablecoins when it comes to use cases. DAI is a solid choice for…

Paying or getting paid

DAI combines the fast and low-cost nature of cryptocurrencies with the stability of the dollar, making it a perfect option to process all kinds of payments.

Hedging against volatility

Protect your investments with DAI. If the market is experiencing high volatility, you can quickly move your assets to this safe-haven currency and avoid losses.

Cryptocurrency gambling

With cryptocurrencies, gamblers can play fun and profitable casino games with less restrictions. But the volatile prices can hurt their balances even without bets. Using DAI as a base currency for casino games ensures your money is never undervalued.