DAI

DAI

DAI is a decentralized stablecoin developed by Maker and works through smart contracts. It doesn’t belong to any judicial nor physical entity and can’t be minted or locked by anyone, including governments, and is supplied by a cryptocurrency that users loan and return with an extra percentage.

The stability of the price is provided by users through MakerDAO dApp.

You can read more about DAI here.

Where and how you can get DAI

DAI to Minter

DAI on Minter is a wrapped DAI on Ethereum, while still retaining the advantages characteristic of Minter.

On Minter the DAI stablecoin has the ticker DAIE and is fully supplied by ERC20 DAI.

DAIE tokens on Minter

DAIE hot wallet — Mx68f4839d7f32831b9234f9575f3b95e1afe21a56 DAIE cold wallet — Mx7072558b2b91e62dbed78e9a3453e5c9e01fec5e

DAI tokens on Ethereum (supplying DAIE on Minter) DAI hot wallet — 0xC735478EF7562ecc37662FC7c5e521eb835F9Dab DAI cold wallet — 0x58BD8047F441B9D511aEE9c581aEb1caB4FE0b6

To minimize fee expenses, on Minter wrapped tokens are released in packets (they won’t exactly be 1:1 accurate with the supplying coins on Ethereum). But only the 100% supplied amount will be allowed to roam on Minter, the rest will be on the hot wallet and the cold wallet, which are controlled with multisigs.

It doesn’t affect security and reliability, since minting and burning wrapped tokens on Ethereum is also managed by multisigs and they can be minted or burned at any moment upon reaching a required amount of votes. In this case Minter has an advantage over Ethereum as it doesn’t spend any money at all on fees.

Example

The first packet of DAIE on Minter consists of 10 000 000 000 DAIE.

At the moment of writing the cold wallet has 9 999 000 000 DAIE.

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Meanwhile the hot wallet has 999 577.89 DAIE

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That means the amount of DAIE roaming on Minter is:

10 000 000 000 - 9 999 000 000 - 999 577.89 = 422.11 DAIE (rounded down to 2 characters after the period)

Meanwhile the hot wallet balance which contains the DAI that supply the DAIE on Minter contains 422.11 DAI (rounded down to 2 characters after the period).

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Liquidity pools with DAIE

You can view existing liquidity pools in a pair with DAIE on a Minter Explorer page or at Chainik.

By clicking on a pair you can see all the basic liquidity information, token price correlation, daily trade volume, daily fee amount received by liquidity providers and the current APY — yearly profitability.

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And on the page of the pair at Chainik you can also track the price change graph.

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DAI cross-chain transfer

You can learn about transferring DAI and other tokens from Ethereum to Minter and back at our page about cross-chain transfers.

Advantages of DAI on Minter

The advantages of having a wrapped DAI, like other tokens on Minter, lie in the blockchain’s possibilities — first off, the transaction speed (less than 5 seconds) and the low fees ($0.01 for a transfer and $0.03 + 0.2% for a conversion). You can learn about other advantages Minter has at a corresponding page on our database.

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