DAI is a decentralized stablecoin developed by Maker that works through smart contracts. It doesn’t belong to any natural or legal person and can’t be minted or locked by anyone, including governments. It is backed by a cryptocurrency that users borrow and return at a certain rate.
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 that gains the advantages of Minter.
On Minter, the DAI stablecoin has the ticker DAIE and is fully backed by ERC-20 DAI.
DAIE tokens on Minter
DAIE hot wallet —
DAIE cold wallet —
DAI tokens on Ethereum (backing DAIE on Minter)
DAI hot wallet —
DAI cold wallet —
To minimize fee expenses, wrapped tokens on Minter are released in packets (they won’t exactly be 1:1 accurate with the backing coins on Ethereum). But only the 100%-backed amount will be allowed to circulate on Minter, the rest will be on the hot and cold wallets, 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 quantity of votes. In this case, Minter has an advantage over Ethereum as it doesn’t spend any money at all on fees.
The first packet of DAIE on Minter consists of 10 000 000 000 DAIE.
At the time of writing, the cold wallet has 9 999 000 000 DAIE.
Meanwhile, the hot wallet has 999 577.89 DAIE
That means the amount of DAIE circulating on Minter is:
10 000 000 000 - 9 999 000 000 - 999 577.89 = 422.11 DAIE (rounded to 2 decimal places)
In the meantime, the hot wallet balance which contains the DAI that back the DAIE on Minter contains 422.11 DAI (rounded to 2 decimal places).
Liquidity pools with DAIE
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.
And on the page of the pair at Chainik, you can also track the price change chart.
DAI cross-chain transfer
You can learn about transferring DAI and other tokens from Ethereum to Minter and back on 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 low fees ($0.01 for a transfer and $0.03 + 0.2% for a conversion). You can learn about other advantages Minter has on a corresponding page in our database.
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