After the successful listing of Gram, another stablecoin has been listed at KuCoin cryptocurrency exchange today called DAI together with Maker’s system currency MKR.
All trading activities are to be completed utilizing KuCoin’s official website at www.kucoin.com or thru their iOS and Android apps.
About DAI and MKR
After being produced by the MakerDAO team, Maker Dai works as a decentralized stablecoin that gives cryptocurrency traders with expanded options concerning opening and closing positions and helps facilitate trading while staying entirely in the world of cryptocurrencies.
Central to managing the process fully efficient and completely decentralized is the connection between the Dai and Maker MKR, -3.96% tokens. While Dai remains stable, MKR fluctuates in value and offers users benefits for actively using it.
How does it work?
Dai works similarly to Tether. However, it works without centralized control as the market supports the mechanism. Also, Dai also works in harmony with the MKR token, which is free to shift in value and supports to facilitate the entire process. Users efficiently create their own Dai by using Ethereum ETH, 2.47% to act as collateral that enables the creation and issue of Dai coins.
Dai works in close relation to the US Dollar with 1 DAI equal to USD 1. The currency is autonomously controlled using smart contracts that adapt and react to market dynamics. It guarantees that the currency remains pegged to the US Dollar and provides traders with stability despite the state of the market.
To produce Dai, Ether must first be bound into a compliant token and then changed into an MKR token before Dai is assigned to an account. Funds can then be saved as stable Dai coin and owners can change the process to sell Dai back into Ether whenever necessary. While the Dai coins are stable and connected to the US Dollar, the MKR token is available to move in price and increases in value in line with an increase in use.
MKR is also the only means to pay stability fees when utilizing the Dai coin, and if there is risen adoption of Dai, there will also be an increased order for MKR. On top of this, when balance fees are returned with MKR, the MKR spent is enduringly destroyed, which decreases the total MKR supply, thus increasing its value.