DAI is a collateralized stablecoin that stands out primarily because of its decentralization.
1 DAI is equivalent to 1 USD. Its backing consists of other crypto.
There are no bank accounts that function as collateral for its issuance. Anyone can issue DAI by depositing another crypto in a smart contract.
Its nature is fully decentralized. The issuance of DAI and its operation are not governed by a company, but by MakerDAO, a Decentralized Autonomous Organization (DAO). By holding the MKR token, the community can participate in the organization's governance decisions and propose and decide on modifications to its operation.
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