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The Rise of Stablecoins

Stablecoins are one of the main engines of the crypto economy. These crypto assets keep their value pegged to a traditional fiat currency, usually the US Dollar, while still remaining usable within blockchain ecosystems. The creation of a safe, stable, currency for investors to store and realize profits from their asset trades, helps investors lock in asset values without having to off-ramp their crypto back into traditional currencies. It also facilitates the lending and borrowing of finance within the crypto ecosystem. Numio is a great way to store and use your stablecoins. There are a multitude of stablecoins now available for investors, but one of the first – and most interesting – is DAI.

What is DAI?

Created by Rune Christensen in 2017, DAI is a crypto-collateralized stablecoin that keeps its value pegged to the US Dollar through the use of an automated system of publicly viewable Ethereum smart contracts governed by the MakerDAO protocol. The protocol is a decentralized autonomous organization, whose algorithmic parameters are set by holders of the MKR token. These holders set yield rates and vote on which currencies can be added to the collateral pool, as well as governing overall direction of the protocol.

It primarily uses Ethereum as its collateral, and this was the first asset used when the MakerDAO protocol was created. Now, however, users can also deposit other assets such as BAT, USDC, wBTC, ETH, AAVE, USDT, and more. This diversification of available currencies gives the protocol a more robust footing when the market suffers stress. Even when Ethereum lost 80% of its value during 2018s crash, DAI successfully held its peg against the US Dollar throughout, boosting confidence that this decentralized alternative to stablecoin creation works.

How Does DAI work?

Users depositing collateral will be able to borrow DAI. Due to its widespread adoption in various crypto ecosystems, DAI is a useful stablecoin to borrow for deployment in other DeFi protocols, to gain yields, or for use in a variety of blockchain gaming applications and more. The collateral deposited must always exceed the DAI you receive, and if your asset drops in value the position is liquidated in order to sustain the peg against the US Dollar. However, DAI token holders earn interest on their DAI, with those who hold MKR setting savings rates and acting as guarantors for the DAI token.

As an ERC-20 token, it’s available on many centralized and decentralized exchanges. One of these is Numio, a cryptocurrency payments app that specializes in ERC-20 tokens. Using zkRollups which help overcome the hurdles of transaction speeds and costs that can be associated with these tokens, Numio is able to offer lightning-fast use of ERC-20 tokens as payment that rivals the speeds of traditional payment currencies both fiat and crypto-based alike. It also allows you to store your DAI safely in a non-custodial wallet where your crypto is your own, and not held by a third-party gatekeeper to your assets.

What Are the Advantages of DAI?

As there is no centrally controlled governing body maintaining the value of DAI, unlike other popular stablecoins like Tether and BUSD, there is no concern with overall governance issues. Anyone can view the contracts that govern it, and changes to the DAI savings rate or algorithm are voted on collectively by holders of MKR. Furthermore, central authorities with fiat-pegged stablecoins often hold – or claim to hold – the equivalent value in the respective fiat currency. However, this isn’t always audited, and there is an issue of trust that the central authority can remain solvent and guarantee the fiat peg of their stablecoin. With DAI, as anyone can see the collateral staked in the protocol and how the algorithm is enacted, such concerns are moot.

Moreover, there is no account minimum for DAI. Anyone with any amount of crypto can readily access the currency they need to facilitate the payments they want. DAI is cheap to transfer and can cross borders globally without impediment, making it an incredibly attractive payment option in an ever more heavily regulated financial world. It circumvents the natural restrictions of traditional currency providers like banks, who may not always be open to process transactions or may withhold your funds at short notice.

Numio is a great place to hold the DAI you have either taken as a loan from the MakerDAO protocol, or that you’ve acquired by trading your assets on other exchanges. With no KYC requirements, this feature-rich non-custodial wallet and the payments services it provides make it an ideal home for your DAI, promising to help maximize the enormous potential of this stablecoin.

Is DAI Hard to Get?

Getting cryptocurrencies, whether by purchasing or trading, can be a daunting prospect for beginners. This is particularly true for any cryptocurrency that isn’t Bitcoin or Ethereum – with Ethereum tokens, also known as ERC-20 tokens, such as DAI being a prime example.

If you are thinking about getting DAI then Numio is a great choice for handling your assets. Numio allows you to pay people using your stored DAI assets, as easily as if it were cash. If you are a bit more crypto savvy you can also trade and swap DAI at the touch of a button.

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How can I get DAI?

There are multiple ways to get DAI on Numio. You can purchase DAI with your credit or debit card, you can trade it for other ERC-20 assets (up to 100x cheaper than other wallets), or you can receive it as a payment. Whatever way you choose you can be sure that you are always in full control of your DAI.

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