Can. make. money using. dai

As a follow up to my introductory post on stablecoinsI thought I would take a look at some of the more popular ones out. As I was writing, I realize how long this became so I split it into a 2 parts. Part 1 is an introduction to the stablecoin as I understand it and part 2 covers my own opinions. This protocol design and governance framework is known as Maker Platform formerly known as MakerDAO and is a decentralized organization. To illustrate this, let us begin at the start: creating DAI. Illustrated in an example below:. In layman terms what you did was kind of similar to getting a mortgage. You borrowed DAI using your ETH as collateral just like borrowing money using your house as collateral and only when you pay back your debt with interest would you get back your collateral ETH or house. So far this explains the creation of DAI, but how does this help maintain price stability especially since ETH can have quite a lot of price volatility.

How to Make Money on the Internet

Last updated: 29 October We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners. Keep reading to find out how. Learn more Buy DAI. This is our quick guide to just one way to buy Dai. Compare some other options in the table below. Having trouble wrapping your head around the terminology behind the Dai stablecoin? This should help. The Maker platform has two native currencies, one of which is a stablecoin named Dai. Dai is listed on cryptocurrency exchanges under the ticker symbol DAI, which is why you might sometimes see it written using all capital letters.

1. Blogging

For details on how to do this, check out our how to buy ETH guide. Step 2.

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DAI can be used in the same manner as any other cryptocurrency: It can be freely sent to others, used as payments for goods and services, or held as long term savings. MKR tokens are also used to pay transaction fees on the Maker system, and provide holders with voting rights within Maker’s continuous approval voting system. Interest is paid out weekly in the coin deposited with flexible, 1-month or 3-month terms available. Users earn more by staking at least 50 MCO. Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the U. Maker enables anyone to leverage their Ethereum assets to generate Dai on the Maker Platform. Once generated, Dai can be used in the same manner as any other cryptocurrency: it can be freely sent to others, used as payments for goods and services, or held as long term savings.

Your guide to MakerDAO’s Dai stablecoin and how to buy Dai on an exchange

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EARNING DAI INTEREST ON COMPOUND FINANCE : DEFI

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This article will show you how to put Dai stablecoins into the Compound protocol in order to earn interest on your cryptoassets. There are two ways you can obtain DAI. If you wanted to only use the Compound protocol, you could very easily purchase DAI and then go straight to Compound.

Step 6: Connect to MetaMask Again

For an introduction to the Dai stablecoin, I recommend watching can. make. money using. dai short video. MetaMask is the easiest way to connect and is available for free. Well, that depends on your risk appetite. Therefore, the more ether you put into a CDP, the more Dai that you can generate. Your ether remains locked in the CDP until you pay back the amount of borrowed Dai plus an additional one-time fee. It will also show you the price point that the Maker protocol will automatically sell your ether at, also known as the liquidation price.