Chinese crypto trading platform OKCoin announced its first addition of digital asset DAI that stands for the ‘decentralized, algorithmic and asset-backed stable coin’ in 2020. OKCoin will commence offering DAI/USD from February 24. To create an OKCoin account, users need to log on to the official website of OKCoin.
DAI is created by MakerDAO who claims to have created “the world’s first unbiased currency” that shares similar characteristics with other stable coins. 1 DAI is equal to around $1, and it can also be exchanged with the US dollar. But meanwhile, the MakerDAO system ensures that the DAI price is always at par with the US dollar by algorithmically assessing the demand and supply.
DAI used to accept Ethereum as the collateral asset previously, which allowed anyone and everyone having an Ethereum wallet to exchange DAI directly. But recently, the MakerDAO community has voted for accepting other collateral assets also, thereby transitioning DAI into MCD that stands for Multi-Collateral Dai. Now Dai can also be collateralized with other assets like BAT, DigixDAO (DGD), Augur (REP), OmiseGo (OMG), Golem (GNT), and 0x (ZRX).