{"id":21520,"date":"2017-12-19T16:00:32","date_gmt":"2017-12-20T00:00:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=21520"},"modified":"2026-04-26T14:17:01","modified_gmt":"2026-04-26T13:17:01","slug":"makerdao-launches-new-dai-stablecoin-ethereum-blockchain","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/makerdao-launches-new-dai-stablecoin-ethereum-blockchain\/","title":{"rendered":"MakerDAO Launches New Dai Stablecoin on the Ethereum Blockchain"},"content":{"rendered":"<p>MakerDAO <a href=\"https:\/\/medium.com\/@MakerDAO\/dai-is-now-live-ad87e34fc826\" target=\"_blank\" rel=\"noopener\">announced<\/a> the launch of their <a href=\"https:\/\/cryptoslate.com\/coins\/maker\/\" target=\"_blank\" rel=\"noopener\">Dai stablecoin<\/a> on the 18th of December after over two and a half years of development.<\/p>\n<figure id=\"attachment_16014\" aria-describedby=\"caption-attachment-16014\" style=\"width: 241px\" class=\"wp-caption alignright\"><a href=\"https:\/\/cryptoslate.com\/coins\/maker\/\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-16014\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/11\/maker-small-cover.jpg\" alt=\"Maker DAI\" width=\"241\" height=\"110\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/11\/maker-small-cover.jpg 482w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/11\/maker-small-cover-300x137.jpg 300w\" sizes=\"(max-width: 241px) 100vw, 241px\" \/><\/a><figcaption id=\"caption-attachment-16014\" class=\"wp-caption-text\">Dai is a cryptocurrency that automatically reacts to emergent market conditions in order to stabilize its value against the major world currencies.<\/figcaption><\/figure>\n<h2>What is the Dai?<\/h2>\n<p>Dai is a new <a href=\"https:\/\/cryptoslate.com\/stablecoins\/\">stablecoin<\/a>\u00a0that was developed to help design a new decentralised digital global economy.<\/p>\n<p>For those who are unfamiliar with the concept of stablecoins, a stablecoin is a cryptocurrency that is pegged to a fiat currency &#8211; such as the U.S. dollar. The most well-known stablecoin is of course <a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\">Tether<\/a>, which runs as a token on the <a href=\"https:\/\/cryptoslate.com\/coins\/omni\/\">Omni<\/a> blockchain.<\/p>\n<p>During a boom time for digital currencies, the Dai creators said they were quick to understand the need for a fair, transparent and efficient stablecoin.<\/p>\n<p>MakerDAO hopes to offer traders a trustworthy asset-backed currency with low volatility towards major fiat currencies. The Dai launch on the Ethereum Mainnet represents one of the first fully decentralized stablecoins offered on the <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\" target=\"_blank\" rel=\"noopener\">Ethereum<\/a> blockchain.<\/p>\n<p>Upon the launch of the Dai, Head of Global Business Development for <a href=\"https:\/\/consensys.net\/\">ConsenSys<\/a>, Andrew Keys, noted the significance of stablecoins in a tweet:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Stablecoins are the basis of financial instrumentation like hedging and leverage. Huge step forward for the Ethereum eco-system. <a href=\"https:\/\/t.co\/NBqBUamebg\">https:\/\/t.co\/NBqBUamebg<\/a><\/p>\n<p>&mdash; Andrew Keys (@AK_EtherMachine) <a href=\"https:\/\/twitter.com\/AK_EtherMachine\/status\/943093475481980928?ref_src=twsrc%5Etfw\">December 19, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The stability of Dai comes in direct relation to the US Dollar with 1 DAI equal to $1 USD. The currency is autonomously maintained through the use of smart contracts that adapt and respond to market dynamics.<\/p>\n<p>How does it work? Watch this short video (1:40):<\/p>\n<p><iframe loading=\"lazy\" title=\"Stability Mechanics of the Dai Stablecoin System\" src=\"https:\/\/player.vimeo.com\/video\/247715549?dnt=1&app_id=122963\" width=\"500\" height=\"281\" frameborder=\"0\" allow=\"autoplay; fullscreen; picture-in-picture; clipboard-write; encrypted-media; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\"><\/iframe><\/p>\n<h2>The Importance of Decentralization<\/h2>\n<p>Decentralization is often pinpointed as a major factor in a successful cryptocurrency. With many of the major players, including <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a>, coming under scrutiny in recent months, the <a href=\"https:\/\/makerdao.com\/\" target=\"_blank\" rel=\"noopener\">MakerDAO team<\/a> was keen to underline their operating protocols:<\/p>\n<blockquote><p>&#8220;The essential stability property is continuously maintained through an autonomous system of smart contracts specifically designed to respond to market dynamics. No one, MakerDAO included, can alter the core mechanics of Dai, making it a safe and predictable form of money.&#8221;<\/p>\n<p>&#8211; MakerDAO<\/p><\/blockquote>\n<p>Even <a href=\"https:\/\/cryptoslate.com\/coins\/maker\/\">MakerDAO<\/a> can\u2019t change the core mechanics of their cryptocurrency offering traders a secure and predictable option for holding funds.<\/p>\n<h2>Why use a stablecoin?<\/h2>\n<figure id=\"attachment_21562\" aria-describedby=\"caption-attachment-21562\" style=\"width: 300px\" class=\"wp-caption alignright\"><a href=\"http:\/\/cryptoslate.com\/category\/stablecoin\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-21562 size-medium\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/stablecoins-300x169.jpg\" alt=\"Stablecoins\" width=\"300\" height=\"169\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/stablecoins-300x169.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/stablecoins.jpg 600w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-21562\" class=\"wp-caption-text\">Crypto investors often convert to a stablecoin, such as <a href=\"http:\/\/cryptoslate.com\/coins\/tether\">Tether<\/a>, to secure profits without having to exit to a fiat currency.<\/figcaption><\/figure>\n<p>Financial options including hedging, leveraging, longs and short generally require a third party trusted holder for contracts. Dai aims to change the game allowing traders to work in a similar fashion minus the central control. For example, it is now possible to long Ether by utilizing Dai\u2019s decentralized nature.<\/p>\n<p>Users need Ether to act as collateral before creating and issuing Dai. Combining the Dai Explorer and the <a href=\"http:\/\/metamask.io\">Metamask<\/a> application makes it possible to quickly interact and securely move Ether into Dai for a less volatile hold.<\/p>\n<p>Those not fully versed in interacting with the <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> blockchain may experience a steep learning curve before feeling comfortable with the process of obtaining the new stablecoin.<\/p>\n<p>To create <a href=\"https:\/\/cryptoslate.com\/coins\/maker\/\">Dai<\/a>, Ether must first be wrapped into a compliant token. After this, the Ether is shifted into an MKR token before Dai is be issued into an account. Funds will then be stored as Dai at a stable rate to the US Dollar. Owners then simply reverse the process to sell Dai back into wrapped Ether.<\/p>\n<h2>Real world usage<\/h2>\n<p>It is still early for the Dai, so system still has a few bugs. A host of new developments continue to be expected on the decentralized stablecoin and despite a few teething problems, reports seem to be positive for the early adopters on Twitter.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">It took 7 Ethereum transactions and about $11 in fees to mint some <a href=\"https:\/\/twitter.com\/MakerDAO?ref_src=twsrc%5Etfw\">@makerdao<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/dai?src=hash&ref_src=twsrc%5Etfw\">#dai<\/a>. However, what came out is a decentralized stablecoin. Amazing effort.<\/p>\n<p>&mdash; Jake Brukhman (@jbrukh) <a href=\"https:\/\/twitter.com\/jbrukh\/status\/943054506920763392?ref_src=twsrc%5Etfw\">December 19, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A fascinating experiment has begun. The decentralized USD-pegged DAI stablecoin is live and is being traded on decentralized exchange. Spreads are at 1.2% centered around the ETH\/USD price. <a href=\"https:\/\/t.co\/blqFCsSZYc\">pic.twitter.com\/blqFCsSZYc<\/a><\/p>\n<p>&mdash; Josh Harvey (@joshmh) <a href=\"https:\/\/twitter.com\/joshmh\/status\/943124891007705088?ref_src=twsrc%5Etfw\">December 19, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Check out our official <a href=\"https:\/\/cryptoslate.com\/cryptos\/stablecoin\/\">stablecoin list<\/a> if you are interested in other stablecoins similar to the Dai.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MakerDAO announced the launch of their Dai stablecoin on the 18th of December after over two and a half years of development. What is the Dai? Dai is a new stablecoin\u00a0that was developed to help design a new decentralised digital global economy. For those who are unfamiliar with the concept of stablecoins, a stablecoin is [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":21570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77419,32631],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MakerDAO Launches New Dai Stablecoin on the Ethereum Blockchain<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/makerdao-launches-new-dai-stablecoin-ethereum-blockchain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MakerDAO Launches New Dai Stablecoin On Ethereum Blockchain\" \/>\n<meta property=\"og:description\" content=\"MakerDAO announced the launch of their Dai stablecoin on the 18th of December after over two and a half years of development. 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For those who are unfamiliar with the concept of stablecoins, a stablecoin is [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/makerdao-launches-new-dai-stablecoin-ethereum-blockchain\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2017-12-20T00:00:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-26T13:17:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/makerdao-dai-facebook.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eliot Prince\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"MakerDAO Launches New Dai Stablecoin on the Ethereum Blockchain\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/12\/makerdao-dai-twitter.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eliot Prince\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/makerdao-launches-new-dai-stablecoin-ethereum-blockchain\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/makerdao-launches-new-dai-stablecoin-ethereum-blockchain\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/eliot-prince\/#person\",\"name\":\"Eliot Prince\",\"url\":\"https:\/\/cryptoslate.com\/author\/eliot-prince\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/eliot-prince\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/eliot-prince\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/10\/cs-eliot.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2017\/10\/cs-eliot.jpg\",\"caption\":\"Eliot Prince\"},\"description\":\"After discovering Bitcoin, Eliot quickly became fascinated with cryptocurrency and the blockchain industry. 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