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Dai


Stablecoins
What are the best Dai alternative?

We have 3 alternatives to Dai. The best Dai alternatives are USDC, Tether, and Binance USD.


What is Dai?

Dai is a stablecoin, designed to stay pegged to the US Dollar. Dai was created in 2014 and launched on the Eth mainnet in late 2017. Dai was created as an over-collateralized algo stablecoin based on MakerDAO smart contracts, where depositors put up 150 dollars in collateral for every 100 dollars of Dai. Dai is fully decentralized. If anyone spots a loan that is below margin, they can call a function to liquidate the loan and are paid a percentage bounty. Dai is thus controlled by the interest rates and collateral margins set by the DAO. Dai is currently the forth largest stablecoin by market cap, after Tether, USDC and Binance USD, and is the 12th largest cryptocoin. Originally the collateral was all ETH, but in 2020 Dai entered a deflationary spiral caused by an ETH decline briefly driving the price of Dai up to $1.11, and now Dai is backed by at least 62% USDC.


What platforms does Dai run on?

Dai runs on Web,



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stablecoin usd stablecoin

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Screenshot of Dai.

Dai alternatives

1. USDC

USDC logo
  • Category: Stablecoins
  • Platforms: Web
  • Tags: stablecoinusd stablecoin
An image of USDC.

USD Coin, or USDC, is the second most popular stablecoin of all behind Tether, and the fourth largest crypto of all by market cap at this time. USDC is a fully backed stablecoin, designed to always be pegged one to one with the US dollar, and used to hold value...

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2. Tether

Tether logo
  • Category: Stablecoins
  • Platforms: Web
  • Tags: stablecoinusd stablecoin
An image of Tether.

Tether was founded in 2014 as Mastercoin, and went into use in 2015. Tether is a stablecoin, which is always pegged one to one with the US dollar, and is used as a "safe haven" or a place to store funds prior to trading. Tether is by far the most...

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3. Binance USD

Binance USD logo
  • Category: Stablecoins
  • Platforms: Web
  • Tags: stablecoinusd stablecoin
An image of Binance USD.

Stablecoins have been the key factor behind the boom in the cryptocurrency market in recent years. Binance USD, or BUSD, is the stable coin developed by Binance and Paxos pegged at a 1:1 ratio to the U.S. dollar. BSUD was a project that was born to help make transactions in...

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Reviews



2022-06-21 17:07:35

Dai is a stablecoin whose value is pegged to the U.S. dollar, which means it is shielded from the wild swings in prices that are typically associated with a cryptocurrency.