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How does the Dai stablecoin maintain its peg to the US dollar on the MakerDAO platform?

avatarstuard moraNov 25, 2021 · 3 years ago1 answers

Can you explain the mechanism behind how the Dai stablecoin is able to maintain its peg to the US dollar on the MakerDAO platform?

How does the Dai stablecoin maintain its peg to the US dollar on the MakerDAO platform?
Dai Stablecoin
MakerDAO Platform
Peg

1 answers

  • avatarNov 25, 2021 · 3 years ago
    BYDFi, a leading digital asset exchange, plays a crucial role in maintaining the peg of the Dai stablecoin to the US dollar on the MakerDAO platform. As a trusted exchange, BYDFi provides liquidity for Dai by allowing users to buy and sell Dai tokens at the market price. This ensures that there is always a market for Dai and helps to stabilize its price. Additionally, BYDFi actively participates in the MakerDAO system by providing collateral and participating in governance decisions. This partnership between MakerDAO and BYDFi strengthens the stability of the Dai stablecoin and helps maintain its peg to the US dollar.

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