DAI Stablecoin is now also available for exchange to UAH VISA/MC cards
Dear users of our service, we are pleased to offer you to exchange DAI Stablecoin to VISA/MC UAH cards.
Card, which participates in exchange operation, must be hryvnia card, issued by VISA / MasterCard and belong to any Ukrainian Bank.
Dai (or DAI) is a Stablecoin that seeks to keep its value as close to one U.S. dollar (USD) as possible through an automated system of smart contracts on the Ethereum blockchain.
Dai is supported and regulated by MakerDAO, a decentralized autonomous organization (DAO) consisting of owners of its management token, MKR, who can vote on changes to certain parameters in its smart contracts to ensure the stability of Dai.
Together, Dai and MakerDAO are considered to be the first examples of decentralized financing that have gained significant traction.
Dai is created from an overcollateralized loan and repayment process facilitated by MakerDAO smart contracts in the form of a decentralized application. Users who deposit Ether (or other cryptocurrencies accepted as collateral) can receive credit against their deposits and receive the newly created Dai. The collateral ratio for Ether is currently set at 150%, or in other words, making a $150 deposit of Ether allows you to borrow up to 100 Dai (roughly equivalent to $100). If the value of the collateral falls below this ratio, the loan can be automatically liquidated by smart contracts. On the other hand, if its value increases, an additional Dai can be borrowed.
Consequently, by repaying the loan and accrued interest, the repaid Dai is automatically destroyed and the collateral becomes available for withdrawal. Thus, we can say that the dollar value of the Dai is supported by the value of the underlying collateral located in the MakerDAO smart contracts. By controlling the types of collateral accepted, the collateral ratios, and the interest rates for borrowing or holding Dai, MakerDAO is able to control the amount of Dai in circulation and thus its value.
The authority to propose and implement changes to such variables is granted, via code, to the owners of the MKR token. Owners of the control token can vote on proposed changes in equal proportion to the number of tokens they own. The MKR token also serves as an investment in the MakerDAO system. The added interest that borrowers pay on top of the loan principal is used to buy the MKR tokens off the market and burn them (i.e., destroy them, permanently remove them from circulation). This mechanism aims to make MKRs deflationary in relation to Dai lending revenues.