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What is Sai (SAI)?
Sai (SAI) is a decentralised stablecoin created by MakerDAO, designed to maintain a stable value relative to the US Dollar. It achieves this stability through a system of Collateralized Debt Positions (CDPs) and autonomous feedback mechanisms, providing a decentralised alternative to traditional stablecoins.
How does Sai (SAI) work?
Sai operates on the Ethereum blockchain, using smart contracts to manage its core functionality. Key elements include:
- Collateralized Debt Positions (CDPs): Users deposit collateral (such as Ether) to mint Sai tokens, with the system automatically adjusting to maintain stability.
- Autonomous Feedback Mechanisms: Algorithms ensure Sai’s value remains pegged to the US Dollar.
- Dual Token System: Utilises MKR for governance and stability fees, alongside Sai for transactions.
This structure allows Sai to function as a fully decentralised stablecoin, eliminating reliance on centralised issuers.
What are the potential use cases for Sai (SAI)?
Sai provides utility across various applications and industries, including:
- Medium of Exchange: Used for transactions in decentralised applications.
- Store of Value: Acts as a stable asset in volatile crypto markets.
- Collateral: Backing for decentralised lending platforms.
- Cross-Border Payments: Facilitates low-cost international remittances.
- Hedging: Protects against cryptocurrency volatility.
Key industries include DeFi, e-commerce, trading, and blockchain-based gaming.
What is the history of Sai (SAI)?
Sai was developed by MakerDAO, a pioneering organisation in decentralised finance, to address the need for a stable, decentralised cryptocurrency.
Significant Milestones:
- 2015: Conceptualisation of a dual-token stablecoin ecosystem.
- Late 2017: Launch of SAI and MKR tokens.
- 2018: Full launch of the MakerDAO platform.
- Adoption: Sai reached a market capitalisation of over $1 billion.
Evolution:
Sai was a groundbreaking project that became one of the first widely adopted decentralised stablecoins in the DeFi space. Its success paved the way for partnerships with projects like OmiseGO and Request Network. However, Sai was eventually replaced by Dai, a multi-collateral version that expanded on Sai’s original concept to support a broader range of assets.
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The information presented in this comparison table is for educational purposes only and is not an investment recommendation for your personal circumstances. Past performance is not an indicator of future performance.
The data points in this table are sourced as follows: ASX200 from Google’s ASX200 index price, Gold from ABC Bullion’s website (abc bullion.com.au), and BTC from CoinGecko (coingecko.com.au). All data is recorded at 10 am AEST on the first day of each calendar month.
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Frequently Asked Questions (FAQs)
What is the current price of Sai (SAI)?
The Sai price is $30.1 AUD, representing a +2.76% from the day prior.
Where is the best place to buy Sai (SAI) in Australia?
The best place to buy Sai (SAI) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Sai (SAI) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Sai (SAI)?
The trading volume of Sai (SAI) is $4.5K AUD in the last 24hrs, representing a +2.76% from the day prior.
How can I buy Sai (SAI)?
Sai (SAI) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Sai (SAI)?
The current market cap of Sai (SAI) is $78.7M AUD.
Can I convert Sai (SAI) to cash?
Yes - With Coinstash you can convert your Sai (SAI) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Sai (SAI) are there?
The current circulating supply of Sai (SAI) is 2.7M.
Is Coinstash a safe place to buy Sai (SAI) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Sai (SAI) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.