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What is Dai?
DAI is an ERC20 token based the Ethereum blockchain. One DAI is pegged to the value of one US Dollar. The DAI token has an automatically executing smart contract system that stabilises its value to ensure it keeps the same value to the USD. If the price moves higher than one USD, coins are created to increase the supply and bring the value back down until it is again equal. Similarly, if the price falls below the US dollar, coins are ‘burned’ to increase the value of DAI.
DAI is a part of the MakerDAO DeFi system. When a loan is taken out on MakerDAO, DAI is created for users to spend and pay back with. After it is created, DAI simply functions as a stable Ethereum token. It can be used to pay for things and is easily transferred between Ethereum wallets.