We are glad to announce that Maker’s DAI stablecoin and MKR token are now available for trading on HitBTC. Dai has been opened as HitBTC’s quote currency in pairs against Bitcoin (BTC/DAI), Ethereum (ETH/DAI), Tether (USDT/DAI), Maker (MKR/DAI) and EOS (EOS/DAI) while Maker’s MKR will be traded as a regular token.
Adding Dai, Maker’s first stablecoin on the Ethereum blockchain, as a quote currency on HitBTC will help to diversify risks and enhance trading experience on the exchange.
Launched in December 2017, Dai is backed by a group of investors led by Andreessen Horowitz, and has gained a reputation as a significant contribution to mass adoption of the blockchain technology. The Maker team works actively both on developing the product and creating ways for the stablecoin to be accessible to the customers worldwide via strategic partnerships.
According to Maker’s website and whitepaper, Dai can be generated by anyone on the platform through Maker smart contracts (known as CDPs, or the Collateralized Debt Positions) currently using ETH as a collateral. Active CDPs are always collateralized in excess, meaning that the value of the collateral is higher than the value of the debt.
Maker uses various price stability mechanisms to retrieve price feeds and balance the price to avoid deviations in case of market instability, including Global settlement, a crucial mechanic that allows the Maker Platform to survive in case of serious attacks or a “black swan” event.
Holders of Maker’s MKR utility and governance tokens serve as the executive part of the governance ecosystem and form DAO, the Decentralized Autonomous Organisation.
For more information on Maker DAO, Dai and MKR please visit https://makerdao.com/