One of the most promising areas of cryptocurrency and financial innovation is decentralized finance (DeFi), often known as open finance. Dai is a crucial element in the development of the DeFi movement because it is a decentralized stablecoin. DeFi is attempting to rethink current financial systems to be more open, interoperable, and transparent. The quantity of ether (ETH) used as collateral in smart contracts, often known as "ETH locked in DeFi," is one of the metrics used to gauge the development of DeFi. Dai (DAI) is built on Ethereum in accordance with the ERC20 standard for tokens.  Because it is backed by crypto collateral kept on the Maker platform rather than U.S. dollars held in a bank account at a financial institution, it differs from decentralized, fiat-collateralized stablecoins. Dai can be purchased and traded in exchange for fiat money or other virtual currencies.
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