Do repost and rate:
For those unaware, Dai offers its users to borrow or generate the stablecoin. Foremost, by staking a certain cryptocurrency as collateral. Accordingly, if you put Ether into a CDP smart contract, you support Dai.
To remind, the company has recently undergone important changes. In November 2019, multi-collateral Dai, which is possible to back with many assets, was introduced. Consequently, Dai turned into Sai. At the same time, the new MCD is now referred to as “Dai.”
The company also rebranded its CDPs. Now they’re called “vaults” and each altcoin has its own one. That said, the new system has opened doors to over 3,500 vaults.
Find out more about how decentralized finance works here.
