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Cryptopedia Staff

gemini-DAI- A Systematically Sustainable Stablecoin-100

A look at DAI coin, an algorithmic stablecoin built on Ethereum that’s used in conjunction with the MakerDAO protocol for Decentralized Finance applications.

What Is DAI Coin? An Algorithmic Stablecoin

The stablecoin DAI is a key building block in the burgeoning DeFi ecosystem of permissionless trading, borrowing, and lending.

DAI: A Systematically Sustainable Stablecoin

Stablecoins

Explore our collection of Cryptopedia articles related to Stablecoins. Discover new topics and the latest insights.

Stablecoins Articles - Cryptopedia

What is Decentralized Finance@2x

Explores decentralized finance trends and aspects of the DeFi crypto ecosystem, including DeFi investment, DeFi loans, DeFi staking, and other DeFi solutions.

What is DeFi? Decentralized Finance Trends

One of the most exciting sectors in blockchain today is DeFi, and it’s changing the way we think about money, investment, and wealth.

What Is DeFi (Decentralized Finance)?

Open & Decentralized Finance

Explore our collection of Cryptopedia articles related to Open & Decentralized Finance. Discover new topics and the latest insights.

Open & Decentralized Finance Articles - Cryptopedia

We are pleased to announce that [Orchid (OXT)](https://gemini.com/prices/orchid), [Basic Attention Token (BAT)](https://gemini.com/prices/bat), [Chainlink (LINK)](https://gemini.com/prices/chainlink), and [Dai (DAI)](https://gemini.com/prices/dai) are now available for trading on the Gemini platform.


__It's Time to Take Back Control of Your Privacy__ 

Orchid allows you to browse the Internet privately. When you use the [Orchid VPN application](https://www.orchid.com/app/) while surfing the Internet, information like your IP address and location are shielded. Orchid helps you achieve this level of privacy by providing you with a decentralized, trustless virtual privacy network (VPN). If you want to start taking back control of your privacy, Orchid is the answer.

__You Deserve A Better Internet__
 
The Brave browser blocks ads and attempts to block ad trackers and other identifying software used by websites to trace visitors. This provides a faster and more private Internet experience. You can earn BAT by opting in to viewing ads as you browse the Internet. You can also pay publishers for services with BAT or use BAT to support content creators via BAT contributions.

__Bring Your On-Chain and Off-Chain Worlds Together__
 
Chainlink is a decentralized network that securely connects smart contracts to external data so that they can interact with real world events and information that exist off-blockchain. Chainlink was built to increase the potential applications and possibilities for smart contracts, reducing their need to rely on centralized third-party data providers.

__Borrow Digital Dollars With Your Crypto Assets__
 
DAI is a decentralized, crypto-collateralized stablecoin that aims to maintain a stable value relative to the U.S. dollar through a system of algorithmically managed smart contracts. Dai was built to be used as a global medium of exchange and to promote economic freedom and opportunity in the world.

These tokens — whether by increasing your privacy, improving your online browsing experience, bridging the gap between blockchain and real world data, or creating a global medium of exchange — compliment our mission to give you greater choice, independence, and opportunity.

Update the [Gemini Mobile app](https://gemini.com/mobile-app) to access OXT, BAT, LINK, and DAI trading and contact [support@gemini.com](mailto:support@gemini.com) with any questions. 


Onward and Upward,

Team Gemini



*__Please Note:__ In order to deposit OXT, BAT, DAI or LINK you must first create a new Ethereum deposit address by logging into Gemini and going to the [Digital Asset Transfers](https://gemini24.zendesk.com/hc/en-us/articles/209113666-How-do-I-deposit-digital-assets-into-my-Gemini-Account-) page. OXT, BAT, DAI or LINK deposits to existing Gemini Ethereum addresses are not supported.*


OXT, LINK, BAT and DAI Trading Now Available

We are pleased to announce that today, April 24, 2020, at 9:30am ET, you will be able to deposit [Chainlink (LINK)](https://gemini.com/prices/chainlink), [Dai (DAI)](https://gemini.com/prices/dai), and [Orchid (OXT)](https://gemini.com/prices/orchid) into your Gemini account with trading to follow soon thereafter.  
  
With these additional cryptos, Gemini will offer trading and custody support for a total of nine cryptos (BTC, ETH, BCH, LTC, ZEC, BAT, DAI, LINK, and OXT) and custody support for another 15 cryptos (ZRX, BRD, MANA, ENJ, FXC, GUSD, GNT, KNC, LOOM, MKR, NMR, OMG, STORJ, FIL, and CSP).

We will be offering the following new trading pairs and services for DAI, LINK, and OXT:


| |Continuous Trading     | Block Trading     | Daily Auction (4pm ET)           | Gemini Clearing     |
| ---------- | ---------- | ---------- | ---------- | ---------- |
| LINK/USD       | ✓      | ✓       | x       | ✓       |
| DAI/USD       | ✓       | ✓       | x       | ✓       |
| OXT/USD       | ✓       | ✓       | x       | ✓       |
| LINK/BTC       | ✓       | ✓       | x       | ✓       |
| DAI/BTC       | ✓       | ✓       | x       | ✓       |
| OXT/BTC       | ✓       | ✓       | x       | ✓       |
| LINK/ETH       | ✓       | ✓       | x       | ✓       |
| DAI/ETH       | ✓       | ✓       | x       | ✓       |
| OXT/ETH       | ✓       | ✓       | x       | ✓       |



These assets will provide our customers with a new way to interact with the crypto ecosystem.

__Chainlink__ is building a bridge between smart contracts and off-blockchain data, broadening their access to information and increasing their application potential.

*How It Works:* Currently, smart contracts can only use data found on their respective blockchains, which significantly limits their application. Chainlink solves this problem by allowing Chainlink nodes to fetch and organize data from the Internet and broadcast it onto the Ethereum blockchain for any Ethereum-based smart contract to use. These nodes set their own payment parameters and Chainlink uses Link to pay them. Chainlink can bring information from industries where outcomes are determined by parameters not exhibited on the blockchain, such as insurance, financial contracts, debt obligations, and many others, onto the blockchain.

__Dai__ is a decentralized, crypto-collateralized stablecoin that seeks to maintain a 1:1 soft-peg with the U.S. dollar. Its primary purpose is to provide you with stable crypto dollars to use on the Ethereum network.

*How It Works:* When you deposit ETH or any other supported ERC20 assets into the Maker platform, DAI is created and loaned to you at 66% of the value of your deposit. You can retrieve your collateral deposit by returning the DAI you generated and paying a stability fee. This stability fee increases or decreases based on DAI’s price relative to the U.S. dollar. Supply and demand dynamics are intended to keep DAI’s value close to $1 USD over time. 

__Orchid__ is a peer-to-peer marketplace for virtual private networking (VPN) providers. OXT is the token used to purchase VPN bandwidth.

*How It Works:* Built on the Ethereum network, Orchid is designed as an alternative solution to centralized VPN service providers and the Tor network. You can use OXT to pay for VPN services and VPN providers must stake OXT tokens in order to operate on the network and sell bandwidth. The staking structure incentivizes VPN providers to provide quality, secure, and private Internet access without the quality risks of Tor or privacy and centralization risks of centralized VPN providers.

These assets expand the range of our platform and further our mission to empower the individual through crypto. We have worked closely with the New York State Department of Financial Services to obtain approval to offer trading and custody services for these new assets and we look forward to continuing to bring mission-oriented projects to you in the future. 

Please contact [support@gemini.com](mailto:support@gemini.com) with any questions. 

Onward and Upward,

Team Gemini

__Please Note:__ *In order to deposit LINK, DAI, and OXT you must first create a new Ethereum deposit address by logging into Gemini and going to the [Digital Asset Transfers](https://gemini24.zendesk.com/hc/en-us/articles/209113666-How-do-I-deposit-digital-assets-into-my-Gemini-Account-) page. LINK, DAI, and OXT deposits to existing Gemini Ethereum addresses are not supported.*


Gemini is pleased to announce that Chainlink (Link), Dai (DAI), and Orchid (OXT) deposits are now live.

Chainlink (LINK), Dai (DAI), and Orchid (OXT) Deposits are Now Live on Gemini

Chainlink, Dai, and Orchid Now Accepting Deposits

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Dai is a crypto-backed stablecoin that seeks to maintain a soft peg with the U.S. dollar.

Dai was first described in a [white paper](https://makerdao.com/en/whitepaper/sai/#overview-of-the-dai-stablecoin-system) published in December, 2017\. Dai is a decentralized, crypto-collateralized stablecoin that aims to maintain a stable value relative to the U.S. dollar. It was developed by MakerDAO, a Decentralized Autonomous Organization or DAO, and runs on the [Maker Protocol](https://makerdao.com/en/whitepaper/#abstract), a system of smart contracts that algorithmically maintains Dai’s soft peg. MakerDao built Dai to be used as a global medium of exchange and to promote economic freedom and opportunity in the world.

### Decentralized Finance

Decentralized finance (DeFi) or Open Finance is one of the most promising areas of cryptocurrency and financial innovation. As a decentralized stablecoin, Dai is an important building block for the DeFi movement. DeFi is trying to reimagine existing financial systems to be more transparent, permissionless, trustless, and interoperable. One of the metrics used to measure the growth of DeFi is the amount of ether (ETH) locked in smart contracts as collateral, a metric called “ETH locked in DeFi.”

## Token

Dai (DAI) is built on [Ethereum](/prices/ethereum) in accordance with the ERC20 standard for tokens. It differs from centralized, fiat-collateralized stablecoins like the [Gemini dollar](/dollar) (GUSD) because it is backed by crypto collateral held on the Maker platform as opposed to U.S. dollars held in a bank account at a financial institution. Dai can be bought and sold for fiat currency or other digital currencies.

DAI can be purchased on a cryptocurrency exchange and stored in a crypto wallet and custodian like Gemini.

### Stability Fee

The Stability Fee is the floating interest rate charged to users who borrow Dai. Holders of the Maker token (MKR), the governance token of the Maker Platform, set the Stability Fee. They can vote to increase or decrease the Stability Fee in an effort to normalize Dai’s value relative to the U.S. dollar. A user must return all of the Dai she borrowed and pay her Stability Fee (in Dai) to the Maker Platform in order to redeem her collateral.

### Dai Savings Rate

Dai holders can deposit their Dai into the Dai Savings Rate contract and earn a yield (referred to as the Dai Savings Rate) on their Dai. The Dai Savings Rate is a floating interest rate set by Maker token holders. If the market price of Dai is above $1 U.S. dollar, Maker holders can vote to decrease the Dai Savings Rate in an attempt to reduce demand for Dai and lower its market price towards $1 U.S. dollar. Alternatively, If the market price of Dai is below $1 U.S. dollar, Maker holders can vote to increase the Dai Savings Rate in an attempt to increase demand for Dai and raise its market price towards $1 U.S. dollar.

### Sai

Initially, the Maker Protocol only supported ETH as collateral for a Dai loan. This system of smart contracts is called single-collateral Dai (SCD). On November 15, 2019, holders of the Maker token voted to upgrade the Maker Protocol to a system of smart contracts called multi-collateral Dai (MCD), which could support multiple assets as collateral for Dai. The MCD system was subsequently launched on November 18, 2019\. Dai tokens with respect to the SCD system are now called Sai, whereas Dai tokens with respect to the MCD system are called Dai.

Maker token holders have voted the following new collateral types into the Maker Protocol:
- Basic Attention Token ([BAT](/prices/bat)) (November 28, 2019)
- USD Coin (USDC) (March 17, 2020)

[DAI website](https://makerdao.com/en/)

[DAI whitepaper](http://makerdao.com/whitepaper)

Learn more about DAI on [Cryptopedia](https://www.gemini.com/cryptopedia):

[DAI: A Systematically Sustainable Stablecoin](https://www.gemini.com/cryptopedia/dai-stablecoin-what-is-dai-token)


Dai is a crypto-backed stablecoin that seeks to maintain a soft peg with the U.S. dollar.

View up to date news & the price of Dai (DAI) crypto on our Dai price page and learn how you can buy, sell & trade Dai on Gemini's trading platform.

Dai (DAI) Price - Buy, Sell & View The Price of Dai Crypto

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