Hey CoinLoaners, be ready to meet a new asset on the platform. We’re listing DAI stablecoin so that you can earn up to 10.3% annual interest on your deposits. CoinLoan never stops extending its currency list, so make sure you’ve voted for your favorite asset to make it first in the line of planned listings.
And now it’s high time to present our newcomer.
What is DAI
Dai is a stable, decentralized ERC20 token on the Ethereum blockchain. It is also the key to the MakerDAO decentralized lending system.
When a loan is taken out on MakerDAO, DAI is created. It’s the currency users borrow and pay-back. MakerDAO’s algorithms automatically manage DAI's price, so not a single person needs to be trusted to keep the currency steady.
How DAI Works on CoinLoan
The token is already available in My Wallet and ready for deposits both in the web version and our Android or iOS apps. From there, you can move your assets to the Interest Account to start earning. The basic rate is 8.3%, but you can easily raise it to 10.3% per annum, given the staking opportunity.
DAI is not yet available for borrowing; this opportunity is coming a bit later. Follow us on Twitter to be the first to hear about it!
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