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DAIUSD

Dai / US Dollar

Industry

digital currency

Dai (or DAI, formerly Sai or SAI) is a stablecoin cryptocurrency which aims to keep its value as close to one United States dollar (USD) as possible through an automated system of smart contracts on the Ethereum blockchain. Dai is maintained and regulated by MakerDAO, a decentralized autonomous organization (DAO) composed of the owners of its governance token, MKR, who may vote on changes to certain parameters in its smart contracts in order to ensure the stability of Dai.

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Tether's stablecoin USDT experienced a temporary de-pegging as the Curve 3Pool became imbalanced, with USDT's balance surging to over 70%. This resulted in USDT trading at around $0.997. The imbalance may be due to direct attacks on Tether or whales attempting to harm Curve positions by shorting USDT on AAVE.

Portfolio Pulse from Murtuza Merchant

June 15, 2023 | 12:15 pm

A trading bot recently performed a complex series of transactions on the Ethereum blockchain, involving a $200 million flash loan in DAI from MakerDAO. The bot deposited funds on Aave, borrowed $2,300 in Wrapped Ether (WETH), and completed an arbitrage cycle, resulting in a net profit of only $3.24.

Portfolio Pulse from Murtuza Merchant

June 14, 2023 | 5:12 pm

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