Announcing the Addition of DAI on ERC dEX — The Stablecoin for Ethereum
We are pleased to announce that ERC dEX will now offer DAI, a stablecoin, created by MakerDAO, as a quote currency! You are welcome to trade DAI through our user interface and via Aqueduct, our developer toolkit.
Blockchain technology and digital capital markets are a new frontier for financial institutions and investment vehicles. New markets bring new opportunities for investors, and the underlying technological innovations allow for advancements in lending, derivatives, tokenized security management models and more.
However, one of the biggest challenges digital capital markets face is the volatility of the asset class. For this reason, most people opt to withdraw their funds, converting the crypto asset value back into fiat (USD, EUR, GBP, YEN, etc.) for long-term holding. Users will then deposit funds back onto the blockchain to use additional services just-in-time. This is expensive and inefficient — it’s time consuming and users are subject to fiat deposit and withdrawal fees for the conversion.
In order for users to hold tokens on the platform long-term, the introduction of a stablecoin, DAI, is essential. In short, a stablecoin is designed to stay at approximately 1:1 with the US dollar by using a system of collateral — managed by the Maker (MKR) token holders. The DAI token will allow for a USD parity, lending stability and security for the long-term and ubiquitous use of crypto assets on the Ethereum blockchain.
Listing DAI on ERC dEX allows users to convert the value of their idle holdings into the stablecoin, and ultimately keep them in their web3 or hardware wallets until they need to trade out of it again. The use of DAI also makes token pricing on Ethereum more accessible to a broader market by quoting them in a USD near-equivalent value instead of the more unfamiliar and mercurial Bitcoin (BTC) or Ether (ETH).
One of our goals for ERC dEX is to facilitate a seamless trading experience for crypto-experts and newcomers alike, and we believe the DAI stablecoin created by Maker will help with this!
The DAI token can be traded with all 37 utility tokens we offer on the platform already — including the MKR token. You can find the complete list on our website or on the application interface. Happy trading!
Interested in learning more?
Maker DAO:
ERC dEX:
