imToken Makes History with MakerDAO

imToken
imToken
May 3, 2018 · 3 min read

One of the core functionalities of imToken 2.0 is the decentralized exchange (DEX), Tokenlon. Tokenlon introduces a robust trading experience for users, ranging from Instant Exchange to decentralized order book spot trading all within imToken wallet app. We are thrilled to announce the partnership with MakerDAO, bringing Tokenlon to the forefront of decentralized exchange development, by integrating Maker’s stablecoin, Dai.

Why do we need a stablecoin?

Currently, most of the token exchanges utilize BTC, ETH or USDT as the base unit of trading. The volatility of BTC and ETH prices exposes users to large price fluctuations (as high as 25% in a single day). This volatility and price uncertainty has been one of the Achilles heel of blockchain adoption as there is no risk hedge options for users.

USDT on the other hand is a stable token pegged to US dollar issued by Tether Limited. Each USDT is equivalent to 1 US dollar, and total circulation of USDT is claimed to be equivalent to the total funds held by Tether Limited. However, the lack of transparency on fund reserve exposes USDT holders to security risks and risk of over-issuance.

What is Dai?

Dai (Dai Stablecoin System) was released in December by MakerDAO, the first completely decentralized stablecoin on the Ethereum blockchain. Unlike BTC or ETH, the Dai price is pegged to the US dollar with smart contracts, keeping the price stable.

MakerDAO’s Smart Contract Collateralized Debt Position (CDP) allows anyone to lock ETH (and in the future a variety of assets ) up as collateral and issue Dai against it. The issued Dai tokens are on 1:1 peg with US dollar. Dai’s price is stabilized through collateralized reserve pool, automated feedback mechanisms, and appropriate external incentives.

The Complete DEX Experience

Dai is now supported on Tokenlon and subsequently, imToken will implement Dai as a base trading token. Users will be able to trade with US dollar denomination indirectly, without the price fluctuations exposure of BTC or ETH. With this MakerDAO partnership, Tokenlon now offers a complete DEX experience through trustless intermediary, self-kept private keys, complete control of own assets and now, trading and hedging opportunity with DAI pair.

About imToken

imToken is the world’s largest Ethereum digital asset wallet, with millions of high net-worth users worldwide, access to 30,000 tokens and internationally recognized security features as a digital asset management tool. At present, imToken team is fully committed on delivering our milestone version of imToken 2.0 International, with newly introduced features including support of digital identity, multi-chain wallets, Tokenlon, and DApp browser, a truly holistic blockchain ecosystem.

More:
imToken Website: https://token.im/
Twitter: https://twitter.com/imTokenOfficial
Telegram Announcement Channel: https://t.me/imTokenAnnouncement
Telegram Discussion Channel (EN): https://t.me/imTokenEN
Telegram Discussion Channel (CN): https://t.me/imTokenGroup
Email: support@consenlabs.com

About MakerDAO:

We believe in a future that leverages the power of decentralization for trustless transactions.

With Maker, we are carrying out our vision of creating a decentralized stablecoin that will unlock the unique benefits of a complete financial ecosystem on the blockchain. Join us!

More:
Website: https://makerdao.com/
Twitter:https://twitter.com/makerdao
Medium: https://medium.com/makerdao
Reddit:https://www.reddit.com/r/MakerDAO/

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