Nitrogen partners with Maker: DAI is available on new Launchpad
In our aim of opening new opportunities in the crypto market for professionals and newcomers, Nitrogen is announcing its partnership with Maker, which starts with the listing of the DAI stablecoin on the Nitrogen Network.
The Nitrogen Network has recently inaugurated its new Launchpad, designed specifically for stablecoin loans. It works in a similar way to Nitrogen’s main platform, but it includes a brand-new streamlined interface while maintaining simplified onboarding. Now, users will be able to get liquid assets in a matter of a few clicks. As part of this new partnership between Nitrogen and Maker, DAI will be available as a loan asset in Nitrogen’s Launchpad.
Maker is known for being one of the oldest Ethereum-focused companies, but they’re best known for being behind the development of the stablecoin DAI, widely touted as the first fully decentralized stablecoin on Ethereum. Just like with other stablecoins, users of the Nitrogen Network will now be able to borrow DAI.
About the DAI stablecoin
In simple terms, DAI is a loan against Ethereum. One of the things that sets DAI apart from other stablecoins is that DAI is not backed by fiat reserves held in a bank, and it has no centralized authority that backs it value. Instead, DAI gains stability in price through clever mechanisms in the form of economic incentives that come into play when the price of DAI needs to be lowered or raised.
At press time, and according to Coinmarketcap, the DAI stablecoin is ranked 65th among all cryptocurrencies, with a market cap of $87,226,513 USD.
About Nitrogen’s launchpad for Stablecoins
Lenders and market makers provide liquidity (deposited in smart contracts) by placing orders on the Nitrogen orderbook. Subsequently, borrowers request a loan through Nitrogen’s Launchpad and are automatically matched with the order with the lowest APR available. This process is illustrated in the image below.
This new tool allows people to borrow stablecoins in a hassle-free and secure manner thanks to its new interface. Borrowers can choose to borrow stablecoins for 3 days, 7 days and one month, depending on their needs.
For any further inquiry regarding the listing of DAI in the Nitrogen Network, you are welcome to join our Telegram to talk with the dev and support team.