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The Purpose of DeFi and Why Everyone in the Crypto World Talks About DeFi

DeFi’s goal is to make the international banking systеm open and free, “says Alex Pak, managing partner at Dragonfly Capital, a $ 100 million crypto fund.” This is an opportunity every fifty years. ”
Dai has grown in popularity over the past six months, although it is still very rarely used. The asset is owned by approximately 21,000 people, and at the beginning of April the number of transactions per day reached a record high of 13,490 (in the first few months after launching at the end of 2017, the number of transactions did not exceed 500 per day).
The software behind Dai is technologically complex and consists of more than a thousand lines of code, “which is quite a lot for a crypt,” says Alex Pak of Dragonfly Capital. It sets out the rules for how new Dai are made and how the systеm functions. For example, to create new Dai for $ 100, users have to pledge Ether for $ 150. In addition, they have to pay interest or “stability fees” because when users create Dai tokens, they borrow them. Dai has a sister currency called MKR, and the owners of MKR vote to determine Dai’s interest rate.
Two percent of the total circulation of Ether, worth approximately $ 339 million, is held in Dai. Compound accounts for about $ 34 million of pledged ether, and Dharma – about $ 10 million.
Despite the opportunity to use Dai for noble purposes, for example, to help residents of disadvantaged countries, people use this cryptocurrency mainly for larger bets on Ethereum. Investors can pledge Ether to receive Dai, and then use those Dai tokens to buy more Ether. Second use case: Traders looking to get rid of volatile cryptocurrency can exchange it for Dai instead of fiat currency. In addition, Dai is used “in communities that lack access to financial services, such as many people in South America,” says Rune Christensen, CEO of the Maker Foundation, the non-profit organization that developed the Dai software.

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