MakerDAO DAI stability.
source from https://mkr.tools/governance/stabilityfee
Like a precise clockwork, the stability was raised to 16.5% almost 24 hours ago from the time of this post. Thus, many exchanges responded with DAI valuing over USD 1. It is still too early to confirm if pegged remains constant as we still have to wait for the whales to move. Nevertheless, it is getting more expensive to generate (draw) DAI from CDP.
Sourced from Coingecko.com
Staying above USD1 for too long will not be good as when the market need to peg out from crypto volatility, no supply is available and generating isn't economically viable. This likely to push to other stablecoins such as USDC or TUSD.
By the way, the recent revelation on USD Tether and BitFinex did ruffle some feathers. Nevertheless, can't stop market demand when people wants, is hard to stop. Unless is an exit scam all together. Even so, there could still be some hardliners who won't come to terms with the reality of being scammed, remains.
I'm still very astonished and amaze by Maker DAO's DAI experiment. It'll be great if one day I get to pick the minds of these talented individuals who had the foresight in coming up with such mechanism to emulate a stable coin.
Just a quick recap.
- If you happen to have a bunch of ETH lying around and have nothing better to do with it, generate some DAI for use and minimize capital gain tax from selling.
- However, not many will accept DAI for food, rent, utility or analog services.
- There maybe some digital services one can pay for but from my view is related to decentralize financing or increase trading leverage.
If there any usages do leave in the comments but doubt anyone will be reading this post. Peace out..
Posted from my blog with SteemPress : http://joebabana.vornix.blog/2019/04/29/makerdao-dai-stability/