Eidoo has announced the integration of DAI and Compound Finance.
DAI is a stablecoin whose value is pegged to that of the US dollar thanks to a special open-source algorithm.
It is the only decentralised stablecoin anchored to the value of the dollar which uses ETH as collateral
Precisely because it is decentralised, stable and uses ETH as collateral, it is currently the best alternative to the dollar in DeFi.
Indeed, just as the dollar is the world reference currency of traditional finance, DAI is the reference currency, obviously global, of decentralised finance.
It is now possible to buy and trade DAI within the Eidoo wallet by downloading and installing the latest updated version from Eidoo.app.
“Start earning interest up to 8% annually, thanks to DAI / cDAI integration”.
It is worth remembering that Eidoo is a non-custodial wallet that already integrates a hybrid exchange within it. It is slowly establishing itself as one of the main access interfaces to the world of decentralised finance.
This is why the integration with Compound is also important, allowing, for example, to lend tokens to other users without having to use intermediaries, thanks to special smart contracts that manage these loans automatically and predictably.
Compound has also issued its own token, cDAI, whose value is relatively stable at the moment, around 0.02 $, and which has been added to those that can be used on Eidoo.
In fact, thanks to the Swap function it is possible to exchange tokens for cDAI in a few seconds on Eidoo.
DAI and Compound, are currently two of the most important tools in the DeFi world. In particular, DAI is used mainly within the MakerDAO decentralised credit platform, where anyone can open a collateralised debt position (CDP), locking ETH as collateral, and generate DAI tokens as debt against such collateral.