#DAI is a decentralized stablecoin designed to stay pegged to 1 USD using smart contracts and over-collateralized crypto backing — mainly via the MakerDAO ecosystem. It’s a core DeFi dollar alternative to centralized stablecoins like USDT and USDC.

How it works:

✔ Peg mechanism: Maintains the $1 value through crypto collateral, governance-set fees, and automated market incentives.

✔ Decentralization: Operates without a central issuer; governed by DAOs (originally MakerDAO, now evolving under Sky Protocol governance with MKR/SKY stakeholders).

✔ Use cases: Payments, trading pairs, DeFi lending, remittances, stable value storage.

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