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What is DAI?
The Dai stablecoin is a collateral-backed cryptocurrency whose value is stable relative to the US Dollar through a series of complementary financial incentives. The currency lives entirely on the blockchain; its stability does not depend on any locality, and its solvency does not depend on any trusted counterparties. All Dai is supported by a surplus of collateral, which has been escrowed into audited and publicly viewable Ethereum smart contracts.