<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SWIEQI, MALTA / ACCESSWIRE / August 24, 2020 / NitroEx Exchange has added DAI Stablecoin to its coin listing, enabling traders to buy and trade against leading market pairs. The coin was listed on the platform and was opened for trading on the 08th of August, 2020. Built as per the MakerDAO protocols, DAI is the largest decentralized stablecoin and the second-largest stablecoin in terms of overall collateral values.” data-reactid=”12″>SWIEQI, MALTA / ACCESSWIRE / August 24, 2020 / NitroEx Exchange has added DAI Stablecoin to its coin listing, enabling traders to buy and trade against leading market pairs. The coin was listed on the platform and was opened for trading on the 08th of August, 2020. Built as per the MakerDAO protocols, DAI is the largest decentralized stablecoin and the second-largest stablecoin in terms of overall collateral values.

By listing DAI, NitroEx has opened the DeFi market for its traders to buy and sell the crypto coin against leading market pairs. With no trade limits or liquidity constraints, traders now have direct access to market insights by paying a nominal commission fee for making transactions.

On the occasion, Adrein Perlmann, the CTO of the company said “We are constantly seeking to add new and desirable assets on NitroEx. DAI is simply one of the most popular and world’s first unbiased Stablecoin. The inherent attributes of the DeFi ecosystem and the MakerDAO protocols inspired us to integrate DAI into our markets. We encourage our traders to be a part of a stable and decentralized crypto economy.”

NitroEx Global’s worldwide cryptocurrency community has been abuzz with discussions and trading activity in the wake of DAI’s listing. The exchange is expanding crypto markets in countries like the US, Brazil, Russia, Japan, Turkey, and Korea through continuous brand exposure.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The advantages of DAI Stablecoin in DeFi space” data-reactid=”36″>The advantages of DAI Stablecoin in DeFi space

Born from the perquisites that blockchain technology and cryptocurrencies bring to the financial services sector, DeFi has become the fastest-growing movement in the crypto industry in 2020. Organizations that implement crypto products into their financial services find DeFi valuable as it enables them to provide inexpensive, efficient, and transparent financial offerings. While decentralized finance projects on ETH integrate different types of digital currencies, Maker Protocol’s decentralized DAI stablecoin has quickly become one of the most used cryptos in the DeFi space.

Backed by a surplus of collateral and generated via the Maker Protocol, DAI is stable digital cash with values softly pegged to the USD. Built on the Ethereum platform, every DAI is worth 1 USD.

Since it is fully decentralized, stability is sustained through an autonomous system of smart contracts. Utilized as an anchored medium of exchange, DAI Stablecoins can be used to serve a multitude of purposes such as:

  • Cross-border transactions
  • Repayment of debts
  • Payment for goods and services

DAI’s merits and usability has given the DeFi community a high degree of credence to the attributes of the Maker Protocols and stablecoins. This confidence has further contributed to the vibrancy, growth, and the overall network effectiveness of the Maker ecosystem.

At present, DAI has a market capitalization of $423 million and assets worth hundreds of thousands of dollars locked in the system.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="How DAI maintains its price stability?” data-reactid=”46″>How DAI maintains its price stability?

As stated earlier, DAI is a stablecoin that is softly pegged to the US Dollar. That means that the price value of one DAI will approximately always be equal to 1 USD. It is built on the Ethereum network and is backed by Ether, meaning that it is decentralized and the stability is sustained through smart contracts without relying on any centralized third party.

The price stability is managed via a system of lending on the Ethereum network. To create DAI, a person with Ether would deposit ETH into what is named as “collateralized debt position”, which is basically a personal smart vault that stores your ETH. In return for depositing ETH in the form of collateral, DAI is generated to the Ethereum holder.

To unlatch ETH, the DAI holder pays back the DAI with a stability fee. If the value of 1 DAI drops below 1 USD, the stability fee is hiked to make DAI loans expensive. If the loans are overpriced, fewer loans will be generated, retracting DAI’s supply and driving up the price. Similarly, if the price of 1 DAI surpasses the 1 USD mark, the stability fee is brought down, leading to lower prices and increased supply in the market.

Rather than being manipulated or determined by a government or a centralized financial institution, the stability fee is voted by a community of MKR holders, the token for the MakerDAO system. Eventually, the entire process of maintaining DAI’s price stability is based on the supply and demand chain within the lending system.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="How DeFi can reshape the traditional financial landscape” data-reactid=”55″>How DeFi can reshape the traditional financial landscape

The traditional financial system pivots on financial institutions like central banks. They function as intermediaries and need governance for the resolution of controversial issues.

DeFi products do not require any intermediaries or arbitration from any third parties. While smart contracts settle transactional disputes, users monitor and control their funds. This facilitates a more transparent financial system and reduces the overall cost of services. Besides eliminating middlemen, DeFi provides crypto enthusiasts with the following benefits.

  • As a core philosophy of decentralized finance, it favours network effects while creating true innovations of combining layer 2 or even layer 3 applications.
  • Price and market efficiency harbours increased transparency of financial systems. As asymmetric information is non-existent, principal-agent risks are minimal and the personal interests are governed by transparent protocols.
  • DeFi applications enable users to remain in possession of private keys. Also referred to as non-custodial in the blockchain segment, users have full authority and access to their money without a trusted third party.
  • True decentralization offers censorship resistance, dispenses middlemen, and facilitates worldwide participation irrespective of the social status.
  • Implementation of blockchain as technological infrastructure enables contract automation, relatively fast and low-cost transactions, and immutability of the financial contracts.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="DAI offers liquidity to the DeFi movement” data-reactid=”64″>DAI offers liquidity to the DeFi movement

Liquidity in finance refers to the ease with which an asset could be converted into cash without affecting its market price. For DeFi, liquidity is essential to create successful projects on top of the Maker Protocol and Ethereum network.

Shared liquidity amplifies trading volumes, bringing forth roadmaps to attract more users and enabling projects to streamline crypto services in accordance with user demands.

Nevertheless, amidst increased eminence of DeFi products, permissibility can only be assured if the platform has access to a stable, unbiased unit of accounts such as DAI. This is why DAI has earned remarkable market shares in DeFi apps in a short span of time and continues to expand its market with increased liquidity.

The growing DAI user and developer base further contribute to the network effect of the Maker protocol, improving the stability of the crypto ecosystem and increasing awareness.

Adrein Perlmann explains the significance of DAI stablecoin in the decentralized finance landscape as “The stablecoin is a key component of the DeFi movement as a transactional asset, a passive income generator, a store of value, and a conventional measure of collaterals. As more investors and traders recognize the merits of a permissionless, open system that is non-exclusive and secure, the more the crypto market capitalization is predicted to expand.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="About NitroEx” data-reactid=”70″>About NitroEx

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="NitroEx Exchange is an emerging cryptocurrency exchange platform, offering an array of crypto services and trading opportunities. The crypto exchange platform opened its market in June 2020 by listing its own utility NitroEx Token (NTX) within a highly secure trading environment for buying and selling digital currencies.” data-reactid=”71″>NitroEx Exchange is an emerging cryptocurrency exchange platform, offering an array of crypto services and trading opportunities. The crypto exchange platform opened its market in June 2020 by listing its own utility NitroEx Token (NTX) within a highly secure trading environment for buying and selling digital currencies.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Backed by advanced safety protocols and regulatory norms, NitroEx provides traders with robust network security and professional connectivity. The company is dedicated to offering a unique trading experience to amateur and professional traders. With an array of cryptocurrency selections, order types, market pairs, and charting tools, NitroEx has attracted a wide user-base from several countries across the globe with 24/7 Expert Support and also on Telegram, Twitter, Facebook and Medium.” data-reactid=”72″>Backed by advanced safety protocols and regulatory norms, NitroEx provides traders with robust network security and professional connectivity. The company is dedicated to offering a unique trading experience to amateur and professional traders. With an array of cryptocurrency selections, order types, market pairs, and charting tools, NitroEx has attracted a wide user-base from several countries across the globe with 24/7 Expert Support and also on Telegram, Twitter, Facebook and Medium.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Media Contact:” data-reactid=”73″>Media Contact:

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Company: NitroEx Exchange
Contact: Adrein Perlmann, CTO
E-mail: [email protected]
Mobile: +491743032620
Website:https://www.nitroex.io/
Address: NM GROUP TRIQ L-UQIJA, Swieqi, Malta” data-reactid=”74″>Company: NitroEx Exchange
Contact: Adrein Perlmann, CTO
E-mail: [email protected]
Mobile: +491743032620
Website:https://www.nitroex.io/
Address: NM GROUP TRIQ L-UQIJA, Swieqi, Malta

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SOURCE: NitroEx Exchange” data-reactid=”75″>SOURCE: NitroEx Exchange

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