Stablecoin DAI Landed on FunctionX
Stablecoin DAI landed on FunctionX as it was announced recently. Consumers and developers will be able to utilize the DAI token in dApps after DAI is fully deployed into the EVM Chain (f(x)EVM). DAI will be accessible at retail establishments and will also be included in the upcoming decentralized point-of-sale device called p(x)Change.
What is DAI?
Dai as a concept was introduced by the creators of MakerDAO, and the mechanism of DAI as a stablecoin cryptocurrency is to maintain its value as close to the United States dollar (USD) by overcollateralizing loans facilitated by MakerDAO’s smart contracts.
That means for every DAI in existence, there is excess collateral of value locked away in a Maker Vault. The collateral is then locked on-chain which means that the security of everyone’s assets is secured by utilizing blockchain technology and the decentralized contract system of MakerDAO.
Expanding Function X and DAI’s global reach
The applications on Function X are a collection of use-cases and innovators can further branch out into new areas with the introduction of a decentralized, collateral-backed stablecoin. More stablecoin variations will simplify the process for us to entice prospective people to the blockchain industry, particularly those who are not yet familiar with it.
It will be one of the gateways or entry points to an even superior, broader, and further expanded capability of Function X, which will drive more demand for both our products and services.
Reaching into untapped markets
By introducing DAI into Function X’s ecosystem, developers from all around the world can help to build state-of-the-art products on f(x)EVM while gaining access to the capabilities of Function X. There is so much untapped value that can be shared across all the different networks and use cases provided by Function X.
Users will be able to bridge over their DAI from the Ethereum blockchain to f(x)EVM via f(x)Core Gravity Bridge. The process has been simplified, so the average user won’t have to worry about it being complicated.
Furthermore, DAI will be one of the first digital assets to be listed on f(x)Swap. Users will have the privilege and honor to participate in liquidity mining. Get rewards through fees by adding liquidity to the pairs that utilize the DAI token.
Additionally, the introduction of DAI will allow users to have more options to convert cryptocurrencies like FX, PUNDIX, and USDT to another variant of the stablecoin.
The f(x)Swap is the first AMM DEX on f(x)EVM. It allows users to swap and/or provide liquidity to cryptocurrency pools in a decentralized manner.
About Function X Foundation
The Function X Foundation is a nonprofit, independent organization that supports the growth of the Function X Ecosystem. A next-generation internet service framework built entirely on and for the blockchain. It is a completely new ecosystem providing a novel service framework by improving the existing internet and blockchain architectures. Combining the benefits of both, and using the most commonly used technical solutions. The Foundation has been set up to manage the usage of the Ecosystem Genesis Fund. Aims to motivate, encourage, and facilitate service providers to join and get rooted in the Function X Ecosystem.
ABOUT Maker DAO
MakerDAO is a community-driven project, designed to be a resource people can use to familiarize themselves with Dai and MakerDAO.
