Here at Eidoo, we’ve been working to bring you the best possible DeFi experience, while still ensuring you have full control and access to your cryptocurrency.
These are some of the most important decentralized features we’ve been working on over the past few months.
What is $DAI?
DAI is the only 100% decentralized stable coin available in the crypto market. It is backed by the popular MakerDAO project, with a fixed value of $1 (USD) per $DAI token. Ethereum’s cryptocurrency – ETH – is used as collateral.
Thanks this DAI integration, we’ve also now reached an important milestone in our roadmap. From today you can buy DAI with fiat currency, straight from your Eidoo wallet, thanks to WireTransfer!
Download or update the latest version of Eidoo here to get your hands on some DAI!
Lend and earn with Compound!
— Eidoo [Non-giver of ETH or other crypto] (@eidoo_io) September 27, 2019
Eidoo is one of the leading non-custodial wallets in the market today with its own hybrid exchange. Now we’re looking to expand our offering and enhance your crypto wallet.
All our users will now have the opportunity to lend or borrow tokens with Compound!
What is Compound?
Compound is a fully decentralized lending platform that allows you to lend your tokens to others in the blockchain community. Smart-contracts manage these loans automatically and predictably, without having to go through intermediaries.
And thanks to our integration of $DAI, we have also launched the $cDAI token, which can be purchased through the Eidoo App via Swap, in just a few seconds, right here.
DAI is mainly used within MakerDAO’s decentralized credit platform. Anyone can open a “collateralized debt position” (CDP), using ETH as collateral, and generate DAI tokens as a debt against this guarantee. At the same time, cDAI is a token representing an interest bearing DAI – available on the Eidoo platform.
By exchanging the $DAI token against the $cDAI token, we are able to offer you the best-decentralized lending solution, where you have the opportunity to earn up to 8% in interest annually!
DAI and Compound are two of the most important products circulating the DeFi field, so we’re excited to offer you these new features here!