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Dai Remains Stable until July 2023


One of the biggest problems with cryptocurrencies right now is their volatility. So-called 'stablecoins' aim to solve this by maintaining a stable price, usually compared to an asset like the US Dollar.

The currency Dai, created by the organisation MakerDAO and running on the Ethereum blockchain, is a popular stablecoin that tries to always be worth $1. Instead of being backed by a reserve of dollars, Dai can be created by anyone by locking up some ether (or other cryptocurrencies) as collateral for a loan in Dai. The ether is only released when the user pays back their loan, plus a Stability Fee. Dai holders can also earn the Dai Savings Rate which is funded by the fees. The Stability Fee and Dai Savings Rate are adjusted to keep the value of Dai at $1.

Its predecessor Sai (formerly called Dai) has successfully kept a stable price throughout 2018 and (as of December 2019) still maintains it, despite volatility in the price of ether. The new version, Multi-Collateral Dai, was released in November 2019.

Will Multi-Collateral Dai (or a future version of it) be worth around $1 consistently up to July 2023?

This resolves negatively if either Dai is worth over $1.10 continuously for any 2 week period or if it is worth less than $0.90 continuously for any 2 week period before July 15 2023 at 12:00 AM GMT, according to a website like Coinmarketcap.

If MakerDAO has an Emergency Shutdown, it also resolves negatively.

It resolves positively otherwise.

If a newer version is released, then this question will be about the new version if and only if there is a direct way to exchange Dai for the new coin at a 1:1 rate (which was the case when Sai was upgraded to Multi-Collateral Dai).

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