How does MakerDAO work?
An example of an AI chatbot conversation about how MakerDAO operates in the DeFi space.
Can you explain how MakerDAO works?
Sure! MakerDAO is a decentralized finance (DeFi) platform that allows users to create a stablecoin called DAI by collateralizing assets.
What kind of assets can I use to create DAI?
You can use various cryptocurrencies like ETH, BAT, and others as collateral to generate DAI.
How does the stability of DAI get maintained?
DAI's stability is maintained through a system of smart contracts that manage collateral and ensure that the value of DAI remains close to $1.
What happens if the value of my collateral drops?
If the value of your collateral drops too low, your position may be liquidated to ensure the stability of the DAI.
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