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cDAI (CDAI)

$0.0213 -0.76%
Rank

#52

Market Cap

$2,847,825,016.00

Volume

$31,905,552.00

24h High / 24h Low

$0.0217 / $0.0212

24h 7D 1M 1Y MAX
Mining Rate: 100%
Circulating Supply: 133,710,149,944.03
Total Supply: 133,710,149,944.03

What is cDAI (CDAI)

cDAI is a token minted by Compound as parts of its v2 upgrade. It acts as the saving accounts for Compound users where they need to supply Dai to Compound to get cDai. cDai or Compound v2 in general solves the problem where users’ assets get locked on the Compound platform, making it riskier and a bit difficult to manage by its users. The v2 introduces an asset gateway and the birth of cDai tokens where users can move around from one wallet to another. It makes asset management easier and open up further applications like locking or using your c-tokens in another platform.

Users get cDai when they supply Dai to Compound in 50:1 rate. As interest accrues, each cDai will be worth more Dai, which means users will need less cDai tokens if they want to exchange back to Dai. cDai is quite popular in the Defi space, and some platforms like Uniswap already support Dai-to-cDai pool if users need to liquidate their cDai quickly.

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