Coinbase Earn is a platform where customers can earn crypto without investing money, all you need to do is just sign up and watch instructional crypto videos. Dai is the first stablecoin made available on Coinbase Earn and the second addition to the crypto education initiative this month, following EOS support announcement on June 1.
Dai is a stablecoin based on the Ethereum network. It is asset-backed and makes use of Ethereum smart contracts to ensure its value stays at $1 USD.
Coinbase stated that the aim of the project is to educate more people about crypto, create awareness for the crypto industry and its underlying technology while giving users crypto in return. To earn DAI alongside other digital currencies, users must watch educational videos about popular cryptocurrencies.
Dai – $6 DAI
EOS – $10 EOS
Stellar Lumens – $50 XLM
Basic Attention Token – $10 BAT
After the video, users will have to answer a few quiz questions to be able to receive cryptocurrencies.
About DAI Stablecoin
Transactions involving DAI have continued to increase at an exponential rate, with about 70% of its activity in decentralized crypto exchange and 13% in decentralized crypto lending.
According to reports from DAI, “The past three months have further confirmed our hypothesis that Dai adoption grows exponentially at roughly 20% per month. Today, nearly 14,400 unique addresses hold a non-negligible amount of Dai (we’re not counting wallets with less than 1 Dai).”
The report further stated that the stablecoin in May, experience 16,300 different addresses sending and receiving DAI. This figure more than doubles the amount recorded in January.
DAI also stated that “these users are not transferring insignificant sums of money. In fact, 1.4 billion Dai was transferred in May—a new record—and in every week of May, transfer volumes surpassed any other week in 2019!”
DAI stablecoin, unlike Tether, does not operate with a central authority backing its value. It is a collateral-backed crypto with its value relative to the US dollar. Because of its stability, merchants accept DAI because it completely eliminates the volatility cryptocurrencies are known for.