Which blockchin platform is designed to facilitate the creation of decentralied finance (Defi) applications? Marina Protocol Today Quiz Answer 10 Feb 2024

Which blockchin platform is designed to facilitate the creation of decentralied finance (Defi) applications?

a) Ripple

b) Palkadot

c) Chainlink

d) MakerDAO

The Correct answer is MakerDAO

MakerDAO is a decentralized autonomous organization (DAO) operating on the Ethereum blockchain. It's primarily known for its stablecoin Dai, which is pegged to the value of the US dollar. Here are some key points about MakerDAO:

Dai Stablecoin: Dai is a stablecoin created and managed by MakerDAO. It's designed to maintain a stable value relative to the US dollar through various mechanisms, including overcollateralization and smart contracts.

Collateralization: Dai is collateralized by various assets, primarily Ethereum (ETH), which users lock into smart contracts called Collateralized Debt Positions (CDPs) to generate Dai. The collateralization ratio ensures that there are enough assets backing the value of Dai in circulation.

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