MakerDao's Dai stablecoin is primarily backed by USDC and Ethereum and is further supported by smart contracts.
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Discussion
this is surprise really - on how DAI should work - if LPs funds are pulled out of DAI - it should be based $ reserve or audited $ balance - it was supposed dynamically short n maintain balance - looks FUNDs can be pulled out of system - unless someone has another theory
is NOT based on $ reserves at all - on "funds" that should auto HEDGE the market
users are anticipating pull out LPs which drives it - DAI is not backed by anything but itself n its own algo. that does wok LPs take out juice of algo - possibly not algo issue - algo need fuel to run - which is short supply or anticipated pullout
MakerDAO co-founder Nikolai Mushegian dies (assassinated) at 29 in Puerto Rico
nsec sign see eye yeah handjob !