Shark Relay Now Supporting DAI Stablecoin

We are pleased to announce our partnership with MakerDAO with the integration of the stablecoin Dai into our platform. Shark Relay enables users to obtain Dai through our easy interface where you can create Collateralized Debt Position or CDPs on our platform.

As we shared in our previous announcement, we at Shark Relay strongly believe “ that most people will take hold of the opportunities to assume greater responsibility in exchange for expanding their freedoms. For instance, the opportunity to become your own bank by easily storing, transmitting, and trading in digital assets of any size, anywhere in the world, at a time of your choosing.”

Stable digital assets like Dai are essential to realizing the full potential of blockchain technology. We believe that the Dai Stablecoin System can provide Shark Relay users additional opportunities for financial control. Through Shark Relay, anyone with digital assets can now borrow Dai against those assets by locking them in a CDP. In the simplest terms, this means that those of us holding ETH can now borrow Dai against them, much as we might borrow with a conventional line of credit or margin account.

Launched on December 17, 2017 by MakerDAO, Dai is the first fully-decentralized stablecoin on Ethereum. Users can engage with a system of smart contracts to create CDPs in order to generate Dai stablecoins, which are pegged 1 to 1 with the USD. The CDP allows the user to lock up volatile digital assets like ETH and lends stable Dai tokens which the user can trade for other tokens in a Dai-denominated marketplace. The CDP in effect enables the user to segregate the risk associated with the volatile asset in the CDP from the users other trading activities using Dai.

“The Shark Relay team is working with MakerDAO to build the most user friendly interface for the Maker CDP system.”

We are moving quickly to facilitate decentralized margin trading so that interested users can leverage assets by acquiring and selling Dai to get more exposure to assets they wish to put into a CDP.

While Dai currently accepts ETH as collateral, MakerDAO will soon be releasing additional options for multi-collateral CDPs coming in an upgrade in Q2 2018.