The leading US cryptocurrency exchange, Coinbase, is allowing customers around the world to earn Dai for learning about cryptocurrencies.
Dai is the first stablecoin to be supported on Coinbase Earn, a platform where users can earn crypto like cash, without volatility, by signing up to watch instructional videos about digital assets. Dai, an Ethereum-based stablecoin, is an asset-backed currency that uses Ethereum smart contracts to maintain its value of $1 USD.
The goal is to teach more people about crypto and the underlying technology while giving users a bit of the asset to try out.
To earn Dai and other digital assets, users watch educational videos about popular cryptocurrencies.
After each video, a user takes a simple quiz and earns crypto sent directly to the participant’s Coinbase wallet for every completed quiz.
Dai transactions have continued to grow exponentially, with 70% of the stablecoin’s activity in decentralized cryptocurrency exchange and 13% in decentralized cryptocurrency lending.
According to the Dai Momentum Report,
“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). In May, we saw 16,300 unique addresses sending or receiving Dai, which is more than double the activity recorded in January.
Further, 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, unlike Tether, has no central authority backing its value. Instead, it’s a collateral-backed cryptocurrency whose value is stable relative to the US dollar. Since it remains stable, merchants can accept Dai without taking on the volatility and risk of Bitcoin and other cryptocurrencies.
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