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Multi Collateral DAI Launches Today, Here's what you need to Know

Press Release

1xBit Introduces DAI Stablecoin as a New Gambling Currency

Reading Time: 2 minutes by on July 7, 2021 Press Releases
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7th July 2021, Limassol, Cyprus — Online crypto gambling site, 1xBit.com, has announced the introduction of DAI token as one of its betting currency options. This provides punters who love anonymous betting with more options to make faster and easier payments.

What is DAI?

The DAI token is a stable coin built on the Ethereum blockchain, with its value equal to one US dollar. It also serves as the key to the MakerDAO lending system. DAI is created whenever a loan is taken on the MakerDAO. It is the official currency of the lending system, used by users to borrow and make payments. When the DAI coin is created, it operates as an Ethereum stable token. Users can pay for different items with the stable coin by simply transferring through Ethereum wallets.

What makes the DAI token special is how the price is kept constant. This happens through smart contracts that are automatically executed. If the DAI price shifts too far from a dollar, MKR tokens are created or burned to stabilize the price.

The algorithms of the MakerDAO platform manage DAI prices automatically. This makes it independent of any system or person to keep the currency steady. Holders of MKR benefit when DAI remains one dollar as the supply of MKR decreases and becomes more valuable and rare. To date, the DAI token has been stable for more than three years and has experienced only little fluctuations.

DAI Comes To 1xBit

The introduction of DAI to the 1xBit’s platform adds to the list of stable coins already available on the site. 1xBit continues to expand its number of available currencies and provide more betting opportunities. At the moment, thousands of punters are partaking in the most prominent online lottery – EUROMANIA 2020 with a 3 BTC prize fund.

Many lucky punters will be walking away with 100 mBTC and other prizes just for betting on EURO 2020. The winner of the grand lottery draw walks away with a 1 BTC star prize. DAI users can also collect their lottery tickets now by betting on EURO 2020 events on 1xBit. The lottery runs until July 11, don’t forget to collect your tickets!

150 Free Spins

1xBit is offering all users who deposit at least 150 in DAI a wonderful prize of 50 free spins in Betsoft’s “QUEST TO THE WEST!” slot game. The offer is time-limited, so hurry to grab your gift!

About 1xBit

Founded in 2016, 1xBit is one of the leading cryptocurrency gambling platforms. It offers many sports betting options and thousands of casino games. Here are benefits you’ll enjoy when you gamble on 1xBit:

Welcome bonus: New members on the site can get up to 7BTC bonus cash for their first 4 deposits.

Multi-Currency Account: Choose one of 30+ coins available and get the option to change your currency at any time.

Instant payouts: 1xBit’s payment system is based on cryptocurrency. Thus, you’ll experience no delays in getting your cash when you request withdrawals. Your money is credited instantly to your wallet!

Stay up to date with 1xBit and be the first to find out its latest bonuses through 1xBit social media channels:

Twitter | Telegram | Blog | Instagram | Youtube

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