DAI is a USD-pegged stablecoin on NEAR, bridged via Rainbow Bridge for fast, low-cost DeFi transactions. More
| Fully Diluted Valuation | $2.13M |
|---|---|
| 24H Trading Volume | $10,895 |
| 24H Low / High | $1.00 / $ 1.00 |
| Circulating Supply | 2.13M |
| Total Supply | 2.13M |
| Max Supply | ∞ |
| Categories | Bridged DAI 3 more |
|---|---|
| Founder | Illia Polosukhin 2 more |
| Website | rainbowbridge.app |
| Chains | Near-protocol Ecosystem |
| Explorer | Nearblocks |
| Contracts |
6b175.....near
|
| Name | Pair | OG Score |
|---|
Rainbow Bridged DAI ($DAI) is a decentralized stablecoin on the NEAR Protocol, a Layer-1 blockchain focused on scalability and user-friendly decentralized applications (dApps). Pegged 1:1 to the U.S. dollar, $DAI is bridged from Ethereum’s native DAI using the Rainbow Bridge, a trustless, permissionless protocol that enables secure cross-chain asset transfers without intermediaries.
This bridged stablecoin allows users to leverage DAI’s stability in NEAR’s high-throughput, low-cost ecosystem, which boasts one-to-two-second transaction times and fees often under a cent. $DAI is primarily used in decentralized finance (DeFi) protocols like Ref Finance, where it facilitates trading, liquidity provision, and swaps with pairs like DAI/USDT.E or DAI/WNEAR.
The bridging process locks DAI in an Ethereum smart contract vault and mints an equivalent amount on NEAR, with the reverse process redeeming the original asset, maintaining collateralization through MakerDAO’s reserves. NEAR’s infrastructure, paired with the Rainbow Bridge’s cryptographic proof system, ensures security and transparency, relying solely on the integrity of Ethereum and NEAR validators.
The token’s contract address supports integration with wallets like MetaMask or NEAR Wallet. $DAI on NEAR enhances interoperability, allowing Ethereum assets to interact with NEAR’s dApps, such as prediction markets or NFT platforms, fostering a multi-chain DeFi environment. While the anonymous NEAR team advises caution, $DAI’s utility aligns with NEAR’s mission to drive Web3 adoption through efficient, scalable financial tools.
$DAI uniquely brings Ethereum’s USD-pegged DAI to NEAR via the Rainbow Bridge, enabling fast, sub-cent DeFi transactions and cross-chain composability, distinct from Ethereum’s high fees, with trustless security tied to both chains’ validators.
The founders are anonymous, with $DAI bridged by the NEAR Protocol team, led by Illia Polosukhin and Alexander Skidanov, building on MakerDAO’s DAI, created by Rune Christensen.
Backers are not explicitly disclosed for the bridged token, but NEAR is supported by Andreessen Horowitz, Pantera Capital, and Electric Capital, while MakerDAO’s ecosystem includes community-driven governance without named institutional investors.
Ref Finance
Join
OGAudit
