Place/Date: Limassol, Cyprus - July 7th, 2021 at 1:00 pm UTC · 3 min read
Contact: Anastasia Semenova, Source: 1xBit
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.
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.
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!
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!
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:
Disclaimer: 1xBit is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest