Dai (DAI) is a stablecoin pegged to the value of one US Dollar, built on Ethereum and developed by the MakerDao team. DAI can be created through the depositing of Ether into a smart-contract and therefore is always fully collateralized. The requirements for a stablecoin allowing low-risk arbitrage between different cryptocurrency exchanges and price hedging by traders is mainly being met currently by USDTether - a centrally issued alternative collateralised by US Dollars held in a bank account. DAI instead removes this centralised risk point and is slowly becoming popular in the Ethereum community with decentralised exchanges as a primary trading pair.
Listing both USDT and DAI, and offering DAI/USDT markets reflects perfectly Ethfinex’s vision of building a hybrid-decentralised exchange: Ethfinex will act as a spoke connecting together the centralised and decentralised ecosystems of exchanges. Through connecting these currently disparate markets we are facilitating new trading opportunities, by allowing customers to make markets across a more diverse range of tokens and exchanges.