{"id":12491,"date":"2024-06-18T09:10:45","date_gmt":"2024-06-18T02:10:45","guid":{"rendered":"https:\/\/bitcoinvn.io\/news\/?p=12491"},"modified":"2024-06-19T17:34:02","modified_gmt":"2024-06-19T10:34:02","slug":"dai-stablecoin-usage-in-vietnam-2024-review","status":"publish","type":"post","link":"https:\/\/bitcoinvn.io\/news\/dai-stablecoin-usage-in-vietnam-2024-review\/","title":{"rendered":"DAI stablecoin usage in Vietnam – a summer 2024 review"},"content":{"rendered":"

With stablecoins a decade after their introduction now forming the unquestionable backbone of the majority of crypto ecosystems and increasingly becoming tools of geopolitical significance, the hype around DAI from the previous decade has somewhat faded in recent years.<\/span><\/p>\n

USDT<\/span><\/a> and <\/span>USDC<\/span><\/a>, which are battling for world domination with quite different strategies employed by their respective operating entities, Tether Inc. and Centre (a consortium of Coinbase and Circle), have been stealing the show and the headlines.<\/span><\/p>\n

And, as the numbers show, USDT and USDC also dominate in terms of volume.<\/span><\/p>\n

\"stablecoin<\/p>\n

That said, DAI is not “dead” and still enjoys a passionate user base, even if it’s dwarfed by the two giants in the stablecoin space.<\/span><\/p>\n

Here’s a look at some trends of DAI in the Vietnamese market.<\/span><\/p>\n

\"DAI<\/p>\n

\"\"<\/p>\n

Quite unsurprisingly, DAI on the Ethereum blockchain still accounts for a solid three-quarters of the total market share.<\/span><\/p>\n

Solidly established in the double-digits as a DAI transfer protocol is also Arbitrum, one of the various ‘Layer 2 \/ rollup solutions’ on the Ethereum network.<\/span><\/p>\n

Why <\/span>Arbitrum<\/span><\/a>?<\/span><\/p>\n

\"\"<\/p>\n

While it works similarly to the Ethereum main chain and uses the same address format (so be careful to select the correct network when sending DAI or other multi-chain assets), the transaction fees are much cheaper. On the Ethereum main chain, transactions can cost several dollars, and fees for tokens can spike to $10-20 or more due to their interaction with the smart contract.<\/span><\/p>\n

For \u201cpocket money\u201d it is hence indeed more advisable to use one of the various Ethereum Layer 2 \/ roll-up solutions to move it around.<\/span><\/p>\n

Be reminded that there is a multitude of counterparty risks involved with storing your wealth in DAI on a Layer 2 network:<\/span><\/p>\n