Ten Brief Explainer Videos About Dai and the Maker Protocol

August 25, 2020

Dai adoption is on the rise, resulting in several increases to the Dai debt ceiling, which as of this writing is at the unprecedented level of 688 million. News of the increases has spurred fresh curiosity about Dai and the Maker Protocol. 

While some people hear of Maker through friends and relatives, many are driven to the Maker website and the Maker blog from social media platforms. Twitter, a long-time haven for crypto enthusiasts, steadily drives people to Maker pages, as does YouTube. While Twitter draws people who appreciate their info served in bite-size chunks, YouTube is a perfect match for those who prefer to digest info visually.

In honor of those who like to learn by watching, listed below (in no particular order) are 10 videos* that provide brief overviews of the Dai stablecoin and the smart contracts that power the Maker Protocol.

Some of the videos are explainers created by the Maker Foundation, while others were published independently by Dai and Maker enthusiasts and members of the wider crypto community. Most are no more than a few minutes long.

What the Heck Is Dai, Anyway?

  1. What Is Dai?

Kris Merkel from Exodus Wallet provides a short summary of Dai and why it’s so useful. In less than two minutes, he explains how smart contracts and crypto collateral assets are used to generate Dai, and what people do with the Dai they acquire. Dai is integrated into the Exodus Wallet, so users can start exchanging other crypto tokens for Dai easily.  

  1. DAI Review: Why It's The BEST Stablecoin!

This beautifully clear video, created in March by Guy at CoinBureau, focuses entirely on the Dai stablecoin. He discusses what a stablecoin is and the difference between centralized and decentralized versions, how smart contracts support decentralization and Maker governance, how Dai maintains its soft peg to the US Dollar to mitigate volatility, and what he thinks the future holds for Dai. It’s a must-watch.

  1. What Will Make Crypto and Blockchain More Relevant?

As a decentralized stablecoin, Dai is transparent and auditable. It is also open-source, borderless, and composable. In this video, the Maker Foundation's CEO and a founder of the Maker project, Rune Christensen, explains to Bloomberg’s Paul Allen what these traits mean for increased Dai adoption around the globe, and how the many benefits of Dai allow users to transact in efficient and trustless ways.

Getting and Storing Dai

  1. How to Buy Dai on ChangeNOW.io

There are several ways to obtain Dai. Many first-time users head to a simple-to-use exchange, such as Coinbase, to buy Dai with dollars or another fiat currency. ChangeNOW.io is another “beginner-friendly” service that enables people to buy Dai using Visa, Mastercard, or another crypto. As a non-custodial, instant exchange, ChangeNOW bundles purchase and withdrawal together, so it doesn’t hold customer funds for any longer than it takes to complete the transaction. After entering the amount and type of crypto desired for purchase, and receiving a quote, a user simply sends funds to ChangeNOW, and Dai is sent straight to their designated Ethereum address, typically within two minutes.

  1. MetaMask Tutorial 2020: How to Use & Setup MetaMask

No matter where you get your Dai, you’ll need a wallet in which to store it safely. While there are many options, including desktop and mobile Ethereum wallets, which are great when using Dai on the go, a popular choice is MetaMask. This browser plug-in enables users to send and receive ETH, Dai, and other ERC20 tokens. It also interacts smoothly with partner websites and dapps within the Maker ecosystem. This video, created by Every Bit Helps, offers a step-by-step walkthrough of the Metamask installation and setup process.

Generating, Saving, and Trading Dai through the Oasis Hub

  1. How to Open a Maker Vault

While some Dai users prefer to purchase Dai from an exchange, plenty of others enjoy generating their own. Every Dai in existence was generated against collateral assets placed in a Maker Vault. This video, created by the Maker Foundation, shows how it’s done using the Oasis.app decentralized platform.

  1. How to Earn Savings with Dai

This Maker Foundation video tutorial provides a clear overview of how to use Oasis.app to earn on the Dai you hold. You’ll need to connect a wallet, such as Metamask, and then choose the amount of Dai you would like to deposit into the Dai Savings Rate (DSR) contract. There is no deposit limit, and you can withdraw your funds at any time!  

  1. Trade, Borrow, and Save DAI Using Oasis

Every day, people all over the world trade billions of dollars worth of crypto. Much of this trading takes place against stablecoins, such as Dai, that allow users to access a store of value more stable than volatile cryptocurrencies. Many Dai users prefer to manage their Dai on the Oasis platform. This video, a step-by-step guide to using Oasis Trade, Oasis Borrow, and Oasis Save, not only provides a detailed walkthrough of trading Dai against other digital assets on the platform, but also plenty of information about Maker Vaults and the Dai Savings Rate.

Smart Contracts and DeFi

  1. Smart Contracts: Smart, But Not Contracts

The Maker Protocol’s smart contracts are the topic of this video in which Greg Diprisco, the Maker Foundation’s Head of Business Development, is interviewed by Galaxy Digital Trading's Yoshi Nakamura. Greg explains how smart contracts power the Protocol and why they are vital in building a trustless infrastructure: They enable the Maker Protocol to cut out middlemen and create a powerful and efficient financial system for the future.

  1. Maker Pitches DeFi to the Masses at CES 2020

One term you’ll come across in the context of the Maker Protocol, and increasingly in the broader blockchain sector, is Decentralized Finance, or DeFi. In this interview, conducted by CoinDesk’s Brady Dale at the Consumer Electronics Show in Las Vegas in January, the Maker Foundation’s COO Steven Becker explains how DeFi offers users greater transparency, efficiency, and control over their own money, and how the Maker Protocol and Dai fit into this new landscape of global financial services.

Bonus Video

Living on DeFi by Mariano Conti

While the 10 videos above collectively cover the basics of Dai and the Maker Protocol, this video describes the moment of truth—how it’s possible to actually live on Dai. Mariano Conti, former Head of Smart Contracts for the Maker Foundation and a well-known personality in the Ethereum community, lives in Argentina, where the local currency has collapsed. In this video, taped last year at Devcon5 in Japan, he discusses how he’s survived his country’s hyperinflation and capital controls, the effect getting paid in Dai has had on his life, and why the stablecoin has become a favorite cryptocurrency in other Latin American countries.  

All You Need To Know About Dai

The Maker Foundation publishes educational and informative content on the Maker blog and its social media channels. The MakerDAO Forum is a major hub of grassroots community-written materials and activity, and the starting point for most Maker governance discussions. To stay updated on Maker videos, follow the MakerDAO Vimeo channel and subscribe to the MakerDAO YouTube channel.

*The views and opinions expressed by the content creators and Maker Foundation employees in the videos shown above do not purport to reflect the views or opinions of the Maker Foundation or its affiliates.

August 25, 2020