DAI is now integrated with the Status messenger wallet. With this feature, users can hold the Maker-created stablecoin in their mobile wallet. They also get the option to send and receive DAI or other cryptos right in the chat feature of the messenger. Simply put, the messenger works the same way as a Venmo or Cash App for crypto. Also, it comes with many built-in messaging privacy features.
DAI, the stablecoin pegged with USD, is quite popular in the decentralized finance (DeFi) space as it is interoperable across Ethereum-based decentralized applications (DApps). And now its integration with the Status messenger wallet opens up the use of some interesting features.
- Users can transfer DAI earned from Oasis to the Status wallet.
- They can now buy Dragonereum eggs.
- Users can also swap for the Status token, SNT to buy a sticker pack.
- Also, they can deposit into an Aave leveraged position.
About Status Network
The Status Network works to build products, tools, and infrastructure for resilient, sustainable, and inclusive communities. It functions in a combination of three layers – product, developer tools, and infrastructure.
- The product layer: The network includes Status App for communication. It also uses Keycard for an open payment network and DeFi tools including Assemble and Teller.
- Developer tools layer: Here, the network supports Embark and Subspace to help developers build DApps.
- Infrastructure layer: The Status Network supports Vac, an R&D initiative. This creates a modular, peer-to-peer (P2P) messaging stack. It also includes Nimbus, which focuses on lightweight Ethereum 2.0 clients for mobile phones and resource-restricted devices.
Furthermore, the Status App is a secure peer-to-peer messenger, Web3 browser, and crypto wallet. The Status peer-to-peer protocol, ensures better privacy, user data ownership, and resistance to censorship.
Another interesting aspect of the DAI integration is that it lets users test the feature in the Status messenger. All they need to do is have a little DAI to start with while joining n the chats to talk with Status. Users can thus use the stablecoin to start taking the next steps in crypto finance.
Status Messenger can be downloaded here.
Recently we reported Status coming out with a slew of developmental updates. To remind, stablecoin integration is not a new occurrence. Last year, crypto exchange Coinbase’s Visa debit card had added support for DAI.
Also, read our overview of the top crypto wallets of 2020.