> decentralized stable coins like DAI that have smart contracts to ensure a level of backing
Which has been collateralized by centralized stable coins including tether, if i recall correctly..
Dai is not collateralized by tether.
Isn't the DAI better describes as semi-stable since it holds reserves in Ether and other cryptocurrencies but is pegged to the dollar. This exposes it to systemic risk in the way that stablecoins backed by reserves in their pegged currency are not. The degree of excess in their reserves does cushion against a lot of violatility, but that cushion is finite and could easily vanish in a cryptomarket crash.
AFAIK it survived ETH price crash from $1400 to $90 .
Have any details on this? I find those numbers implausible without a context or a citation.
You can just look at the market cap and price history of DAI through the last market crashes
I did, it was not clear to me what was being referenced. If there is a good example of DAI surviving such instability, a reference discussing how that happened seems like a pretty reasonable requests given the strong claims that are being made.