So it's DAI, a decentralized stablecoin backed by ETH.
History has proved that Dai succeeds even in a falling ETH environment. When the value of ETH fell from $1,400 USD in January 2018 to $400 in April 2018, the Dai systems incentive structure successfully kept the value of Dai pegged to $1 USD.
Unlike Tether (USDT), Dai is completely decentralized. You can see how it works at https://www.hb-wallet.com/post/how-dai-stablecoin-works
What do you think about this stablecoin and its future? One thing, i don't understand why people so worry about stable coin. Stablecoin is to support cryptocurrency without your lose and marketcap lose. Stablecoin future is stable, all stablecoin are legit tether, tusd , Dai and new one is Binance USD.
I think stablecoins like Dai is a kickstart of something even bigger in the future, like the OP mentioned - the DeFi.