CDAI

The developers of the new project Compound decided to change this state of affairs by opening a landing platform based on Ethereum. A test version of the Compound system was launched in the fall of 2018. The white paper of the project was published six months later, and in mid-May 2019 the protocol was updated to version v2.

Compound is a protocol on the Ethereum blockchain that establishes money markets, which are pools of assets with algorithmically derived interest rates, based on the supply and demand for the asset. Suppliers (and borrowers) of an asset interact directly with the protocol, earning (and paying) a floating interest rate, without having to negotiate terms such as maturity, interest rate, or collateral with a peer or counterparty.

Some of the benefits of using cDAI are:

NO ACCOUNT MINIMUM
Many individuals around the world lack the minimum quantity of assets needed to be eligible to open a bank account, but there is no minimum balance amount required to use DAI.

STABLE VALUE
DAI can provide an alternative stable currency and means of financial inclusion for citizens living in locations with severe economic instability.

DECENTRALIZED FREEDOM
Because DAI is a transparent and permissionless system, it helps to ensure that users have greater unrestricted access to their own wealth.

INCOME GENERATION
Through the DAI Savings Rate system, users leverage DAI tokens to earn income through lockup and interest generation. Since DAI is built on the Ethereum blockchain and thus leverages the network’s own consensus mechanism, it doesn’t have its own staking mechanism per se.

You can stake your cDAI on Compound Finance App.

Direct competition to cDAI which are considered similar coins are:
AAVE CURVE