So I think I used to understand how DAI worked, ie you'd sell what was effectively a promise of $1 worth of ETH in the future and put up more than $1 of ETH as collateral, and if the price of ETH dropped too much you'd have to add some, and if you didn't do that it would force-sell your collateral.
I also understand the idea that as well as ETH, you could have other collateral which worked the same way.
But what's going on now seems to involves some kind of "pool" thing and a "stability module" and various other clevers. Can anyone explain in reasonably simple terms how it now works, and why the price of DAI seems to be tracking USDC instead of USD or USD discounted to the proportion of the collateral that's USDC or something like that?
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