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A stablecoin pegged to the price of the US dollar, MakerDAO’s Dai can be bought and sold on a decent range of crypto exchanges.
It is possible to buy Dai directly with fiat currency, or with another digital currency. Keep reading to find out how..
This is our quick guide to just one way to buy DAI. Compare some other options in the table below.
Having trouble wrapping your head around the terminology behind the Dai stablecoin? This should help.
Maker is a smart contracts platform governed by MakerDAO, a decentralized autonomous organization (DAO) run on the Ethereum blockchain.
The Maker platform has two native currencies, one of which is a stablecoin named Dai. Dai is listed on cryptocurrency exchanges under the ticker symbol DAI, which is why you might sometimes see it written using all capital letters.
If you want to get your hands on this stablecoin, you may be able to buy directly with Canadian dollars on certain exchanges, but may also prefer to acquire a digital currency listed in a trading pair with Dai, such as bitcoin or Ether, and then exchange it for Dai.
Dai can be traded on a variety of crypto exchanges, so compare the features and fees of those exchanges so you can choose a platform that’s right for you. Here’s an example of how to use Ethereum to buy Dai on the Bibox crypto exchange.
If you want to sell your Dai tokens, the process you’ll need to follow is quite similar to that outlined in step 4. However, please be aware that Dai is only listed in trading pairs alongside a limited range of currencies, so you may not be able to make a direct exchange for the coin or token you want.
While you can store your Dai tokens on an exchange if you prefer, the risk of hacking and theft means it’s generally considered a safer option to transfer your tokens to a secure wallet.
Dai is an ERC20 token on the Ethereum network, so there are plenty of wallets to choose from. Some of the popular ERC20-compatible wallets you may like to consider include:
One of the key barriers to the widespread adoption of cryptocurrencies is their volatility. Bitcoin, Ether and other major digital currencies have all been known to experience substantial price fluctuations, sometimes rising or falling as much as 25% in the space of a single day. If cryptocurrencies are to offer a viable alternative to fiat currency for everyday use, many believe we’ll need the introduction of a price-stable cryptocurrency – widely known as a stablecoin.
MakerDAO is the company behind Maker, a smart contracts platform designed to back and stabilize the value of the Dai stablecoin. The Maker platform has two currencies:
Dai is a collateral-backed cryptocurrency designed to have a stable value relative to the US dollar. Anyone who has Ethereum assets can leverage them to generate Dai on the Maker platform through smart contracts known as Collateralized Debt Positions, or CDPs.
As explained in the whitepaper:
CDPs hold collateral assets deposited by a user and permit this user to generate Dai, but generating also accrues debt. This debt effectively locks the deposited collateral assets inside the CDP until it is later covered by paying back an equivalent amount of Dai, at which point the owner can again withdraw their collateral. Active CDPs are always collateralized in excess, meaning that the value of the collateral is higher than the value of the debt.
Why are stablecoins so important? Apart from providing much-needed legitimacy to digital currencies as a whole, Dai has a number of use cases for both individuals and businesses.
Cryptocurrencies are complicated and volatile assets, so you’ll need to thoroughly research any coin before deciding whether to make a purchase. There are many competing factors that can potentially drive a currency’s value up or down, so if you’re thinking of buying any Dai, consider the following factors first:
Consider all these factors and any other potential risks before deciding whether you should buy any DAI.
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA, POWR and XLM.
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