Dai
About Dai
Dai is an Ethereum-based stablecoin managed by the Maker Protocol and the MakerDAO Decentralized Autonomous Organization. It is soft pegged to the US dollar and collateralized by various cryptocurrencies, deposited into smart-contract vaults when new Dai is minted. It's key to differentiate between Single-Collateral Dai (SAI), an earlier version of the token, and Multi-Collateral Dai. Multi-Collateral Dai was launched in November 2019.
In the last hour, Dai's price has seen a change of -0.01%, and over the past 24 hours, its price has moved by -0.01%. Over the previous week, Dai's price has moved by 0.00%. The current price of Dai is BHD 0.3771, accompanied by a trading volume of 5.881M in the last day. Dai's price is currently 72.74% below its all-time high of BHD 1.3835, which remains the highest price Dai has achieved since its launch. The circulating supply of Dai stands at 4.592B, translating to a total market capitalization of 1.731B.
Market stats
Frequently asked questions
What is Dai cryptocurrency?
Dai is a stablecoin cryptocurrency that is decentralized and pegged to the US Dollar. It is created on the Ethereum blockchain and maintains its value at 1 USD through overcollateralization of assets locked in the system.
How is Dai different from other cryptocurrencies?
Dai stands out from other cryptocurrencies due to its stability mechanism. While most cryptocurrencies experience price volatility, Dai's value is designed to be secure at around 1 USD, making it a popular choice for those seeking stability in the crypto space.
How can one acquire Dai tokens?
Dai tokens can be obtained through various methods like purchasing from cryptocurrency exchanges, converting other cryptocurrencies into Dai, or earning them through participating in decentralized finance (DeFi) protocols that support Dai.
What are some use cases of Dai?
Dai can be used for various purposes such as payments, remittances, decentralized finance (DeFi) transactions, and as a store of value. Its stability makes it a reliable option for users looking to avoid the volatility commonly associated with other cryptocurrencies.
How is Dai different from other cryptocurrencies?
Dai is a stablecoin that is pegged to the US Dollar, meaning its value is designed to stay close to $1. This stability is achieved through an algorithmic system that adjusts the supply of Dai based on market demand. Unlike other cryptocurrencies like Bitcoin or Ethereum, Dai is not subject to the same price volatility, making it a more predictable and reliable option for transactions and storing value.
How can one acquire Dai?
Dai can be acquired through various decentralized exchanges, such as Uniswap and Sushiswap, where users can trade other cryptocurrencies for Dai. Additionally, Dai can be minted by locking up collateral assets in decentralized finance platforms like MakerDAO. Users can also purchase Dai through centralized exchanges or peer-to-peer platforms.
What is the role of Dai in decentralized finance (DeFi) ecosystems?
Dai plays a crucial role in decentralized finance (DeFi) ecosystems by providing a stable and reliable currency for users to transact and engage in various financial activities. It serves as a medium of exchange, a unit of account, and a store of value within DeFi platforms, enabling users to access lending, borrowing, trading, and other financial services without being exposed to the volatility of traditional cryptocurrencies.
How to invest in Dai?
Rain offers you a number of ways to start investing in Dai, including buying Dai through bank transfers or by using your bank card. To purchase Dai on Rain, you can select Dai in your Rain account, then click Trade and select Buy. Enter the amount you wish to buy and click Next to review and confirm your purchase.
How to buy Dai with card?
Once you add your bank card to your Rain account, you can use it to buy Dai directly. You can start by adding your card to your payment options on your Rain account. To purchase Dai using your bank card, you can select Dai, click Trade then select Buy. Enter the amount you wish to buy and choose your card from the payment options. Click Next to review and complete your purchase by following the instructions on the screen.
note: The purchase option with debit or credit card is not available for our users in Turkey
How to buy Dai through bank deposit?
Rain enables you to buy Dai using your local currency. You can deposit funds through bank transfer, a process which takes 1-4 business days depending on your location. You can start by depositing funds to your Rain account from your bank account. Simply click on Deposit and enter the amount you would like to transfer. Click next and copy the instructions that will appear on your screen to complete the transfer from your bank account. Note that Rain does not automatically pull funds from your bank account and you will need to manually transfer the funds from your bank account to Rain's banking information.
Within 1-4 business days, the funds will be available in your Rain account and you will be able to use them to complete purchasing Dai. To do that, you can select Dai in your Rain account, click Trade and select Buy. Enter the amount you wish to buy with and click Next to review and confirm your purchase.
How to sell Dai?
This is an easy process that requires only a few clicks. Here are the steps needed to sell Dai successfully:
On your Rain account, select Dai then click Trade and select Sell. Enter the amount you wish to sell and click Next to review and confirm your sell transaction by entering an OTP. You will receive a confirmation email once the transaction is done with the details.
How to convert Dai into cash?
Rain gives you the opportunity to sell Dai and withdraw your funds from your Rain account to your local bank account. First, you need to add your personal bank account to your Payment Methods option on your Profile.
Once your bank account is added, you can sell Dai and withdraw the funds to your bank account by clicking on Withdraw and entering the amount you wish to withdraw. Click Next to review and confirm your withdrawal information by entering an OTP.
Once the withdrawal request is submitted, you will receive a confirmation email that the withdrawal is being processed. Processing your withdrawal request can take between 1-4 business days.
How to receive Dai?
If you would like to receive Dai in your Rain account, simply click on Receive and select Dai from the list at the top of the page. You can then either copy the address visible at the botom of the screen or share the QR code to to complete your receive transaction.
Make sure that you are using the correct network when receiving Dai to avoid possible loss of funds.
How to send Dai?
You can easily send your Dai from your Rain account to any external wallet by clicking on Send and selecting Dai from the list at the top of the page. Enter the amount you wish to send and add the external wallet address you are sending to. Click Next to review and confirm your send transaction by entering an OTP.
Why buy Dai with Rain?
When you buy Dai with Rain, you ensure that your assets are going to be safely stored on a regulated platform that follows strict compliance standards and is subject to periodic audits. Rain also uses bank-grade security measures like Cold Storage systems. Trading and storing Dai on Rain also means that your asset is going to be stored on 1:1 basis, which means your assets will always be available to you.
What is a Dai wallet?
A Dai wallet is where you can securely store Dai. A wallet helps you maintain ownership of your asset as well as enable you to trade, send or receive crypto-assets.
What is a Dai address?
A Dai address is a string of unique characters that is tied to your Dai wallet. The address functions just like a bank account number and it is what you use in order to send Dai from your wallet, or to receive Dai to your wallet.
What trading pairs available for Dai?
There are over 200 currency pairs available on Rain for you to trade with. You can trade Dai with Bahraini dinar, Kuwaiti dinar, Emirati dirham, Omani rial or US dollar, depending on your location. Additionally, you can swap Dai with 200 other assets like BTC, LTC, XRP, ETH. You can explore your options by visiting the market page on your Rain account: https://www.rain.com/market
What is the minimum order size to buy Dai?
You can trade Dai with any amount above $30 or equivalent in your account's currency. You can start trading Dai now by clicking the Trade button on your Rain account.
What are the most popular cryptocurrencies besides Dai?
Besides Dai, you can find over 150 assets available on Rain for you to start trading such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USDC, Ripple (XRP), DOGE, Tether (USDT), Chainlink (LINK) or BCH. You can explore these options by going to the homepage of your account and scrolling through the available assets. When you are ready to start trading, simply click on the asset of your choice and click Trade.
What blockchain is Dai built on?
Dai is built on the ETH blockchain. This determines how transactions are verified, fees are structured, and how compatible it is with wallets and other decentralized applications (dApps).
How do I keep my Dai safe?
To keep your Dai safe, make sure to use trusted wallets that support ETH. Enable two-factor authentication (2FA), store long-term assets in cold wallets, and never share your private keys with anyone. You can always refer to our Security & Policies section for more tips.
What will the price of Dai be in next 5 years?
Price predictions for Dai over the next five years are highly speculative and depend on crypto market conditions, adoption, and broader crypto trends. We encourage you to do your own research and make informed decisions.
Is trading Dai taxable?
Trading Dai may be considered taxable in some countries with varying tax rules, so we recommend checking with your local tax authority or financial advisor for specific guidance.
What is Dai's ATH?
Dai’s all-time high (ATH) was BHD 1.3835 on 16 Nov 2021. This represents the highest recorded market price of the asset to date.
What is the market cap of Dai?
With a market capitalization of 1.731B, Dai is ranked 29 among other crypto assets.
What is the all-time high of Dai?
The highest valuation of Dai since its launch was at BHD 1.3835, marking its all-time high.
What is the 24-hour trading volume of Dai?
The trading activity of Dai over the last 24 hours was at 5.881M, highlighting its liquidity in the market.
How many Dai are there in circulation?
There are approximately 4.592B units of Dai currently in circulation, affecting its market dynamics.
What is the relative popularity of Dai?
Dai market cap is around 1.731B.
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