Buy Dai
What is Dai?
Dai is an Ethereum-based algorithmic stablecoin that is soft-pegged to the US dollar. It is managed and governed by MakerDAO, a decentralized autonomous organization (DAO) consisting of MKR token holders, who participate in decision-making affecting the system's operations and stability.
How does Dai work?
Dai's creation and management depend on an overcollateralized loan system facilitated by MakerDAO's smart contracts. Users deposit Ethereum-based assets as collateral to borrow Dai, with a requirement to maintain a collateralization ratio of at least 150%. This ensures that every Dai is backed by assets exceeding its value, supporting its stability. The system allows for the minting and burning of Dai, based on collateral fluctuations and loan repayments.
What are the potential use cases for Dai?
Dai can be used in various applications within the fintech and blockchain ecosystems, including:
- Financial Services: Engaged in lending, borrowing, and decentralized exchanges within the DeFi space.
- E-commerce & Payments: Facilitates international remittances and can be adopted for digital transactions.
- Gaming: Serves as in-game currency in blockchain games.
- Disaster Relief and Aid: Used for providing stable financial support in crisis situations.
- Store of Value: Acts as a safe haven within volatile crypto markets, offered as a stable medium of exchange or saving method.
What is the history of Dai?
Dai was initiated by MakerDAO, founded by Rune Christensen in 2014, with the explicit aim of creating a stable, decentralized currency on Ethereum. Its initial introduction in December 2017 presented it as the first decentralized stablecoin, quickly adopted in the burgeoning DeFi ecosystem. Over time, Dai evolved to support multi-collateralization beyond Ethereum, enhancing its adaptability and utility. Recent strategic shifts include the development of new projects like PureDai to bolster decentralization and stability.#
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Frequently Asked Questions (FAQs)
What is the current price of Dai (DAI)?
The Dai price is $1.6143 AUD, representing a -0.11% from the day prior.
Where is the best place to buy Dai (DAI) in Australia?
The best place to buy Dai (DAI) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Dai (DAI) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Dai (DAI)?
The trading volume of Dai (DAI) is $460.1M AUD in the last 24hrs, representing a -0.11% from the day prior.
How can I buy Dai (DAI)?
Dai (DAI) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Dai (DAI)?
The current market cap of Dai (DAI) is $5.4B AUD.
Can I convert Dai (DAI) to cash?
Yes - With Coinstash you can convert your Dai (DAI) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Dai (DAI) are there?
The current circulating supply of Dai (DAI) is 3.4B.
Is Coinstash a safe place to buy Dai (DAI) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Dai (DAI) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.