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How & Where to Buy Dai A Step-by-Step Guide to Buying DAI

Congratulations! You can buy Dai directly with cash at Gemini.

  1. Sign up at our one of our top-ranked Dai exchanges.
  2. Fund your new account with cash or crypto.
  3. Buy DaiDAI

Read on for detailed instructions below on where and how to buy Dai and you will be a DaiDAI owner in no time at all.

  1. STEP 1Register at a DAI Exchange

    Best Dai (DAI) Exchanges

    • 1486429286
      Ease of use
      Very Easy
      Time to 1st Buy
      10 min
      24h Volume

      Founded by the Winklevoss twins, who also conceived Facebook, Gemini is an ultra-convenient and incredibly legitimate platform that has gone through every level of financial scrutiny possible to be the most reliable cryptocurrency exchange in the US. Truly too legit to quit, this is one of the few exchanges where your funds are actually insured in case of theft. USD-only, features most of the well-known cryptocurrencies.

    After choosing one of the exchanges listed above, you will need to create an account. In some cases, the exchange will need some personal information like email address, phone number, name, address, and a copy of your government ID or passport.

    This is completely normal and all exchanges we list on this page have security in place to protect your personal info.

  2. STEP 2Fund Your Account

    It is now time to add funds to your newly created exchange account. This will allow you to purchase Dai DaiDAI quickly.

    Upon signing up at the exchange, you should be shown easy to follow instructions to buy DAI with cash from your bank account or credit or debit card. Some exchanges also accept alternative funding methods such as Paypal, Apple Pay, Skrill, or Sofort by Klarna. You can also deposit any supported cryptocurrencies directly into your exchange account and trade them for DAI.

Frequently Asked Questions About Buying & Selling Dai (DAI)

How do I Buy DAI with Crypto?

If you want to buy DAI with a cryptocurrency like Bitcoin, Ethereum, Litecoin, XRP, or BNB, then you can simply sign up for Gemini and send your crypto to your account.

You can view the supported cryptocurrencies for the exchange you selected by going to the assets or wallet screen. Once you see a list of coins, you should be able to select one and click "deposit" which will show you the address to send your crypto to Gemini.

You will then copy that address and paste it into the wallet holding your cryptocurrency and send.

Depending on the blockchain used and how quickly the exchange processes deposits, your funds should show up in your exchange balance within minutes.

How do I sell Dai (DAI)?

To sell DAI, simply reverse the buying process described above. You will likely need to trade your DaiDAI into a USD coin like usdtUSDT. Look for a "Sell" button in your account wallet and sell for Dollars, then initiate a transfer to your bank account. To withdraw cash to your bank, you will likely need to complete a full KYC (Know Your Customer) process if you haven't already.

Dai Research Center

Dai Technical Details & Statistics

  • Market Rank21
  • Market Cap5,477,107,372
  • Circulating Supply5,467,651,884
  • Total Supply5,467,652,373 DAI
Yesterday's Trading
  • 24 HR Volume292,069,699 USD
  • Yesterday's High / Low---
  • Yesterday's Open / Close---
  • Yesterday's Change---
All Time Performance
  • All Time High---
  • All Time Low---

What is Dai?

Dai (DAI) is an Ethereum token stablecoin whose value is always pegged to roughly $1 USD. Unlike most other stablecoins, it is not backed by a reserve of fiat currency that equals the total number of its units in circulation but Collateralized Debt Position (CDP) smart contracts. In essence, anyone can contribute collateral to the Dai system and exchange them for Dai tokens, each of which will always have the value of $1 USD. This is made possible through coordination by the Maker DAO Ethereum platform which uses a combination of automation and manual, democratically decided adjustments to the governance of its collateral holdings.

History of Dai

The idea behind Dai stems from the creation of lead developer Rune Christensen, Maker DAO, which had an enormously successful ICO in 2016. Maker was announced in August 2015 as the “first tradeable token on the Ethereum network” and raised funds by issuing MKR tokens for BTC and ETH through its own exchange, before the launch of the Maker platform in April 2016. The original idea was to create a “centralized decentralized” bank for Ethereum, the cornerstone of which would be a dollar-pegged asset. The first Dai were created in December 2017 and the project has since gained a large amount of traction, moving into the top 100 coins by market cap in the third quarter of 2018.

How Dai Works

Dai uses a complex system of smart contracts, guided by the functions of Maker DAO, in order to keep the value of its token stabilized and pegged to the value of $1 USD. In order to fund the creation of new units of Dai, users put collateral in the form of Ethereum and other Ethereum tokens into the Maker DAO system, which are then managed and traded by autonomous processes as well as by governance provided by a body of human electorates. Electorates are rewarded for providing correct guidance that maintains the stability of Dai and punished if Dai becomes too far removed from the value of which it is supposed to be pegged. Anyone can make new Dai by adding a CDP to Maker DAO, which can then be traded and used just as any other cryptocurrency would. Dai can also be removed from circulation in exchange for a proportional amount of capital back to the CDP holder upon request.

Why Dai?

As a stablecoin, Dai has many benefits not enjoyed by most other cryptocurrencies and also has a unique status among other stablecoins. Some of these benefits include:

DAO guidance. Dai uses a digitally autonomous organization (Maker) in order to provide its governance, meaning its oversight body is decentralized and it is not reliant on third parties to keep careful audits of a tremendous amount of capital which serves to back its value (unlike Tether and TrueUSD).

Universal participation. Unlike with its competitors, anyone can obtain their own Dai by creating a CDP via Maker, meaning regulatory adherence measures such as KYC and AML are not necessary requirements to obtain it.

ERC20 compliant token. As an Ethereum-based token, Dai enjoys all the benefits of security, speed of transacting and widespread compatibility provided by the Ethereum Network.