Dai is a stablecoin based on the ERC-20 token standard that is soft-pegged to the US dollar. Instead of holding reserves of the fiat currency it is pegged to, Dai uses several cryptocurrencies to ensure it retains its value.
These include Ethereum (ETH), Basic Attention Token (BAT), USD Coin (USDC), Wrapped Bitcoin (wBTC), Compound (COMP), and many more. As these cryptocurrencies are deposited into smart contract vaults, DAI is minted.
Issued and operated by the Maker Protocol and the MakerDAO (decentralized autonomous organization), the Dai stablecoin offers users a means of lending, borrowing and earning interest from crypto assets. The cryptocurrency was launched in 2017 as a successor to single-collateralized currency SAI, and sits at the forefront of the DeFi revolution.
Trade Bitcoin, Ethereum and a wide range of cryptocurrencies with confidence knowing that your coins are safe in an exchange where they've been backed by top-notch security features like 2FA authentication and bank-level encryption.
Deposit funds safely and for free directly to your unique Tap account by bank transfer. You can then use these funds to buy Dai or any other coin or token with a click on the Tap mobile app.
You can purchase Dai tokens directly with your debit card on the Tap mobile app in one smooth process. Deposit funds absolutely free of charge, then purchase your DAI for the best price currently available on the market.
Tap offers the ability to deposit multiple cryptocurrencies which you can then trade for DAI at some of the market's greatest rates, making it ideal for traders who want to be on the same page.
Be at ease onboarding cryptocurrencies knowing you’re using a fully regulated provider. Tap offers cutting-edge technology, token features and top security processes enabling biometric login and backend encryption and excellent customer support. You can rest assured that your funds, private data, crypto wallets and account are secure at all times.
Tap mobile app is the solution to all your cryptocurrency problems, from where can you buy DAI tokens to how to store the Dai stablecoin. Become a savvy investor with Tap today.
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Trading with Tap automatically gives you access to the platform’s smart engine which finds you the best available price on the market in real-time. By scanning top exchanges and order books, the technology is able to sift through tons of data in order to pair you with the best market price.
Start investing in DAI today and get started with as little as $10/€10. Purchasing the Dai stablecoin has never been this easy making it an ideal tool for everyone from beginner to seasoned crypto investor. Trade on the go, invest and earn, build your wealth and join our ever-growing community of users in building a better financial future with Tap.
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Frequently Asked Questions
The Dai stablecoin is a unique stablecoin maintained by the Maker platform and is collateralized by multiple cryptocurrencies ensuring that its price remains soft pegged to the US dollar. Normally, a stablecoin holds the traditional currency that it is pegged to in reserves (i.e. Tether is pegged to the U.S. dollar) on a 1:1 basis.
Unique to the Maker platform, the Maker protocol leverages Ethereum smart contracts to automate the collateralization and lending of its Dai stablecoin, as well as provide other functionalities like governance.
While the Dai stablecoin is considered to have a stable value in being soft-pegged to the US dollar, its value might deviate slightly above or below $1. To find the current market price, log into your Tap app and select DAI from the list of crypto assets.
Dai uses a number of smart contracts built using the Ethereum network. When users want to mint DAI they simply need to deposit one of the multiple supported cryptocurrencies into the smart contract vault and the relevant amount of DAI is then released. To make things easier for you, when you buy DAI through the Tap platform we take care of the backend functionalities and simply deposit DAI into your crypto wallet.
The Dai Savings Rate (DSR) is an interest rate applied to deposits of the cryptocurrency, Dai (DAI). The Dai Savings Rate varies based on the smart contracts into which users deposit their DAI.
Anyone can store Dai tokens in a supported wallet, however, not all wallets (hardware wallets and online wallets from cryptocurrency exchanges included) support DAI or ERC-20 tokens so be sure to check this before sending the coins to that wallet address. Through your Tap account, you gain access to a Dai wallet that can securely store the digital asset for you, for as long as you want allowing you to bypass the complexities associated with setting up hardware wallets.
With Tap Global, you can enter the world of cryptocurrency easily and safely. The platform lets you buy, sell, spend, and store your digital assets with a few clicks. Creating an account is fast and easy, and once you're verified you can start buying, selling, spending and storing your digital assets immediately. Plus, our regulation adds an additional layer of trust to smooth crypto experience.