How to get Dai? A detailed explanation of all ways to get Dai in one article

For those seeking to acquire the US dollar-pegged Dai stablecoin, numerous methods are available, ranging from centralized exchange purchases to decentralized lending and specialized OTC trading.

Sep 30, 2024 at 08:53 pm

How to Get Dai: A Comprehensive Guide

Dai, a stablecoin pegged to the US dollar, offers several options for acquisition. Here's a detailed breakdown of all methods to obtain Dai:

1. Buy Dai on Centralized Exchanges:

• Binance: Buy Dai with USDT, BUSD, or BTC.
• Coinbase: Purchase Dai using USD, EUR, or GBP via bank transfer or debit/credit card.
• Kraken: Exchange cryptocurrency such as BTC, ETH, or USDC for Dai.

2. Purchase Maker (MKR)

• Decentralized Exchanges (DEXs): Uniswap, SushiSwap, and Curve Finance offer MKR trading pairs.
• Centralized Exchanges: Purchase MKR on exchanges like Binance, Coinbase, or Kraken.

Generate Dai by Collateralizing Assets:

• MakerDAO: Deposit Ethereum (ETH), Wrapped Bitcoin (WBTC), or other supported crypto assets as collateral to generate Dai.
• Oasis Borrow: Supply Ether, DAI, USDC, or other compatible tokens to borrow Dai.

Earn Dai:

• Compound: Lend DAI to earn COMP tokens, which can be converted to Dai.
• Aave: Lend Dai to borrowers and earn fees in the form of AAVE tokens.
• MakerDAO Savings Module: Deposit Dai in Maker's savings vault to earn interest.

Specialized Dai Acquisition Methods:

• Collateral-Free Lending: Borrow DAI using DeFi protocols like GUSD and RCN without providing collateral. Note that these options carry higher risk.
• Pegged Token Swaps: Exchange stablecoins pegged to the US dollar, such as USDT or TUSD, for Dai on DEXs.
• Over-the-Counter (OTC) Trading: Contact OTC brokers to arrange large-scale Dai purchases and sales.

Additional Considerations:

• Transaction fees and gas costs associated with generating or purchasing Dai should be taken into account.
• User privacy and security measures should be prioritized when choosing acquisition methods.
• The availability and liquidity of Dai on various platforms may vary.
• Dai's peg to the US dollar can fluctuate slightly, so it's advisable to monitor market conditions.