What is Dai (DAI)?
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Written by Ignat
Updated over a week ago

DAI is a stablecoin that attempts to maintain a stable 1:1 value with the U.S. dollar by locking other crypto assets in contracts every time a new token is minted.

It is managed via a software protocol by MakerDAO – a decentralised autonomous organisation, which means that whenever the tokens are issued or burned, it gets publicly recorded. Apart from being more transparent, the system is also more democratic: regular participants of the token's ecosystem vote on how the DAI software will develop.

Check out this article to choose the most convenient way to buy cryptocurrencies, including DAI.

NB: For DAI transfers, Cryptopay supports ERC-20 network only. All the funds sent via other networks (e.g. BEP-20 etc.) will be lost forever.

In compliance with the Financial Promotion Act which came into force on 8 October, 2023, at 8 AM UTC, some account functionality is temporarily limited for the Cryptopay customers with verified UK residency.
Check what services are available: Service availability in the UK

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