Buy Dai (DAI)

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How to buy Dai (DAI) in Australia?

What is Dai?

The first decentralized, collateral-backed cryptocurrency, DAI is a crypto asset that attempts to maintain a stable 1:1 value with the U.S. dollar by locking other crypto assets in smart contracts.

DAI is the product of an open-source software called the Maker Protocol, a decentralized application running on top of the Ethereum blockchain, unlike other asset-backed cryptocurrencies, which may be issued by for-profit companies. As such, DAI maintains its value not by being backed by U.S. dollars custodied by a company, but by using collateralized debt denominated in ether (ETH), Ethereum’s cryptocurrency.

Due to its design, the supply of DAI cannot be altered by any party in the network. Rather, it is maintained through a system of smart contracts designed to dynamically respond to changes in the market price of the assets in its contracts.

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