What is Dai (DAI)?
DAI, developed by MakerDAO, is a decentralized stablecoin built on the Ethereum blockchain. As a stablecoin, Dai's primary goal is to maintain a stable value of 1 USD, regardless of market fluctuations. This stability is achieved through an innovative system that combines smart contracts, collateralization, and community governance.
Unlike traditional cryptocurrencies such as Bitcoin or Ethereum, Dai is not subject to extreme price volatility, serving as a reliable and stable medium of exchange and store of value within the world of decentralized finance. The unique mechanism behind Dai's stability lies in its collateralization process. Users can generate Dai by locking up collateral, primarily consisting of cryptocurrencies like Ether (ETH), but other assets as well, within smart contracts known as Collateralized Debt Positions (CDPs). These CDPs ensure that there is always sufficient collateral backing every issued Dai, maintaining its stability. Learn more
How to Deposit DAI Into Your Coinmetro Account
For all information on how to deposit DAI into your Coinmetro account, please see the following help center article: How to Deposit DAI.
As Coinmetro uses smart contracts for Ethereum and ERC-20 token deposits, the amount of gas required is slightly higher than a typical transfer. To be sure that your transaction is successful, please set the transaction gas limit to 55,000. The fee difference is minimal. If your gas limit is too low, the transaction will simply be rejected by the Ethereum network. There is no risk of loss of assets caused by a too-low gas limit.
If you're depositing from another exchange, it is important to ensure they support sending funds to ETH contracts or using a full ETH wallet as an intermediary.
How to Withdraw DAI From Your Coinmetro Account
For all information on how to withdraw DAI from your Coinmetro account, please see the following help center article: How to Withdraw DAI.
Important Note - To request a withdrawal, your account profile needs to be verified as well as having the funds to cover your withdrawal. The first time a withdrawal is made to a destination, the destination needs to be confirmed via e-mail. If you have 2-Factor Authentication enabled for withdrawals, you will be asked to input the code for each withdrawal, approved or not. We suggest enabling 2-Factor Authentication to protect your account.
Withdrawals waiting for approval can be canceled and the withdrawal status can be found by selecting the Wallet on your Coinmetro Dashboard. Please note that already-approved withdrawals cannot be canceled. If there is no Cancel button visible, this unfortunately means the withdrawal can no longer be canceled, and you will find a transaction ID (TXID) instead. This is a link to the relevant transaction hash on a Blockchain Explorer website where the status can be checked further.