DAI is a stablecoin backed by cryptocurrency. Produced by the decentralized autonomous organization MakerDAO. In this article, we propose to consider how to sell and exchange DAI to USD or other pairs if the need arises. And what are the ways of selling in the crypto industry.
What is Dai?
It is an Ethereum-based stablecoin (price-stable cryptocurrency) whose release and development are regulated by the Maker Protocol and the MakerDAO Decentralized Autonomous Organization.
The price is pegged to the US dollar and backed by a set of other cryptocurrencies deposited in smart contract vaults every time a new DAI is minted.
It is important to distinguish between multi-collateral DAI and single-collateral SAI. It is an earlier version of the token that a single cryptocurrency could only back. SAI also does not support the DAI savings rate, which allows users to earn savings by holding tokens.
5 ways
- Centralized exchanges
The token is traded on almost all known platforms. You can sell it in swap for another cryptocurrency or fiat money. It depends on the opportunities a particular exchange provides. In addition, instead of selling the coin, you can make it work by investing in exchange deposits or DeFi liquidity mining.
- Decentralized Exchanges (DEX)
AMM-based decentralized services are different from traditional trading platforms. Here, liquidity pools are at the heart of it – pool allows you to instantly swap DAI for ETH or vice versa, without any order book. So-called liquidity providers supply assets to the pool and receive interest income.
- Exchangers
One of the easiest, fastest, most convenient ways to sell DAI or exchange it for some other cryptocurrency or, let’s say, buy Brise. The service does not need verification, and registration is often not required. It is enough to indicate the wallet address or card number where to transfer the payment. Then transfer coin to the wallet address offered by the exchanger itself.
- p2p exchanges
P2p exchanges are a peer-to-peer exchange method. Transactions occur between users directly. The role of the exchange is to organize these transactions and monitor their honesty. On p2p exchanges, it is possible to receive payment in many different ways if counterparty is willing to pay in this way.
- Telegram bots
Bots are provided by exchangers are another convenient way to make transactions with digital currencies. They allow you to do everything the same as the site of the exchanger but in the format of a messenger bot. In some situations it can be more convenient and faster.
