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Dai

0.00%

Market Cap (USD)

$5.3B

24H VOLUME (USD)

$6K

Daily change

$0.0001

This chart displays DAI prices. Traders use price charts as part of their technical analysis of a stock. The graphs illustrate the price history of the item over a specific time period (which you can set).

Daily DAI Price Chart

Price charts help traders monitor the value of their assets and portfolio, including the price's previous movement and future direction. In order to become a trader, you must be able to analyze price trends and charts.

The first concept to understand is that pricing is dependent on the connection between prices and time. The candlestick chart, one of the most used chart types, facilitates the simplest price analysis.

The time component in the price chart is read along the x-axis (left to right). Starting from left to right, we’re able to previous price movements. The latest candle or bar represents the present. Every candle stands for a one-time unit. An option at the top of pricing charts enables you to select what one-time unit corresponds to. 

If you set the period to “daily,” every candle will show price movements per day. If you set it to five minutes, it will show how the price moved over the last five minutes. 

The instrument price is located on the vertical axis. The height of a candle shows the market's current price. In contrast, a candle towards the bottom of the chart indicates a price that is quite low.

Each unit on a candle chart stands for four elements:

OPEN PRICE: This is the price at the beginning of the time interval. A horizontal line represents the open price to the left in the chart. The lowest section of the candle's body is open if it is not red or any other color indicating a lower close than open. If the candle is red or another color denotes a higher close than open, the height of the candle's body represents the open.

HIGH PRICE: As the name itself suggests, this is the highest price traded during the time period provided.

LOW: Low refers to the lowest price traded within the specified time period.

CLOSE: The closed price stands for the price for the specified time frame. Colors can be used to differentiate between open and closed states.

What is DAI?

Stablecoin DAI was introduced in 2017 as an element of the MakerDAO ecosystem. Two years before DAI, a peer-to-peer crypto lending platform called MakerDAO was launched. By using MakerDAO, anyone may both lend and borrow money in the form of DAI without intermediaries as the platform is totally decentralized.

Along with other major participants like Uniswap and Yearn Finance, MakerDAO is now one of the most well-known DeFi projects in the cryptocurrency industry. It's reasonable to assume that MakerDAO has developed into a highly successful DApp because it has over two million ETH locked from user deposits.

Like many other stablecoins such as Tether and USD Coin, MakerDAO and DAI are hosted on the Ethereum network. DAI is an Ethereum-based (ERC-20) token that can be purchased on most crypto exchanges, such as CEX.IO. As an ERC-20 token, it may be kept in a variety of well-known wallets. MakerDAO's connection with the Ethereum blockchain enables it to support smart contracts. To support the Ethereum blockchain, you have an option to buy Ethereum coins instantly.

The history of DAI

The formal launch of DAI and its accompanying smart contracts on the main Ethereum network occurred on December 18, 2017. During its first year of existence, the price of DAI was successfully held near one U.S. dollar, despite the price of Ether, the only acceptable collateral at the time, falling by more than 80 percent.

The venture capital company Andreessen Horowitz invested $15 million in MakerDAO in September 2018 by acquiring 6% of all MKR tokens.

In 2018, MakerDAO established the Maker Foundation, a Copenhagen-based organization that helps in ecosystem growth by, for example, providing code required for the platform to function and evolve.

MakerDAO fought internally in 2019 about whether or not it should integrate further with the traditional banking system. Christensen wants more regulatory compliance to let collateral for DAI to consist of assets other than crypto. The conflict resulted in the resignation of the MakerDAO's CTO.

Due to exceptional market volatility during the onset of the COVID-19 pandemic in March 2020, DAI endured a deflationary deleveraging cycle that caused it to peak at USD $1.11 before reverting to its initial $1.00 value.

Who are the founders of DAI?

Rune Christensen, a developer, founded the Maker Foundation in 2014, which later evolved into DAI.

An open-source project called The Maker Protocol was developed as a decentralized alternative to the contentious centralized stablecoin systems of the time.

DAI officially launched on the Maker Protocol in 2017. DAI was created as a way to offer a loan asset that is non-volatile, reliable, and safe for both consumers and companies and is able to achieve all of that without sacrificing decentralization.

The Maker Foundation launched the Maker Protocol; however, MakerDAO, a decentralized autonomous organization, has taken over control of the platform and is now in charge of the whole Maker Protocol.

Buy Dai

How does DAI work?

DAI is a genuinely decentralized stablecoin that is controlled by MakerDAO.

2014 saw the creation of an open-source MakerDAO project on the Ethereum network. The Maker Protocol and the financial risks of DAI are managed by those who possess its governance crypto-token, MKR.

DAI resides on the Ethereum blockchain. It lacks a native consensus algorithm and any additional functionality other than those provided by Ethereum.

DAI holders can lend, borrow, and invest in a variety of apps, protocols, services, and goods by making use of the asset's stability. DAI is a currency that can be used to exchange for crypto assets, and some exchanges offer it as a basic trading option alongside other stablecoins.

DAI is created whenever a user borrows against their locked collateral. Typically, upfront collateral is needed to cover 150% of the loaned amount. For instance, you would need to deposit $1,500 worth of Ether if you wanted to produce $1,000 worth of DAI. You have a certain length of time to repay the borrowed loan amount or you risk losing the collateral.

DAI uses a "target rate feedback mechanism," or TRFM, to keep its exchange rate fixed to the US dollar. The TRFM increases to hike the price back to the initial peg if the value falls below $1. As a result of this scenario, DAI holders can receive rewards and stablecoin demand will rise. Through a software protocol controlled by MakerDAO, the price adjustment process is decentralized.

To create DAI, no specific consent is needed as everyone may access the protocol. DAI and the MakerDAO gather pricing information from several external price sources using an oracle mechanism. Any price feed update is published to the Ethereum blockchain by feed operators' installed and controlled smart contracts.

Current DAI price index and changes in time

The DAI price hovers around  $1, and the market capitalization of DAI as of June 2022 was over $6 billion. You can check the DAI's actual value on current cryptocurrency prices.

DAI's price normally stays around the $1 level since the cryptocurrency is pegged to the dollar. But occasionally, the price of it has moved away from that point. That often occurs when the stablecoin's supply and demand change.  DAI's price typically stays below $1 when supply is high but demand is low, and vice versa.

DAI saw its highest price ever of $1.22 in March 2020 and its lowest price ever of $0.8935 in June 2021. 

How to buy DAI in a few steps?

To purchase crypto, the very first step is to find a trustworthy cryptocurrency exchange. CEX.IO is undoubtedly one of them, confirmed by various awards and accolades. The CEX.IO boast of:

  • necessary regulation and licenses
  • a wide range of cryptocurrencies supported
  • deep liquidity trading platform Spot Trading
  • API trading solutions
  • a chance to earn cryptocurrency

To start trading crypto with CEX.IO, you need to register first. The registration process is not complex and requires you to complete a few steps only. In terms of data and documents, CEX.IO will ask you to provide a valid email address, a strong password, and a copy of your ID or passport to prove your identity. 

When your account is verified, you’re ready to start trading crypto. On CEX.IO, you can purchase crypto coins in several different manners. 

To buy DAI instantly: 

  • Find the Instant Buy option in the menu on the main page;
  • Select DAI from the list of the assets in the dropdown menu;
  • Enter the amount you’d like to purchase or choose a pre-calculated pack;
  • Click on Buy to finish the purchase.

To buy DAI this way, make sure that you have linked your VISA or Mastercard with the CEX.IO account. Otherwise, CEX.IO will ask you to add it to finish the transaction. 

If you’d like to have more control over DAI trading, you can opt for the Spot Trading platform. 

Where to buy DAI with your credit card?

DAI can be acquired in several ways. You might use a bitcoin ATM or a Bitcoin trading platform such as CEX.IO. You may buy Bitcoin with a credit card as other cryptocurrencies on a crypto exchange like CEX.IO. There are several payment alternatives accessible on the crypto platform, including bank transfers and digital wallets.

In addition to DAI, you may buy Dogecoin at CEX.IO, as well as buy Binance Coin (BNB), exchange BTC to USD, and sell BTC.

DAI price history over time

When it comes to value changes, volatility, and swings, DAI's (DAI) price history is rather simple because these traits are essentially nonexistent. In 2017, DAI entered the cryptocurrency market, exhibiting little to no volatility and largely maintaining a constant value correlated to the U.S. dollar. Even though Ethereum (ETH), the only collateral available before November 2019, lost 80% of its value in the year after the launch of DAI, MakerDAO members kept the price of DAI at $1. When most cryptocurrencies saw a decline in November 2019, DAI's value dropped below $1 and hit an all-time low (ATL) of $0.90.

Throughout 2019, DAI was dampened by a number of lows. It increased to $0.97 in December, still trading below $1, after reaching its ATL. Then, in March 2020, when the stablecoin eclipsed the U.S. dollar and reached a value of $1.22, the DAI price peaked at an all-time high (ATH). Following then, the value of DAI fell by 17%. The DAI price mainly remained over $1 throughout 2020, fluctuating between $1.02 and $1.04, although it never surpassed its all-time high of $1.22.

DAI's value fluctuated between $1 and $0.99 from January to March 2021, however it generally stayed constant between $1 and $1.01.

FAQ

How does DAI keep its value?

DAI is pegged to the dollar as previously mentioned. DAI employs a target rate feedback mechanism (TRFM) to maintain its value. DAI's objective is to keep the value at $1. TRFM raises to cause the price to rise again if the price target is less than $1.

What are the benefits of trading stablecoins?

When markets experience a decrease in price, traders are increasingly using stablecoins as a hedge against other cryptocurrencies. With stablecoins, traders may effortlessly exit the market when the price stabilizes and swiftly liquidate their digital assets.

Can I buy DAI for USD on CEX.IO?

Of course, you can buy DAI for USD on the CEX.IO crypto exchange platform. You need to have an account and enough funds for purchasing. In the section "How to buy DAI" of the guide above you can see the easiest way of buying this coin.

How to deposit DAI from the external wallet to CEX.IO?

To deposit DAI from an external wallet:

  • Go to the Wallet page and click Add funds
  • Choose DAI as your deposit currency.
  • You’ll see your DAI wallet address on CEX.IO. Next, use this wallet to send DAI from your external wallet to CEX.IO.

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