What is Dai?
DAI is an asset-backed currency that can be generated, accessed, and used in the Maker Platform. Users earn DAI by depositing assets into their Maker Vaults. By earning DAI and holding it as collateral, users can receive liquidity through the Maker Decentralized Exchange (DEX).
MakerDAO’s stablecoin is a cryptocurrency that allows people to trade assets or store value. You can send DAI to others and use it as payment for goods or services. You can even convert it back into fiat currency. Being directly backed by excess collateral, the value of the collateral is higher than the value of the DAI debt, and all DAI transactions are publicly viewable on the Ethereum blockchain.
How to Deposit DAI Into Your Coinmetro Account
For all in-depth information on how to deposit DAI into your Coinmetro account, please click the link below.
How to Withdraw DAI From Your Coinmetro Account
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 verified 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 withdrawal status can be found by selecting the wallet on the GO! Dashboard. Approved withdrawals cannot be canceled. If there is no Cancel button, there should be a transaction ID (TXID). This is a link to the relevant tx hash (Transaction Hash) on a blockchain explorer website.
Important note - DAI is an ERC-20 token supported on the Ethereum blockchain, so please ensure you withdraw to an ERC20 wallet address. If you are withdrawing to an external wallet such as MetaMask, please ensure that you have added DAI as a custom token on the wallet.