DAI-SGD price

The DAI is an algorithmic stablecoin, i.e. a cryptocurrency whose value is linked to the value of a fiat currency - in this case the US dollar, through the use of an algorithm. It was created in 2019 by MakerDAO, which still manages DAI today.

Right now, 1 DAI is worth S$ .

Right now, 1 Singapore dollar is equal to DAI.

Created in 2014, MakerDAO is one of the very first decentralized autonomous organization (DAO) to be created and to reach a key position in the Ethereum ecosystem. Its purpose is to run and manage the DAI stablecoin.

A stablecoin is a type of cryptocurrency designed to have the same value as a given fiat currency, like the US dollar. Its purpose is to let users invest in and out of volatile crypto-assets easily while remaining on chain, to facilitate crypto payments, and to denominate the price of other tokens in currencies that people are familiar with.

A DAO, which stands for Decentralized Autonomous Organization, is a form of management structure with an open, transparent and participative governance that takes place on a blockchain. Decision making happens through a DAO's token holders, who can submit and vote for governance proposals.

Today, DAI is backed by a mix of real-world assets, ETH, WBTC and other crypto-assets. You can find the detail of DAI collaterals in real time on daistats.com.

Although DAI has experienced some depeg events in the past, it is one of the longest living stablecoins on the market and it is safe to say that it has withstood the test of time. For a more detailed analysis of DAI's safety, read its rating on bluechip.org.

The DAI is designed to follow the price of the US dollar, it is therefore determined by it. Maintaining such peg mechanism is challenging, and it is possible for the DAI to deviate from the US dollar price for various technical or market reasons.

You never store DAI in itself. Instead, you store the private key giving you access and control over a DAI address. That key is stored in a wallet, which provides an interface to use it. To learn more, read our in-depth guide on storing crypto assets.

To send DAI, you use an Ethereum wallet like Bridge Wallet where you will choose the amount to send and the destination address. Confirm and send, that's it!

You can buy DAI with us here from Singapore by sending us bank transfers in SGD, avoiding that way unnecessary currency exchange fees. For more information, have a look at our step-by-step tutorial on how to buy DAI.

You can swap DAI here against one of the cryptocurrencies that we support, using any self-custodial DAI wallet. For more information, have a look at our step-by-step tutorial on how to swap DAI.

To cash out DAI with us, you simply need to transfer your crypto to our address. We'll convert your DAI in SGD, then transfer the funds to your bank account in Singapore. For more information, have a look at our step-by-step tutorial on how to sell DAI.