If you’re looking to exchange Ethereum to DAI, HiExchange is all you need! Volatile assets such as ETH and BTC will definitely have some risks associated with them. However, investors can easily convert them into stablecoins to stop the loss at a certain period of time. Thankfully, exchanging crypto assets into one another does not have massive fees so it’s a pretty safe bet. As far as stablecoins go, DAI has been a top choice for crypto enthusiasts as it is perhaps very different than the others. In this article, we will go over everything you need to know on how to exchange Ethereum to DAI on HiExchange platform.
What Do I Need to Exchange Ethereum to DAI?
For this exchange, you will need a crypto wallet to receive DAI. In case your Ether wallet supports DAI, you can also receive funds in the same wallet. Make sure that you are using a reliable crypto wallet to hold your assets. On the other hand, for HiExchange platform, all you need is an email address. HiExchange does not require KYC (know your customer) or sign up. However, there are benefits and rewards for those who sign up on HiExchange. How do you like winning $100 gifts ever single month?
What is Ethereum?
As an open-source decentralized blockchain platform, Ethereum is perhaps the most diverse and innovative one out there. In its essence, it is a decentralized public ledger for verifying and recording transactions. The Ethereum is considered as a second-gen blockchain platform, improving upon the high gas fees, scalability issues and high transactions fees of previous platforms. This open-source platform has no geographical restrictions and has always been the tip of the spear as far as innovation goes. Essential services such as Smart contracts, NFT`s and decentralized apps were first introduced on the Ethereum platform. As for the cherry on top, the native token of the Ethereum platform called Ether or ETH is second in terms of market value standing only behind Bitcoin.
With the Ethereum 2.0 launch in August 2022, the network totally switched to proof of stake. With that, Ethereum network will have much better scalability and very low gas fees. On top of that, all the criticism regarding energy consumption will go away. Many consider the 2.0 upgrade as a great investment opportunity since ETH is very much likely to have a rally. Nonetheless, Ethereum is the second most popular cryptocurrency in the world for good reason. Their team has always been on the forefront of innovation which could potentially attract capital and provide great returns.
Why Exchange Ethereum to DAI?
DAI is an Ethereum-based stablecoin. A stablecoin is a cryptocurrency with a pegged value to another currency. In case of DAI, it is pegged to the US dollar and much like Tether and USDC, Dai will always be worth $1. Stablecoins are a crucial part of the crypto market as they offer very little volatility. In that regard, investors use stablecoins to save their funds in the form of a reliable and stable asset.
What makes DAI unique is a clever design that eliminates the biggest concerns for stablecoins. Generally speaking, conventional stablecoins require a massive reserve by the company. For example, for every Tether USD, the Tether company must hold $1 USD in their reserve. This is a huge issue for companies as it is difficult to provide liquidity and keep it consistent.
DAI offers a new solution for this problem. By using an automated system of smart contracts on Ethereum blockchain, DAI does now need a reserve. Using collateralized debt denominated in ETH allows DAI to maintain the 1:1 ration with USD. Simply speaking, users can deposit Ethereum or other cryptocurrencies can borrow against the value of their deposit and generate new DAI. The currency is this case is known as collateral.
Currently, DAI has a market cap of over $5 billion and is ranked as 17th cryptocurrency.
HiExchange Platform
Say goodbye to the hassle of searching for the perfect online exchange. HiExchange is here to offer you everything you need and more. With a combination of anonymity, unbeatable exchange rates, and reliability, it’s a platform like no other.
At HiExchange, your privacy is our top priority. We understand the importance of keeping personal information safe, and that’s why we don’t require it from our customers. With no KYC or sign-up required, you can trade confidently and securely.
Looking for the best exchange rates? HiExchange is right there for you. Our platform uses an automated system to ensure that you always get the best value for your trades. Don’t just take our word for it, visit ranking websites like BestChange and OkChanger and see for yourself.
We believe in being proactive and keeping ahead of any potential problems. That’s why we offer 24/7 customer support. No matter the issue, our team is always here to help. So go ahead, make your trades with peace of mind knowing that HiExchange has got your back.
How to Exchange Ethereum to DAI
- Enter the Homepage on HiExchange. Select Ethereum on the left field and DAI on the right one. Enter the exchange amount and wait for the rates to apply.
- Click on Exchange and you will be forwarded to the next step where you will need to enter your DAI wallet address, email, and phone number (optional).
- Click on “Exchange” one more time as you go to the next page to review your order.
- At this point, you will obtain your Tracking ID, an address and an explorer URL.
- On this step, please dedicate some time to review our terms and conditions and the instructions.
- Transfer your Ethereum to the HiExchange wallet address that is provided for you. Then, make sure to upload a screenshot of the payment.
- Finally, click on the “I’ve paid” button.
That’s it!
When you finish the steps above, our team will process your order and send the DAI to your wallet address. The transaction may take a few minutes. In the meantime, you will have a track id to follow up on your order. Simply enter the main page and type in your track id in the specified field to see your live order status. Keep in mind that your track id is private information and you should not share it with anyone else.
