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Convert
Hong Kong Dollar (HKD) to Dai (DAI) Instantly

HKD HKD
DAI DAI
Buy Dai (DAI)

Purchase Dai (DAI) with Hong Kong Dollar (HKD) easily at Switchere and benefit from fast, secure transactions.

About
Dai (DAI)

DAI (DAI) stands as a pioneering decentralized stablecoin soft-pegged to the US Dollar, operating on the Ethereum blockchain as an ERC-20 token. Its primary purpose is to provide a censorship-resistant and transparent digital asset that maintains a stable value, offering a crucial building block for the decentralized finance (DeFi) ecosystem. Governed by the MakerDAO community through the MKR governance token, DAI's stability is achieved through a sophisticated system of over-collateralization. Users generate DAI by locking up approved crypto assets, such as ETH or WBTC, into smart contracts known as Maker Vaults (formerly Collateralized Debt Positions or CDPs). This process ensures that every DAI in circulation is backed by a greater value of collateral, mitigating volatility risks.

The core technology relies on Ethereum's smart contract capabilities to manage these Vaults, automate liquidations if collateral value drops below a certain threshold, and maintain the peg through various stability mechanisms, including Stability Fees and the Dai Savings Rate (DSR). The DSR allows DAI holders to earn yield on their holdings directly on-chain. DAI's utility token function is primarily as a stable medium of exchange, a unit of account, and a store of value within countless DeFi applications, including lending protocols, decentralized exchanges, and yield farming strategies. As one of the most widely integrated crypto-backed stablecoins, DAI is a foundational element of Web3 infrastructure, enabling peer-to-peer transactions and complex financial instruments without reliance on traditional intermediaries.

Dai (DAI)

How to Buy Dai (DAI)

swipe Step-by-step guidance
card Easy credit card payments
btn Streamlined purchase process
  1. Step 1 illustration
    01

    Choose HKD to DAI Pair

    Select your preferred payment method and enter the amount.

  2. Step 2 illustration
    02

    Enter Your Dai Wallet Address

    Provide your DAI wallet address and proceed with the payment.

  3. Step 3 illustration
    03

    Receive Your Dai

    Complete the payment, and your DAI will be sent to your wallet.

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Frequently asked questions

  • What is the HKD/DAI trading pair and why is it important for users in Hong Kong?

    The HKD/DAI pair represents the exchange rate between the Hong Kong Dollar (HKD) and Dai (DAI), a decentralized, USD-pegged stablecoin governed by the Maker Protocol on the Ethereum blockchain. It's important as it provides a direct fiat on-ramp for Hong Kong residents to acquire a censorship-resistant, over-collateralized digital asset. This allows access to the global DeFi ecosystem using local currency, often via efficient payment systems like FPS (Faster Payment System).

  • What are the common methods to buy DAI with HKD?

    To buy Dai with Hong Kong Dollars, you typically use a cryptocurrency exchange that supports HKD deposits. The most common methods include local bank transfers and the Faster Payment System (FPS) for quick funding. After completing the mandatory KYC/AML compliance checks, you can deposit HKD, navigate to the HKD/DAI or a related trading pair like HKD/USDT, execute a trade on the order book, and then withdraw your ERC-20 DAI tokens to a secure, self-custody digital wallet.

  • How does Dai's price stability mechanism work, and why is it relevant when buying with HKD?

    Dai maintains its peg to the USD through a system of over-collateralized loans, known as Vaults, within the Maker Protocol. Users lock up assets like ETH as collateral to generate Dai. This system, governed by MKR token holders who adjust parameters like stability fees, ensures each DAI is backed by excess value. This is highly relevant for an HKD buyer because it guarantees the digital asset they are purchasing has intrinsic, verifiable backing on the blockchain, distinct from centrally-issued stablecoins which rely on audited bank reserves.

  • Are there specific fees associated with HKD to DAI transactions?

    Yes, several potential fees exist. First, your chosen cryptocurrency exchange may charge a deposit fee for HKD, although FPS transfers are often free. Second, there's a trading fee (a percentage of the trade value) when you execute the buy order. Third, when you withdraw your DAI, there's a withdrawal fee from the exchange and, more importantly, a network fee (gas fee) paid in ETH for the Ethereum blockchain transaction. This gas fee varies with network congestion.

  • What's the difference between buying DAI on an exchange versus minting it through a Maker Vault?

    Buying HKD/DAI on an exchange is a simple trade: you swap your fiat currency for existing DAI tokens. Minting DAI via a Maker Vault is a more complex DeFi process. It involves locking up collateral (like ETH or WBTC) in a smart contract to generate new Dai as a loan against that collateral. Minting gives you direct access to liquidity but requires managing your collateralization ratio and paying a 'stability fee' (interest) to the Maker Protocol. For most users, buying on an exchange is the more straightforward fiat on-ramp.
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