Convert
Israeli New Shekel (ILS) to Dai (DAI) Instantly
Purchase Dai (DAI) with Israeli New Shekel (ILS) 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.
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Frequently asked questions
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What is the ILS/DAI pair and what is its primary function?
The ILS/DAI pair represents the exchange rate between the Israeli Shekel (ILS) and Dai (DAI). Its primary function is to serve as a fiat on-ramp, allowing users to purchase Dai, a decentralized, over-collateralized stablecoin pegged to the US Dollar, directly with Israeli currency. This provides an entry point into the Ethereum blockchain's DeFi ecosystem without needing to first convert ILS to another major fiat currency. -
What platforms support the direct purchase of DAI with Israeli Shekel (ILS)?
To buy DAI with ILS, you typically need to use a local or international cryptocurrency exchange that has a specific ILS fiat gateway. Look for regulated platforms in Israel that support ILS deposits via local bank transfers or credit/debit cards. After funding your account and completing KYC/AML compliance, you can place an order on the ILS/DAI order book or use an instant buy feature. -
What makes Dai (DAI) technically different from other stablecoins when acquiring it with ILS?
Unlike centrally-issued stablecoins backed by assets in a bank, Dai is a decentralized stablecoin generated through the MakerDAO protocol. It's an ERC-20 token created when users lock up other cryptocurrencies as collateral in smart contracts known as Vaults. This over-collateralized and automated system on the Ethereum blockchain ensures its price stability, making its issuance transparent and censorship-resistant. -
What type of digital wallet is needed to store DAI after an ILS purchase?
Since Dai is an ERC-20 token operating on the Ethereum blockchain, you need an Ethereum-compatible digital wallet for secure storage. This includes software wallets (like MetaMask or Trust Wallet) and hardware wallets (like Ledger or Trezor) for enhanced security. For best practice, transfer your DAI from the cryptocurrency exchange to a personal wallet where you control the private keys. -
What are the common fees associated with ILS to DAI transactions?
When converting ILS to DAI, you can expect several types of fees. These include deposit fees for funding your exchange account with ILS via bank transfer, trading fees (either a 'maker' or 'taker' fee) on the cryptocurrency exchange itself, and potential withdrawal fees. If you move the DAI to an external wallet, you will also incur an Ethereum network 'gas fee' for the blockchain transaction.
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