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Convert
Singapore Dollar (SGD) to Dai (DAI) Instantly

SGD SGD
DAI DAI
Buy Dai (DAI)

Purchase Dai (DAI) with Singapore Dollar (SGD) 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 SGD to DAI Pair

    Select your preferred payment method and enter the amount.

  2. 02

    Enter Your Dai Wallet Address

    Provide your DAI wallet address and proceed with the payment.

  3. 03

    Receive Your Dai

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

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Frequently asked questions

  • What exactly is the SGD/DAI trading pair and what is its role in DeFi?

    The SGD/DAI pair represents a direct fiat on-ramp, allowing users to purchase Dai, a decentralized stablecoin, using Singapore Dollars. Its key role is to provide an entry point from the Singaporean financial system into the global DeFi ecosystem. Dai, as a collateral-backed ERC-20 token soft-pegged to the US Dollar and governed by the Maker Protocol, is a fundamental building block for lending, borrowing, and yield farming in decentralized finance.

  • What are the common payment methods to buy DAI with SGD on a cryptocurrency exchange?

    To perform a digital asset purchase of Dai with SGD, most Singapore-based or compliant global exchanges require KYC/AML verification. The most common fiat on-ramp methods include direct bank transfers using FAST (Fast and Secure Transfers) or PayNow. These methods are popular due to their speed and low transaction costs, facilitating a smooth transition from fiat currency to the MakerDAO stablecoin.

  • Why would I choose DAI, a USD-pegged stablecoin, when transacting with SGD?

    Choosing Dai provides access to a decentralized stablecoin that is a cornerstone of the global DeFi market, which predominantly operates on USD-based values. While you initiate the digital asset purchase with SGD, holding Dai gives you a stable, censorship-resistant asset managed by the decentralized Maker Protocol, not a central entity. This allows you to interact seamlessly with a vast array of DeFi applications, from lending protocols to liquidity pools, using a trusted, collateralized stablecoin.

  • Are transactions involving SGD to DAI regulated in Singapore?

    Yes, the fiat on-ramp portion of the transaction is regulated. Any financial institution or cryptocurrency exchange operating in Singapore that facilitates the conversion of Singapore Dollars (SGD) to a digital asset like Dai must comply with regulations set by the Monetary Authority of Singapore (MAS). This includes mandatory KYC/AML compliance to prevent illicit activities. However, once the Dai is in a personal digital wallet, its subsequent use in decentralized finance protocols falls outside the direct purview of traditional financial regulations.

  • How can I earn a yield on my Dai after purchasing it with SGD?

    Once you own Dai, you can engage with the DeFi ecosystem to earn yield. A native method is to lock your Dai in the Dai Savings Rate (DSR) contract within the Maker Protocol, which generates yield from the stability fees paid by Vault users. Alternatively, you can supply your Dai to lending platforms like Aave or Compound, or provide liquidity to a DAI trading pair in a decentralized exchange's liquidity pool. Each method carries different risk-reward profiles.
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