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Turkish lira (TRY) to Dai (DAI) Instantly

Purchase Dai (DAI) with Turkish lira (TRY) easily at Switchere and benefit from fast, secure transactions.

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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)

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How to Buy Dai (DAI)

  1. Select currency menu

    Choose TRY to DAI Pair

    Select your preferred payment method and enter the amount.

  2. Crypto address page

    Enter Your Dai Wallet Address

    Provide your DAI wallet address and proceed with the payment.

  3. Confirmation page

    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 TRY/DAI trading pair and its primary function?

    The TRY/DAI pair represents a direct fiat on-ramp, allowing users to purchase Dai (DAI), a decentralized stablecoin soft-pegged to the US Dollar, using the Turkish Lira (TRY). Its main function is to provide an entry point from a traditional fiat currency into the decentralized finance (DeFi) ecosystem on the Ethereum blockchain, leveraging DAI's stability, which is maintained by the MakerDAO protocol through overcollateralized crypto assets.

  • How does DAI's decentralized nature benefit a user converting from TRY?

    Unlike centrally-issued stablecoins, DAI is generated through the MakerDAO protocol by locking up crypto collateral in smart contracts known as Vaults. This provides on-chain transparency and censorship resistance. For a user converting from TRY, this means they are holding a digital asset whose peg stability is not reliant on a single corporate entity's reserves, but on a decentralized system governed by MKR token holders, offering a hedge against both local currency volatility and centralized counterparty risk.

  • After buying DAI with TRY, what is a crucial security step for storing this digital asset?

    A crucial security step is to withdraw your DAI, which is an ERC-20 token, from the centralized exchange to a non-custodial digital wallet where you control the private keys. Examples include hardware wallets like Ledger or software wallets like MetaMask. This action transfers ownership from the exchange to you directly, safeguarding your assets from exchange-specific risks like hacks or freezes and giving you full access to the DeFi ecosystem.

  • What payment methods are common for buying DAI with TRY on a cryptocurrency exchange?

    When purchasing DAI on a local Turkish cryptocurrency exchange, the most common methods for depositing TRY are direct bank transfers (Havale/EFT) from a Turkish bank account registered in your name. Some platforms may also support local digital payment services like Papara. These fiat on-ramps require users to complete KYC/AML compliance checks before they can fund their accounts and place an order in the TRY/DAI order book.

  • What are the typical fees when converting TRY to DAI?

    The process involves several potential fees. First, a deposit fee for your TRY transfer to the exchange, if applicable. Second, a trading fee (either a 'maker' or 'taker' fee) on the cryptocurrency exchange for executing the TRY/DAI trade. Third, a withdrawal fee to move your DAI from the exchange to a personal digital wallet. Finally, any subsequent on-chain blockchain transaction with your DAI on the Ethereum network will require a gas fee paid in ETH.

  • How does the MakerDAO protocol's Stability Fee impact DAI acquired with TRY?

    The Stability Fee is a variable rate charged on collateral within Maker Vaults to mint DAI; it does not directly apply to DAI that you hold after purchasing with TRY. However, this fee is a key mechanism used by MKR governance to maintain DAI's soft peg to the USD. Changes in the Stability Fee can influence the overall supply and demand for DAI, which indirectly affects its stability and liquidity, matters of importance for anyone holding the asset.

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