How to buy DAO Maker (DAO) in Australia
Learn how to buy DAO Maker (DAO) easily by following a step-by-step guide and compare 10+ crypto exchanges.
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How to buy DAO Maker
Look for an exchange that supports both fiat and cryptocurrency to simplify buying DAO Maker.
- Open an account on an exchange that supports DAO.
Jump to our table to compare popular options — just remember that most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy DAO Maker.
- Buy DAO Maker.
Complete your DAO Maker purchase and then find the best wallet to store DAO.
What is DAO Maker?
MakerDAO is a decentralized governance community that runs the Maker Protocol, which makes it possible to generate Dai. Dai is one of the world’s major stablecoins and it tracks the US dollar as closely as possible through smart contracts on the Ethereum blockchain. According to the whitepaper, it allows anyone with Ethereum and a MetaMask wallet to lend themselves money in the form of Dai. You can also lock Dai in the Dai Savings Rate (DSR) smart contract to earn a variable rate of accrual while retaining control of your Dai. MKR token is the governance token of the Maker Protocol. As a holder of MKR, you can vote to change parameters in the smart contracts to ensure the stability of Dai. Unlike Dai, which is a stablecoin designed for payments and savings, MKR has a volatile price.
DAO Maker (DAO) is the 240th largest cryptocurrency in the world by market cap, valued at $340,898,219. The current price of DAO Maker is $5.03, which is 21.014% higher than yesterday. Prices have ranged between $5.31 and $4.07 over the past 24 hours. All prices are listed in US dollars and accurate as of November 28, 2021 08:11 UTC.
Where to buy DAO Maker
Find an exchange to buy, sell and trade DAO by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
DAO Maker at a glance
|Total DAO supply||277,524,000|
|All time high||US$8.71|
|All time high date||April 21, 2021|
DAO Maker price performance over time
How to sell DAO Maker
You can cash out your DAO with the same exchange you bought it through:
- Sign in to the exchange you have DAO on.
If you store your DAO Maker in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of DAO you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of DAO Maker.
What to consider when buying DAO MakerBefore buying speculative assets such as cryptocurrency, it’s important to do research to make sure you understand the key features of the coin and consider the investment case as well as the use case since the risks involved are high.
- Governance. As an MKR holder, you can make decisions about the Maker Protocol. For example, you can adjust policy for the Dai stablecoin and choose new collateral types. According to CoinDesk if the collateral is not enough to cover the DAI in existence, MKR is created and sold to raise additional capital. This incentivizes MKR holders to responsibly regulate the parameters of DAI and not approve loans against poor collateral.
- Dai vs MKR. Unlike Dai, which is a stablecoin pegged to the US dollar, MKR has a volatile price and is an investment in MakerDAO. As a Dai holder, you can earn interest on your Dai as long as it is locked in the smart contract system. MKR holders can raise or lower the interest rate or the DSR to influence demand for Dai.
- Supply. At its inception, there were 1 million MKR tokens. These tokens are created and destroyed depending on different situations. For example, MKR tokens will be destroyed when the Maker Protocol’s system surplus exceeds a minimum threshold, resulting in excess Dai being auctioned for MKR. When the Maker Protocol is running a deficit, MKR will be created and auctioned for Dai.
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Disclaimer: Cryptocurrencies, including DAO Maker, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of DAO is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the DAO Maker or any other cryptocurrency discussed.
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