How to Stake Dai (DAI): A Comprehensive Guide for Australians

Introduction

Staking Dai can be a great option for those who want to hold DAI while earning yield safely and contributing to the network. The steps may seem daunting, especially the first time you attempt them. That's why we've created this guide for you.

Step-by-Step Guide

1. Obtain Dai (DAI) Tokens
To stake Dai, you need to own it. To obtain Dai, you'll need to buy it. You can choose from these popular exchanges.
Platform Coin Cost
Uphold Dai (DAI) 1
BingX Dai (DAI) 1
See all 26 prices
2. Choose a Dai Wallet
Once you have DAI, you'll need to choose a Dai wallet to store your tokens. Here are some great options.
Platform Coin Staking returns
YouHodler Dai (DAI) Up to 18% % p.a.
Binance Dai (DAI) Up to 1.6% % p.a.
View all 8 staking rewards
3. Delegate Your DAI
We recommend using a staking pool when staking DAI. It's simpler and quicker to get started. A staking pool is a group of validators who combine their DAI, increasing their chances of validating transactions and earning rewards. You can do this through your wallet's interface.
4. Begin Validation
You'll need to wait for your deposit to be confirmed by your wallet. Once it's confirmed, you'll automatically validate transactions on the Dai network. You'll be rewarded with DAI for these validations.

Platform	Coin	Cost
Uphold	Dai (DAI)	1
BingX	Dai (DAI)	1

Platform	Coin	Staking returns
YouHodler	Dai (DAI)	Up to 18% % p.a.
Binance	Dai (DAI)	Up to 1.6% % p.a.

What to Be Aware Of

There are transaction and staking pool fees to consider. Additionally, there may be a waiting period before you start earning rewards. The staking pool needs to generate blocks, which can take some time.