How to Stake Dai (DAI)

Introduction

Staking Dai can be an excellent choice for those looking to hold DAI while earning APY in a secure manner and supporting the network. The process may seem a bit overwhelming, particularly if it's your first time. That's why we've created this guide to assist you.

Step-by-Step Guide for South African Investors

1. 1. Acquire Dai (DAI) Tokens

   To stake Dai, you first need to acquire it. To obtain Dai, you'll need to buy it. You can select from these popular exchanges available in South Africa.

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

   View all 26 prices

2. 2. Select a Dai Wallet

   Once you have DAI, you'll need to choose a Dai wallet to store your tokens securely. Here are some solid options to consider.

   Platform	Mint	Staking rewards in South Africa
   YouHodler	Dai (DAI)	Up to 18% APY
   Binance	Dai (DAI)	Up to 1,6% APY

   View all 8 staking rewards available

3. 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 collective of validators who combine their DAI, which increases their chances of validating transactions and earning rewards. You can manage this through your wallet's interface.

4. 4. Start Validating

   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.

What to Keep in Mind

There are transaction and staking pool fees you need to take into account. Additionally, there may be a waiting period before you begin earning rewards. The staking pool will need to generate blocks, and this process can take some time.