In the spotlight: DAI

This month, we’re celebrating the world’s first unbiased currency, DAI.

And what better way to celebrate than with free crypto? Buy at least USD $50 of DAI before the 23rd of April, to earn a bonus of $5 in WXT*!

Now you’ve added DAI to your portfolio, let’s learn a bit more about the innovate stablecoin.

Back in February 2019, the Wirex cryptocurrency portfolio gained its very first stablecoin: the Dai token. For us, stablecoins are a natural fit - with their stable value and decentralised nature, they perfectly combine the benefits of both traditional and digital currencies.

Dai (DAI) was the world’s first decentralised stablecoin built on the Ethereum blockchain. It was created in 2017, by the decentralised autonomous organisation (DAO), Maker, which was established in 2014.

Uniquely, DAI manages to maintain a steady value of one US Dollar, despite being soft-pegged to (but not backed by) USD. It cleverly ensures a stable value without any form of centralised authority or bank, through backing by Ether collateral escrowed into smart contracts on the Maker platform.

The Maker platform is a decentralised smart contract platform that exists to minimise the price volatility of the Dai token. The platform stabilises the value of DAI through Vaults - Maker’s unique smart contracts which hold the collateral. Dai tokens are created simply by depositing Ether into a Vault, which then stays locked away until your DAI loan has been paid off.

However, due to the fluctuating nature of ETH, this Dai-stabilisation system requires further backup. Enter MKR. The Maker platform’s second token, MKR is a volatile utility token whose holders play a part in stabilising DAI through community governance, while MKR itself covers any unpaid DAI debts should a vault fail to remain over-collateralised.

Put simply, MakerDAO is a DAI lending system made up of smart contracts, which is governed by MKR holders.

At the end of last year, a next-generation version of the token was introduced by Maker, which changed things up a bit. Our familiar single-collateral DAI became known as SAI (or SCD), and new multi-collateral DAI (or MCD) were introduced, which can be backed by multiple, non-ETH collateral types. Since this decision, SAI was gradually phased out and eventually shut down altogether in May this year.

Why buy DAI? The token’s low volatility is its main USP. In addition, Maker claims that the token makes financial services available to anyone, without any arduous requirements or third-party interference. Add to this the blockchain-based benefits of transparency and being able to make quick, cheap cross-border payments, and it’s not hard to see why so many people are interested in this innovative stablecoin.

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Terms & Conditions EEA & APAC

Crypto Spotlight April

The following terms and conditions (“Terms”) shall apply to the Crypto Spotlight Might Promotion (the “Promotion”) which is offered by UAB Wirex in the EEA and Wirex Pte Ltd in the APAC region (“Wirex”):

Timescale

  1. The Promotion will run from 00:01AM (GMT) on 17th April 2021 until 11:59 (GMT) on 23rd April 2021 (the “Promotion Period”).

Eligibility

  1. This Promotion is only open to Verified users of the Wirex platform (as defined by the applicable Wirex terms & conditions: Wirex | Making currencies equal and available to everyone) resident in the European Economic Area (“EEA”) or in the APAC region Wirex | Making currencies equal and available to everyone (“Eligible Participants”). For the avoidance of doubt, no other Users of the Wirex platform are eligible for this Promotion.

  2. The Promotion applies to the first 300 Eligible Participants who makes a DAI cryptocurrency purchase with a minimum exchange value of at least US$50 via debit or credit card in the Wirex app during the Promotion Period (“Qualifying Transaction”).

  3. Any Eligible Participants who make a Qualifying Transaction prior to or after the Promotion Period will not be counted.

  4. Any Eligible Participants who make a Qualifying Transaction after the first 300 Eligible Participants have completed a Qualifying Transaction will not be counted.

Reward

  1. The equivalent of US$5 in WXT (the “Reward”) will be credited to the first 300 Eligible Participants who make a Qualifying Transaction within the Promotion Period (“Qualifying Participants”).

  2. The Reward will be paid in WXT and the applicable WXT to US$ exchange rate for the Reward will be set by Wirex at its sole discretion.

  3. The Reward will be paid to Qualifying Participants’ accounts within 30 Working Days of the end of the Promotion Period. Once a Qualifying Participant has received the Reward, it can be converted to traditional fiat currency through the Wirex platform.

General

  1. Subject to applicable law, Wirex will not under any circumstances be liable to compensate Wirex Users, Eligible Participants, Qualifying Participants or other third parties for any losses or damages occurring as a result of their participation or engagement with this Promotion.

  2. ‘Working Day’ means Monday to Friday, excluding weekends and any public holidays when the banks of England are closed for business.

  3. Wirex may, at its sole discretion, revise any of these T&Cs or terminate this Promotion at any time without prior notice to Wirex Users, Eligible Participants, Qualifying Participants or other third parties.

  4. This Promotion is launched by Wirex independently and there are no partnerships between Wirex and any merchant or other third parties relating to this Promotion.

  5. The Terms of this Promotion are governed by the laws of England and the parties irrevocably agree that the courts of England shall have exclusive jurisdiction to hear, settle and/or determine any dispute, controversy or claim (including any non-contractual dispute, controversy or claim) arising out of or in connection with this Promotion.

2 Likes

That’s great, oh I’m unable to buy any crypto on your platform :man_facepalming:t5:

Bad comunication in the email. After I read the email I bought 54 DAI and my WXT doesn’t arrived, after I sign up on this forum to understand why and here I read that the bonus is for only 300 first people. This will drive me to check every comunication from you.

2 Likes

This is what we can read in the t&c:

The Reward will be paid to Qualifying Participants’ accounts within 30 Working Days of the end of the Promotion Period. Once a Qualifying Participant has received the Reward, it can be converted to traditional fiat currency through the Wirex platform.

So we have to wait if we want to know if we’re receiving the wxt :thinking:

1 Like

I’m waiting for 1600 DAI from binance to my wirex DAI account since last saturday… success for Binance, but still nothing on wirex
And the support is invisible or useless
Come on give me my DAI

And here I was about to purchase DAI. I received the mailer a few moments ago. Lucky I didn’t straight away purchase DAI. Limited to 300 and ends on 23 Apr. Sorry but no thanks.

Hi there, are you still waiting on this? Have you written in our support thread here on the community forum?

Yes i’m still waiting, i’have send like 4 differents tickets since last saturday and on the forum

Hello there @Amaury_COMBARETTE , the support team will get back to you as soon as they can. If you would like it to be escalated please remember to send your support ticket reference number to the email supportescalations@wirexapp.com

That is our dedicated team for fast-tracking issues.

Thank you