DAI is an Ethereum-based stablecoin whose issuance and development is managed by the Maker Protocol and the MakerDAO decentralized autonomous organization. The price of DAI is soft-pegged to the U.S. dollar and is collateralized by a mix of other cryptocurrencies that are deposited into smart-contract vaults every time new DAI is minted.
Learn more about this stablecoin with our ultimate DAI review. And now let’s create a wallet for DAI storage!
Step 1. Go to MetaMask and click the «Download for Chrome» button.
Step 2. Click the «Add to Chrome» button and install the extension to your device.
Step 3. Once the extension is installed, it will open in a new window. Click the «Get Started» button.
Step 4. Agree with the terms of usage of MetaMask by clicking «I agree».
Step 5. Click the «Create a Wallet» button.
Step 6. Come up with a strong password and set it. Then press «Create».
Step 7. Watch the video about secret recovery phrase for the safety of your funds and then go next.
Step 8. Save the 12-word recovery phrase in a secure place.
You will need it to quickly regain access to your wallet. It is better to save the phrase in several places: without it, if the password is lost, it will be impossible to restore access to the wallet even through the support service. And never share this data with anyone!