# Staking DAI
DAI is a stablecoin cryptocurrency which aims to keep its value as close to one United States dollar (USD) as possible through an automated system of smart contracts on the Ethereum blockchain. DAI is maintained and regulated by MakerDAO, a decentralized autonomous organization (DAO) composed of the owners of its governance token, MKR, who may vote on changes to certain parameters in its smart contracts in order to ensure the stability of DAI.
# What is Staking
Staking is the mechanism that provides passive income generated by locking (freezing) assets in a cryptocurrency wallet. This helps the blockchain to maintain the functioning. Stakers receive regular rewards.
StakingBox is the first Tidex DeFi interchain product that supports staking various crypto coins including DAI. The staking is organized on smart contracts and is completely decentralized. The staked funds are proxied to several DeFi products of the Ethereum ecosystem, including Curve, Uniswap, etc. The algorithms provide unique opportunity to get unprecedented high percent of profit (2-40% annual interest).
Tidex has been operating since 2017 and has gained a reputation as a stable platform - one of the few that has never been hacked.
# What are the Staking Conditions for DAI (Profit, Minimal Staking Amount, Duration etc.)
Staking on Tidex provides one of the highest APY you can get on the market. You can get up to 40% annual interest for DAI.
Profits are accrued daily and automatically added to your balance. You can use them right away for trading or withdraw them from the exchange. You can track the payout history in the D & W History (opens new window) section. You can also enable optional feature to automatically capitalize daily interest in your staking, meaning that your daily interest will be automatically added to the staking amount.
The minimal staking amount is 100 DAI. The maximum fixed staking duration is 180 days.
# How to Stake DAI
Select type of staking (fixed or flexible). Find DAI in the list and click More details. Specify the amount (and duration for fixed staking) and click Stake Now.
# How to Withdraw DAI from Staking
In the Active Deposits list find the stake that you want to withdraw. Under Actions, select Withdraw. When you confirm the withdrawal, the funds will be returned to your trading balance after 1 day lock-period.
# How to Get DAI
You need to have enough DAI on your balance to stake it.
You can get DAI by depositing it directly to your Tidex wallet on the Deposits and Withdrawals (opens new window) page. To do so, on the Deposits and Withdrawals page find DAI and click Deposit.
Use the displayed address or QR-code to deposit DAI from wallets of other vendors. If you have no other wallets with DAI, use services, such as bitcoin.org/buy (opens new window) or waves.exchange/buycrypto (opens new window) to buy other crypto with a bank card and then trade it to get DAI on Tidex Exchange (opens new window).
You can also deposit fiat USD from your bank card to Tidex wallet. To do so, on the Deposits and Withdrawals (opens new window) page find US Dollar on the list and click Deposit.
Specify the amount and click Continue. Then follow the on-screen instructions to proceed with payment via AdvCash. When you have fiat USD on your Tidex wallet, you can exchange them to any assets that you need on Tidex Exchange (opens new window).
Read more articles in StakingBox chapter.