This thread is dedicated to the topics related to funding GenDAO with DAI: “how to do it?”, “when was it done?”, “when should we do it next?”, “what quantity?”, “safety & risks associated” and so on.
It’s been quite a sci-fi experience to do my first ETH-to-DAI conversion and I really encourage anyone who’s confident enough with using metamask & trading. I add a lot of details on how to do it below.
ETH-to-DAI conversions done so far
Summary of the DAI funding of July 3rd 2019
I (@AdrienDLT) have exchanged 10 ETH into 2,939.77 DAI
How did I exchange 10 ETH into DAI?
First of all, I submitted that 10 ETH for DAI proposal. Then I redeemed it (claimed the 10 ETH once the proposal passed).
I first wanted to do it on Uniswap but then saw the “This project is in beta. Use at your own risk” message, which is fine for small sum (not for 10 ETH). Then on IDEX but the spread was big (low volume still, unfortunately). So I ended up looking for exchanges supporting ETHDAI pairs with volume above 500K USD and DAOstack’s partner project Kyber showed up in the top volume exchanges for DAI with $926,238 USD volume on the ETHDAI pair !
My experience on Kyber Swap was great: the UX is so simple, I just picked the currency to exchange from & to, then sent the ETH to the indicated address & it automatically sent back the DAI to my wallet.
I then headed over to Alchemy & figured out the address to send back the funds by clicking on that “DAO Holdings” link (left panel).
This opens an Etherscan page where you see the public key of the Genesis DAO, along with a lot of details (balances, transactions, etc).
I just sent the DAI amount to that address: first only 1 DAI (test transaction), and then the rest.