Bitcoin Forum

I transferred eth to metamask then converted it to dai. Now I need to send the dai to kucoin. Dai is listed on kucoin, but I'm wondering if I'm allowed to send dai or I can only send and receive eth? It's a stupid question but I don't want to lose the dai if that's the case. Thanks!

I'm pretty sure as long as the exchange supports the deposit and withdrawals of the coin, it's going to be okay.

Upon searching in Google, I saw this link for the support of DAI.

https://www.kucoin.com/news/en-dent-bloc-dai-deposits-and-withdrawals-now-open

if you still have ethereum in your metamask wallet to pay the transactions fee, i think you can send your DAI to any exchange mate
but of course if the exchange support this DAI

Of course , you can, DAI is based on the ETH blockchain, especially since the Kucoin exchange supports this coin ,no problems should arise  ;)

Thanks guys. I have enough eth to cover the transaction, but I usually test send a small amount before sending the bulk. The gas fees would be ridiculous just to test send. Just wanted to confirm!

I just sent them over and I can't buy anything with them... I thought I'd be able to convert them to usdt or buy btc with them... This is so dumb. Do I have to send them back and convert them and send them again...?

Why can't you buy anything ,I see several trading pairs there https://trade.kucoin.com/USDT-DAI (https://trade.kucoin.com/USDT-DAI) https://trade.kucoin.com/BTC-DAI (https://trade.kucoin.com/BTC-DAI) ;)

I'm an idiot... I figured out the problem. Thanks guys! In the Field for the price I was putting in the dai amount instead of the btc price buy...

When you are making trade order make sure that you are entering the right value on every box because there are lots of people sold or bought for wrong price than actual market price.

Just see on ask box, If you put on a bid, it will need more time to exchange it until your price bid buying by another.

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On Metamask you can swap DAI to ETH on otherwise. but you will know that needs a higher fee to do that.

Swap is more expensive than spot trading and its not advisable to do especially when the network is really congested. And to answer OP, he was already deposited to exchange but having difficulties while making the trade orders that is why I said it is important to double check the entered values before executing the trades.

It's not a stupid question you can ask anything here as long as you want help, and as long as the token are on the same chain you can send it, Dai is on Ethereum so the address that you are going to use is that of the Ethereum.

You can send your DAI to your kucoin's account by generating the DAI deposit address and then send it. The main concern should be you need ethereum to send your DAI.
The fees are a must to be paid on ethereum network. As long as you have doubled check your DAI deposit address on your kucoin account and everything will be fine

Don't need to repeat that again as there are so many pairs for DAI. So, just go to market section , than search "DAI" and you'll get the pairs of DAI where you can do trades to convert DAI into other crypto asset like bitcoin, ethereum, usdt or Maker (As these 4 pairs are available on kucoin). If you send back to metamask wallet, than you might need to spend high gas fees which won't be good choice for portfolio.

Of course you can send your DAI from metamask because it is based on ERC20, provide gas for your transaction fees goodluck

You do everything right, only I do not understand the logic of your actions.
Each exchange supports Ethereum trading. I think it will be difficult to find an exchange where there is no Ethereum :)
An Ethereum transaction from one address to another costs $ 10.
The token transaction costs $ 40.
You could send Ethereum to the kucoin exchange and pay $ 10 in commission, and then buy DAI.
Instead, you do a swap ($ 40), a trial transaction of a small amount ($ 40), the main transaction($ 40). What for???

You're doing fine.

That's what I do too when I'm in doubt and checking if the transaction has gone through. That's most likely to be the best way to know if you're doing fine and I guess the balance has already appeared in your kucoin account.

How much the fee you covered for the transaction?

Yes you can send DAI stable coin to kucoin exchange as far as the exchange supports the stablecoin, mind you just because DAI is running on erc20 smart contract doesn't mean you should deposit the stablecoin to ETH address on kucoin, make sure you copied the DAI stable coin address on kucoin for depositing not the ETH address

You wondering you may lose the token since it wasn't Ethereum that you want to send. I believe the problem was you not knowing that DAI was a token issued on the Ethereum blockchain which some people called ERC20 token and there's no problem in you send the DAI to the exact ERC20 deposit address giving to you by Kucoin exchange.

This was my biggest problem, I never used metamask before. Wish someone told me that I can just send dai directly... You live and you learn. Thanks!

Of course you can sent your DAI from Metamask too, but as ini know, you need to add manual that DAI Smart Contract into your Metamask Wallet, then you can send it.

It is the point.

DAI is on ERC-20 chain and fees for DAI or any ERC-20 tokens are more expensive than Ethereum itself. With ERC-20 tokens, the smart contracts are more complex than Ethereum and their transaction fees are higher than ETH transactions.

Swap on any exchange or marketplace is always more expensive than you buy directly on the market orders.

You gave a very valuable suggestion for OP to avoid unnecessary costs from swap or token transactions.

Smart contracts consume more gas, therefore, token transactions are more expensive.
I also don't understand the actions of many users actions of many users. Why use uniswap when trading on a centralized exchange.
Perhaps the user decided to trade on uniswap to receive future distributions of tokens or other boluses for uniswap users.

Hope for airdrops, bonuses are one of factors that people accept risks and use new DeFi exchanges. They hope that some day those DeFi tokens will have big values and they might be luckily enough to use those decentralized exchanges too early to receive big amount of tokens from airdrops. Like what happened with Uniswap and UNI token.

The DeFi hype is crazy and it blows my mind when it has been lasting about one year and has not yet been stopped or decreased in their attraction. DeFi projects are created everyday.

DeFi projects now are trying to move from ERC-20 chain to Binance Smart Chain (BSC) or make a bridge between 2 chains. They think it can help their projects look good.
::)

not only DAI, but you can send any tokens from your metamask wallet to other wallet, but of course if you have the tokens in your wallet  mate  :)
but you need to have ethereum in your wallet to pay the gas fee

It almost 2 weeks now since this thread had been created by OP and it seems he able to find out those ways on his own and never came back to this thread on giving out some updates
which is a bit common on anybody.

When it comes to metamask then its just common sense that you would able to sent out those tokens as long you do have balance of it and when it comes to receiver as long it
does support such coin or blockchain then it wouldn't really be an issue.

The main issue or headache now is the gas fees which is really out of this world for you to handle out.

Of you can, as long as DAI in kucoin allowed to deposit and withdraw you can easily transfer it.
Your question also was too simple issue only and yet I think your reading all the response of the members
to your discussion here in which you had made.