This article is a step-by-step guide on setting up your Ethereum wallet and funding it with ETH and DAI. Prospective YangDAO members use DAI as a pledge during their membership application. ETH is required to pay for minor transaction fees.
1. Create an Ethereum wallet 👛
An Ethereum wallet lets you to create an Ethereum address, which acts as both your identity on the network and the account where your funds are held.
For first time users, we recommend 🦊 MetaMask. This works as an extension to your Chrome browser and can interact directly with the YangDAO. An Ethereum address can hold both ETH and DAI at the same time.
2. Purchase ETH and DAI 💳
For first time buyers, we recommend Coinbase.
The minimum membership deposit for the YangDAO is $40 USD in the form of DAI, which will be converted from ETH in Step 4. We recommend purchasing more than $40 of ETH to:
- pay for transaction fees going forward ⛽;
- counteract minor fluctuations in the ETH:USD exchange rate in the time between buying ETH and exchanging it for DAI; and
- be part of the HODL gang 🚀.
Alternatively, you may also purchase DAI directly from Coinbase. You can send the purchased DAI from your Coinbase account to your Ethereum wallet using the instructions in Step 3 below and then skip to Step 5. Remember, the same Ethereum address can hold both ETH and DAI at the same time.
If you purchased DAI in this step, you will still need some ETH in your wallet to pay for transaction fees, unless you switch to a wallet such as Gnosis Safe, which gives you the option to pay for transaction fees in DAI instead of ETH.
3. Deposit ETH into your Ethereum address ⚡
Once you have purchased ETH, send it from Coinbase (or the online exchange where you purchased it) to your Ethereum address.
When sending, the exchange will ask for the amount of ETH to withdraw and an address to deposit it into. Your Ethereum address starts with “0x” and can be found on your Ethereum wallet.
Copy it from your wallet and paste it into the recipient field on the exchange when sending.
If you purchased DAI directly in the last step, you can also follow these instructions to send DAI from Coinbase to your address. Make sure to double check your Ethereum address before withdrawing. Sending ETH to the wrong address is not reversible!
4. Exchange ETH for DAI 🔄
(If you purchased DAI directly from Coinbase in Step 2, you may skip this step.)
Go to Uniswap on your Chrome browser to exchange ETH for DAI. Click “Select Token” and select DAI from the dropdown list of currencies.
If your MetaMask is connected, you should see your Ethereum address in the top right corner of the screen. Make sure to leave some ETH in your wallet to cover minor transaction fees going forward.
Once you click “Swap”, MetaMask will show a popup asking you to confirm the transaction.
5. Add DAI to the list of currencies in your wallet
You should see the balance of your DAI in MetaMask. From here on, you’ll be able switch between ETH and DAI by clicking on the hamburger menu.
Congratulations 😎! You now have your wallet and funds set up and are ready to apply to the YangDAO. You can follow the step-by-step guide on creating your YangDAO account and applying for a membership.
Note: The YangDAO is not affiliated with Andrew Yang, the Andrew Yang presidential campaign, Friends of Andrew Yang, Pets for Andrew Yang, or any US political candidate, party, or committee.
You will not make money by becoming a member of the YangDAO. YangDAO voting shares do not offer to the holder the possibility of profits. All membership deposits are made in a price-stable currency, removing the possibility of currency or token speculation on the YangDAO platform.