Question 1

What is DAI?

Accepted Answer

DAI is a decentralized stablecoin backed by collateral and pegged to the US dollar, providing stability in volatile markets.

Question 2

What is DOT used for?

Accepted Answer

DOT is used for governance, staking, and enabling cross-chain communication within the Polkadot ecosystem.

Question 3

Why trade DAI for DOT?

Accepted Answer

Trading DAI for DOT allows users to access Polkadot's ecosystem while leveraging the stability of a dollar-pegged asset.

Question 4

Is DOT a good investment?

Accepted Answer

DOT's value depends on its adoption and utility within the Polkadot network, making it a promising asset for blockchain enthusiasts.

Question 5

Do I need KYC to use Instaswap? How are transactions secured?

Accepted Answer

No, Instaswap does not require KYC (Know Your Customer) for any swap amount or pair. However, we employ an advanced KYT system powered by a trusted third-party partner. This system automatically checks wallet addresses involved in transactions, ensuring they haven’t previously been flagged for illicit activities, keeping your swaps safe, secure, and private.

Question 6

Is Instaswap decentralized? Does it support centralized (CEX) swaps?

Accepted Answer

Yes, Instaswap is fully decentralized (DEX), meaning all transactions occur directly on the blockchain without centralized intermediaries. We do NOT offer centralized exchange (CEX) swaps, and your funds always remain fully under your control through our non-custodial platform.

Swap DAI (Ethereum) to DOT (Polkadot)

Description

Frequently Asked Questions