cDAI wallet

What is cDAI (CDAI)?

Behind cDAI sits DAI that was supplied to Compound v2. The receipt token is one of the oldest of its kind on Ethereum and turned up inside a long list of other contracts and products, which is part of why people still find it in old addresses.

The single most important thing to understand: cDAI is not a stablecoin. DAI is the collateral-backed dollar token; cDAI is a share of a lending pool denominated in DAI, and the contract's exchange rate between the two is what changes while the token count stays exactly as it was. Reading a cDAI balance as a dollar figure gives the wrong answer in both directions, because the units are 8 decimals against DAI's 18 as well. Getting DAI back is a redeem call on the cDAI contract, paid for in ETH; sending cDAI to another address hands over the whole position, not a payment in dollars.

Positions like this often sit for years before anyone touches them, which makes the key, not the token, the thing to get right. In Tangem the private key is generated inside the card's secure element and never leaves it, and the backup is a second identical card rather than words on paper, with a seed phrase available only if the holder wants one. A dormant DeFi receipt deserves storage that ages as slowly as the position does, and this is that.

Supported networks in Tangem (1): Ethereum.