Learning and earning? Earning whilst learning? Yes PLEASE!
Coinbase has recently announced that you can earn up to $14 if you take their lessons and learn how to generate Dai through creating a Collateralized Debt Position on MakerDAO. This post will cover every step you need to claim your free $14 in Dai!
The first thing you will need is a Coinbase account. After signing up, head on over to the link provided and scroll down until you see “Lesson 4: Generating Dai with Market” and then go-ahead to start the tutorial.
Step 1 - Grab Some Snacks And Start The Tutorial
Step 2 - Download the Coinbase Wallet App
The second thing you will need is to have is Coinbase Wallet set up on your phone to go through the tutorial. This is different from the Coinbase App itself so go ahead and request for a download link.
Step 3 - Connecting The Wallet To Your Coinbase
This next part is where the serious work begins. This step requires you to set up the wallet and connect everything. It is fairly simple with all instructions posted.
After you have completed the connection, the next button will appear and you are free to go on to the next step.
Step 4 - Accept FREE Ethereum
In this step, you will be sent some free Ethereum, 0.02 ETH to be precise. Just be quiet and accept the free money! (This is actually supposed to be used in the later steps to generate some Dai). The ETH may take around 10 minutes to show.
Step 5 - Create the CDP
This next step has a few processes to it. Once you have received your free ETH, you are then instructed to head over to the dApp browser within the wallet and head over to cdp.makerdao.com.
Once you are at the destination, hit “connect” and then “Open CDP”
This is where the fun begins! Here, we will actually create a CDP by deploying some ETH. As instructed, enter 0.006 ETH into the amount of ETH to collateralize. Then add 0.06 Dai in the amount that you would like to generate. After doing this, you will be shown exactly how much Dai you will be able to generate, in my own case, I was able to generate around 0.846 Dai, however, we are still sticking to the tutorial and will only claim 0.06 Dai.
You will also notice that you will be presented with the collateralization percentage and the exact price at which the CDP will be liquidated if Ethereum was to fall. After taking a look at the stats, hit continue on the app!
You will then be asked to accept the terms of service on the Coinbase App before you can hit “Create CDP”
After hitting create, you will see the following screen within the app. Please wait as the CDP is being created. It says it might take a few minutes but it took me around 50 minutes until it was ready.
After the waiting period, the “submit” button will appear.a..click it!
You have your $14 - JUST LIKE THAT! Dai will appear in your Coinbase.com account! Learn AND Earn! Go ahead give it a go!