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Rank #3DAICrypto-Backed
Dai
Pegged to
USD
Market Cap
$5.30B
24h Volume
$300.00M
Circulating Supply
5.30B DAI
Total Supply
5.30B DAI
Peg Target
USD
Collateral Type
Crypto-Backed
Issuer
MakerDAO
Launch Date
18-12-2017
About Dai
Dai (DAI) is a decentralised stablecoin created by MakerDAO, pegged to the US dollar through an autonomous system of smart contracts on Ethereum. Users generate DAI by depositing collateral (ETH, WBTC, stablecoins, and real-world assets) into Maker Vaults, maintaining overcollateralisation ratios. DAI is governed by MKR token holders who vote on risk parameters, collateral types, and protocol upgrades. As the largest decentralised stablecoin, DAI is a cornerstone of DeFi and is widely used in lending protocols, DEXs, and yield farming strategies. The protocol has evolved through the SubDAO framework and continues to integrate real-world assets into its collateral base.
Pros
- Truly decentralised — no single issuer
- Battle-tested since 2017
- Transparent on-chain collateral
- Governance-driven parameter changes
Cons
- Increasingly backed by centralised assets
- Complex liquidation mechanics
- Governance attack surface via MKR token
- Lower capital efficiency than algorithmic designs
Key Features
Decentralised governance via MKR token
Over-collateralised by crypto and RWA assets
Automated liquidation mechanisms
Dai Savings Rate (DSR) for yield
Permissionless minting via Maker Vaults
Integrated across 400+ DeFi protocols
Stablecoin Information
Category
Crypto-BackedCollateral Type
Crypto-BackedIssuer
MakerDAO