Dai
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What is Dai?
Origins and token format
MakerDAO was established by Rune Christensen, Nikolai Mushegian and other early contributors. Its original stablecoin system appeared in December 2017 using ETH collateral. The current Multi-Collateral Dai system followed in November 2019, while the earlier token became known as Sai. DAI uses the ERC-20 standard and has 18 decimal places. Its supply expands and contracts through authorized minting and burning rather than a fixed issuance ceiling.
Collateral and debt
Borrowers generate DAI by opening collateralized Vault positions. Each collateral category has a borrowing limit, stability fee and liquidation threshold. Price oracles supply valuations for crypto collateral. Positions breaching their required collateral ratio can be liquidated to recover outstanding debt. Repaying a position extinguishes its debt and permits the corresponding collateral to be withdrawn.
Dollar target and uses
DAI targets one US dollar through collateral management and protocol mechanisms. The backing system accommodates both crypto assets and arrangements involving off-chain financial assets. DAI can settle Vault obligations, make payments and serve as liquidity in decentralized trading or lending. Sky introduced the separate USDS stablecoin in 2024 with a conversion contract connecting it to DAI. DAI ownership itself does not grant the governance rights associated with SKY.
Where to trade DAI
28 exchanges · top 10
Live spot quotes from connected exchanges
DAI funding rates
Live perpetual funding on every connected exchange. Positive = longs pay shorts.
Contracts & chains
Exact contract or mint per network — the identity layer used for DEX routing.
On-chain routes
Networks with a connected DEX routing adapter.