Dai (DAI) is a stablecoin designed to maintain a value close to the U.S. dollar. It operates on the Ethereum blockchain and is managed by the Maker Protocol, a decentralized system governed by MakerDAO. Unlike traditional fiat-backed stablecoins, Dai is generated through a system of collateralized debt positions (CDPs), where users lock up various crypto assets to create Dai. The protocol is designed to maintain its stability algorithmically through smart contracts and decentralized governance.

Dai is created when users deposit accepted cryptocurrencies into Maker Vaults within the Maker Protocol. These vaults serve as collateralized positions, ensuring that Dai remains overcollateralized to support its stability. Depending on the asset used, the collateralization ratio typically ranges from 101% to 175%. If the collateral falls below the required threshold, the system automatically liquidates it to maintain stability. Issuance and burning of Dai are executed through Ethereum-based smart contracts, ensuring transparency and minimizing reliance on centralized entities.

Dai seeks to provide stability in a volatile cryptocurrency market by maintaining a predictable value. It is widely used in decentralized finance (DeFi) applications, including lending, borrowing, and payments. Merchants and businesses can use Dai as a medium of exchange, while traders and investors utilize it to hedge against market fluctuations. Dai is also integrated into smart contracts, allowing developers to build applications that require a stable digital asset.

Dai was developed by MakerDAO, a decentralized organization founded by Rune Christensen in 2015. The original version, Single-Collateral Dai (SAI), launched in 2017 and was backed exclusively by Ether. In 2019, MakerDAO introduced Multi-Collateral Dai, allowing various crypto assets to be used as collateral. The ecosystem has continued to expand, with Dai becoming one of the most widely used decentralized stablecoins.

We update our Dai to USD currency in real-time. Get the live price of Dai on Coinbase.

The current market cap of Dai is $5.365B. A high market cap implies that the asset is highly valued by the market.

The all-time high of Dai is $1.37. This all-time high is highest price paid for Dai since it was launched.

Over the last 24 hours, the trading volume of Dai is $128.72M.

Assets that have a similar market cap to Dai include Stellar Lumens, Chainlink, World Liberty Financial USD, and many others. To see a full list, see our comparable market cap assets.

The current circulating supply of Dai is 5.4 billion.

Dai ranks 50 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

Currently, 97% of Coinbase users are buying Dai. In other words, 97% of Coinbase customers have increased their net position in Dai over the past 24 hours through trading.