Dai

Dai (DAI) is a decentralized stablecoin that runs on the Ethereum blockchain. It is designed to maintain a value of approximately one US dollar. Dai is created and managed by the MakerDAO protocol, which uses collateralized debt positions to back each Dai with other cryptocurrencies. This makes Dai a cryptocurrency that aims for price stability.

Dai (DAI) maintains its peg through a system of collateralized debt positions (CDPs) within the MakerDAO protocol. Users lock up Ethereum or other approved collateral to generate Dai. The protocol uses smart contracts to ensure that the value of collateral exceeds the value of Dai issued, and it adjusts stability fees and other incentives to keep Dai trading near $1. This mechanism is decentralized and transparent.

The DAI token is used as a stable medium of exchange and store of value within the Ethereum ecosystem. It can be used for payments, trading, lending, and as collateral in decentralized finance (DeFi) applications. Since it is pegged to the US dollar, it provides a stable alternative to volatile cryptocurrencies for users who want to avoid price fluctuations.

Dai (DAI) is decentralized and backed by cryptocurrency collateral, while USDC and USDT are centralized and backed by fiat reserves held by companies. Dai is governed by MakerDAO token holders through a decentralized autonomous organization, whereas USDC and USDT are managed by their respective companies. This makes Dai more transparent and resistant to censorship, but it may have different risk profiles.

Dai is currently priced at $0.9998, down 0.02% in the last 24 hours. It is ranked #18 by market capitalization. Over the past 7 days, DAI is up 0.00%.

Dai has a market capitalization of $4.57B. The 24-hour trading volume is $20.94M, reflecting the total value of DAI traded across all exchanges in the last day.

There are currently 4.57B DAI in circulation. The total supply is 4.57B DAI.