Last updated at 2022/10/04
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Dai, $DAI

USD-pegged Stablecoin

KPIs & Market Data

Market Cap
$6.3B
Market Cap 7d %
-1.79%
Market Cap 30d %
-3.08%
Volume 24h
$359M
Volume 7d
$3.5B
Mechanism
Governance
Decentralized
Issuer
MakerDAO
Jurisdiction
n.a.

Dai is a cryptocurrency-backed stablecoin issued by the Maker Protocol and governed by the MakerDAO via the MKR governance token. Its main purpose is to offer a secure, fully collateralized, and decentralized version of a stablecoin.  
⁠DAI is issued by the Maker Protocol to everyone who locks collateral in a collateralization ratio of 150%. The collateral can be provided in cryptocurrencies such as ETH or USDC. If a vault's collateralization ratio drops below 150%, the position gets liquidated while being subject to a 13% penalty fee. The liquidated collateral is then auctioned on the open market with a 3% discount. For extreme scenarios where the collateral liquidation mechanism is not enough to maintain the peg, the protocol can mint new MKR tokens to sell at the open market against DAI to pay back the debt of an under-collateralized vault.

Risks

  • Smart contract risk
  • Risk of devaluation of on-chain collateral due to high-volatility
  • Risk of a negative contagion effect in case of any of the centralized stablecoins in the collateral vaults de-peg
  • Loss of funds due to de-peg

$DAI Newsticker

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