Maker's overcollateralized decentralized stablecoin, now managed under the Sky brand.
Live market data
CoinGecko data; may be delayed.
No declared max supply: no FDV is computable, supply follows demand.
99.9% of the achievable supply is already circulating.
$1.22 -17.98% · Mar 12, 2020
Source: CoinGecko, snapshot of Sep 13, 2026. Figures may be delayed.
Source: DefiLlama, data as of · Revenue is not reported by every protocol.. Figures are informational, not financial advice.
DAI is the longest-running major decentralized stablecoin: minted by locking crypto collateral in Maker vaults rather than by a company accepting deposits. Since the 2024 rebrand to Sky, the protocol has pushed users toward USDS and rewards mechanics, and DAI increasingly functions as the legacy leg of a system whose center of gravity moved. Its credibility rests on having survived 2020 and 2022 stress without breaking its peg, at the cost of capital inefficiency inherent to overcollateralization.
General research guidance, not analysis specific to this asset. Detail is pending.
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DAI is a crypto-collateralized stablecoin: users open a vault in the Maker (Sky) protocol, lock collateral such as ETH worth more than the debt, and mint DAI against it. Repaying the debt burns the DAI. If collateral value falls below the liquidation threshold, the vault is auctioned off to restore the system, which is how DAI historically holds its $1 peg without bank reserves.
Censorship-resistant dollar settlement inside DeFi
Collateral asset across lending markets
Vault stability fees paid by borrowers historically funded MKR buybacks and burns; under Sky's Endgame, protocol revenue instead funds the USDS savings rate and SKY staking rewards. DAI itself captures no value — value accrues to the governance token of the system that manages it.
DAI has no cap: supply expands when users mint against collateral and contracts when debt is repaid, so circulation tracks borrowing demand plus PSM swaps. The 1:1 DAI-to-USDS migration lets holders move into the newer Sky rail without changing exposure.
MKR — migrated 1:24,000 into SKY in 2024 — votes on collateral onboarding, risk parameters and the Atlas constitution, with elected delegates carrying most day-to-day voting. Emergency modules can pause critical functions, and the scope framework splits decisions across specialized committees.
Collateral quality shifted toward real-world assets, re-adding banking exposure the design sought to avoid
Migration incentives pull liquidity toward USDS, thinning DAI's own ecosystem
Overcollateralization makes it capital-inefficient against centralized alternatives
Through overcollateralization, liquidation auctions and the Peg Stability Module, which lets users swap DAI 1:1 against approved stablecoins like USDC. The peg is maintained by market mechanisms and code, not by a company's balance sheet.
USDS is Sky's upgraded token, freely convertible 1:1 with DAI and eligible for the Sky Savings Rate. DAI remains the legacy token with the same backing; USDS is simply the Endgame-era upgrade path.
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