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CoinPulse
D

Dai

Pioneering decentralized, crypto-collateralized dollar stablecoinNot published
4.32 / 1056% measured
#15 of 15 in Stablecoins
$17,944
Market cap
DefiLlama
49
Chains
DefiLlama

What is Dai (DAI)?

Dai (DAI) is one of the original decentralized stablecoins, created by MakerDAO (now the Sky ecosystem). Rather than being backed by a company's bank reserves, DAI is generated against overcollateralized crypto and tokenized collateral locked in smart contracts, with the system aiming to keep each DAI worth about one US dollar. Our data shows DAI deployed across 49 chains, one of the widest footprints in DeFi.

A note on our measured numbers

We want to be upfront: the market-capitalization figure captured in our current dataset for DAI looks incomplete and does not reflect DAI's true circulating supply, so we are not reporting a headline market cap here. We also did not capture a live peg-deviation reading in this snapshot. Because honesty is our priority, we would rather flag a data gap than publish a misleading number. DAI ranks 15th of 15 in this particular scoring run largely because of these missing scale and peg inputs, not because of a known failure of the token.

How does DAI stay near $1?

DAI relies on overcollateralization, automated liquidations, and protocol stability mechanisms managed by decentralized governance. This design has kept DAI broadly close to its dollar target through multiple market cycles, though it is not immune to volatility during extreme stress.

Risks to understand

  • Collateral risk: DAI's stability depends on the value and liquidity of its backing assets.
  • Smart-contract and governance risk: Code bugs or governance changes can affect the system.
  • RWA and centralized-stablecoin exposure: Over time DAI's collateral has included other stablecoins and real-world assets, which reintroduces some centralization.
  • No public status page.

A long track record

DAI has operated since 2017 and is among the most integrated stablecoins in DeFi, used widely as collateral, a trading pair, and a savings asset. That maturity is a genuine strength, even though our current data snapshot is incomplete on its market cap and did not capture a live peg reading, which is the main reason for its low score in this particular run.

Who is it for?

DAI suits DeFi-native users who value a battle-tested, decentralized dollar and are comfortable with a collateral-based trust model. If you need audited fiat reserves and straightforward issuer redemption, a regulated fiat stablecoin may fit better. Verify current figures on-chain before relying on any single data point, including ours.

How Dai scores

Scored on the criteria that matter for stablecoins.

Stablecoins#15 of 154.32 / 1056% measured
SCALEScale of value trusted
61% weight3/10

$17,944 in market cap (DefiLlama). Capital is the market voting with its money — scored on a log scale, so the jump from $10M to $100M counts for more than $10B to $20B.

measured 2026-08-25 11:09 UTCevidence ↗
PEGPeg stability
n/a

Not a pegged asset, or no live price available.

TRACKTrack record
n/a

No documented launch or listing date to measure age from.

REACHMulti-chain reach
21% weight10/10

Deployed on 49 chains (DefiLlama). Breadth is a minor tie-breaker — a focused single-chain protocol can still be excellent.

measured 2026-08-25 11:09 UTCevidence ↗
STATUSStatus transparency
18% weight2/10

No public status page found. Nothing about its reliability can be verified from outside — including by us.

measured 2026-08-25 11:09 UTC
Where we docked points

Status transparency: No public status page found. Nothing about its reliability can be verified from outside — including by us.

Who it’s NOT for

Anyone who wants a battle-tested venue. Little value sits here yet, so it has not been stress-tested at scale — early-adopter territory.

FAQ

Why don't you show DAI's market cap?+

The market-cap value in our current snapshot for DAI appears incomplete and would understate its real circulating supply, so we chose not to publish a misleading figure. Check on-chain data for the live number.

What backs Dai?+

DAI is crypto-collateralized and overcollateralized through the Maker/Sky protocol. Its backing has historically included crypto assets, other stablecoins, and tokenized real-world assets rather than a single company's bank reserves.

Is DAI decentralized?+

DAI is issued and managed by a decentralized protocol and governance rather than one issuer, though parts of its collateral can include centralized assets, which is worth understanding.

Is DAI safe?+

DAI has held broadly near $1 across many cycles, but it carries collateral, smart-contract, and governance risks. We assess reach and peg where we have data; we do not audit its collateral.