Dai

Dai is a crypto-backed stablecoin issued by the MakerDAO protocol, designed to maintain a value of one US dollar without being directly backed by dollars held in a bank. It is intended for anyone who wants price stability in a decentralised setting — for instance, to transact, save, or participate in decentralised finance applications without exposure to the price swings of assets like Ether. The Multi-collateral version allows several different crypto assets to serve as the backing, rather than a single one.

Users lock approved collateral assets into smart contracts on the Ethereum blockchain called Maker Vaults, and in return the protocol mints new Dai up to a limit determined by the collateral's value and a set overcollateralisation ratio. If the collateral falls in value and a vault becomes undercollateralised, the protocol can liquidate it to keep the outstanding Dai fully backed. Dai itself has no consensus algorithm of its own — it is a token that lives on Ethereum and inherits that network's settlement.

The data stored here does not include a fee-revenue figure for Dai itself; fee income in the MakerDAO system flows to the protocol through a mechanism called the Stability Fee, which borrowers pay on their vaults, but no such figure appears in this dataset. The circulating supply stands at 4,781,373,637.64 Dai as measured at the point-in-time reading, and the 30-day change in that supply is -0.482337 percent, meaning the total outstanding has contracted slightly over the past month. Without a fee stream in the data, fee-based measures that this site might apply to other assets are not applicable here.