Dai

Dai is a decentralized stablecoin designed to maintain a value of one US dollar, created by MakerDAO and running primarily on the Ethereum blockchain. It is intended for people and applications that want the price stability of a dollar without relying on a traditional bank or a centralized issuer. The core problem it addresses is the volatility typical of most cryptocurrencies, making it usable for everyday transactions, lending, and saving within decentralized finance.

Dai is generated when users deposit approved crypto assets as collateral into MakerDAO's smart contracts, known as Vaults, and borrow Dai against that collateral. Because the system accepts multiple asset types — hence the name Multi-collateral DAI — the collateral pool is diversified across different tokens rather than a single one. Dai lives on Ethereum as an ERC-20 token and is destroyed, or burned, when a borrower repays their debt, keeping the circulating supply tied directly to outstanding collateralized positions.

MakerDAO charges borrowers a stability fee on their Vault positions and pays a Dai Savings Rate to holders who lock Dai in the protocol, though neither a specific fee rate nor revenue figure is present in this dataset. What the data does show is that the circulating supply stood at 4,524,671,951 DAI at the point of measurement, against a broader stablecoin circulating figure of 4,723,345,021, and that total supply contracted by 1.384055 percent over the prior 30 days, suggesting net repayment of debt exceeded new issuance during that window. The dilution overhang is recorded at 0.0 percent and the fully diluted value equals the market cap exactly, meaning there is no additional supply sitting outside the circulating figure waiting to enter the market.