Sai

Sai (SAI) is the legacy single-collateral version of the MakerDAO stablecoin system, predating the multi-collateral Dai that replaced it. It is an ERC-20 token on the Ethereum blockchain designed to maintain a value of one US dollar without relying on a central issuer or a bank holding real dollars in reserve. It was built for anyone who wants price-stable value on Ethereum while avoiding dependence on a centralized party.

Sai was created by locking Ethereum as collateral in a MakerDAO smart contract called a Collateralized Debt Position; the system minted Sai against that collateral and used game-theory incentives to keep the price near one dollar, tightening or loosening supply as the market price drifted above or below the peg. The token lives entirely on Ethereum and has no independent consensus algorithm or block time of its own, inheriting Ethereum's settlement layer. Because the single-collateral system has since been deprecated in favor of multi-collateral Dai, SAI is no longer actively minted through normal protocol use.

The data provided does not include a fee stream for SAI, which reflects the fact that the single-collateral Sai system has been wound down and is no longer generating active protocol revenue. The dilution overhang stands at 0.0% and the ratio of fully diluted value to market cap is 1.0 (both point-in-time), meaning there are no tokens pending issuance that would expand supply beyond the current circulating figure of 2,653,434.79 SAI against a maximum supply of 2,669,761.87. With no fee-based income observable in the stored data, the standard fee-based measures used elsewhere on this site are not applicable here.