Sai

Sai (SAI) is the original single-collateral version of the Dai stablecoin, an ERC-20 token built on the Ethereum blockchain and designed to maintain a value of one US dollar at all times. It was created for anyone who wants to transact, save, or settle obligations in a dollar-denominated unit without relying on a traditional bank or a centralized issuer. The problem it addresses is the volatility inherent in most cryptocurrencies, offering a stable unit of account that no single company or government controls.

Sai lives entirely on Ethereum as a smart-contract-governed token, meaning its rules are encoded in code rather than enforced by an institution. Users could generate Sai by locking Ether into a collateralized debt position, and the protocol used a set of economic incentives — including stability fees and liquidation mechanisms — to keep the token's price close to one dollar. Because SAI is a legacy single-collateral system that has since been superseded by multi-collateral Dai, the protocol is no longer actively expanded, though existing tokens remain on-chain.

The data provided does not include a fee revenue stream for Sai, so no fee-based measures such as fee yield or protocol earnings are available on this page. The original system did charge a stability fee on collateralized debt positions, but because SAI is a deprecated system, that mechanism is no longer the focus of ongoing protocol activity. The absence of a fee stream means any ratio or metric that would normally be derived from protocol revenue cannot be calculated or interpreted here.