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Single Collateral DAI

Single Collateral DAI (DAI)

$ 1.00
0.03 %
Main info
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Comments
Markets
Analytics
Market cap
$5.36B
0.03 %
Volume (24h)
$2.87M
0.03 %
Circulating supply
5,365,382,703 DAI
Total supply
5,365,382,703 DAI

About Single Collateral DAI

The Dai Stablecoin

The Dai Stablecoin is a collateral-backed cryptocurrency whose value is stable relative to the US Dollar. We believe that stable digital assets like Dai Stablecoin are essential to realizing the full potential of blockchain technology.

We believe that stable digital assets like Dai Stablecoin are essential to realizing the full potential of blockchain technology.

How Maker Stabilizes Dai

Maker is a smart contract platform on Ethereum that backs and stabilizes the value of Dai through a dynamic system of Collateralized Debt Positions (CDPs), autonomous feedback mechanisms, and appropriately incentivized external actors.

Generating and Using Dai

Maker enables anyone to leverage their Ethereum assets to generate Dai on the Maker Platform. Once generated, Dai can be used in the same manner as any other cryptocurrency: it can be freely sent to others, used as payments for goods and services, or held as long-term savings. Importantly, the generation of Dai also creates the components needed for a robust decentralized margin trading platform.

Key data

updated $0
Market cap$5.36B
Volume 24h$2.87M
Circulating supply5.37B

Single Collateral DAI (ticker DAI) is the original version of the DAI stablecoin, launched by the MakerDAO protocol on Ethereum. In simple terms, it's a token designed to stay close in value to the US dollar, but unlike regular stablecoins, it isn't backed by bank deposits — it's generated by users locking up ETH in a smart contract as collateral. It was later superseded by Multi-Collateral DAI, and the old token is now often referred to as SAI.

Frequently asked questions

What is Single Collateral DAI and how does it differ from the newer DAI?

Single Collateral DAI (SAI) was the first iteration of MakerDAO's decentralized stablecoin, backed exclusively by ETH. The upgraded Multi-Collateral DAI later accepted multiple asset types as collateral and added a savings feature, which is why the original token was phased out of active use. If you see the contract 0x89d24a6b4ccb1b6faa2625fe562bdd9a23260359, that's the old single-collateral version.

How does the technology behind it work?

DAI runs on Ethereum as an ERC-20 token, so it inherits the network's security and consensus rather than having its own blockchain. Users lock ETH into a smart contract called a CDP (Collateralized Debt Position) and generate DAI against it, with the position overcollateralized to protect against price swings. If the collateral value drops too low, the contract automatically liquidates it to keep the system solvent.

How is DAI issued and how does it stay near the dollar?

New tokens are created only when someone opens a collateral position and locks up ETH — there's no central issuer printing it at will. Users who repay their debt destroy the DAI they generated, so supply expands and contracts with real demand. A system of stability fees and governance-set parameters is used to steer the price back toward its dollar peg when it drifts.

How can you store and use this token?

Since it's an ERC-20 token, any Ethereum-compatible wallet like MetaMask, Ledger, or Trust Wallet works fine. Historically it was used for payments, transfers, lending, and as a stable unit of account in DeFi applications. Keep in mind that most of the ecosystem has migrated to the newer Multi-Collateral DAI, so double-check which token a given platform actually supports.