Over-collateralized with crypto assets and tokenized U.S. Treasuries.

Which blockchain networks support DAI?

DAI is available on Ethereum, Base, Polygon, Arbitrum, Optimism.

What is the DAI market cap?

The DAI market capitalization is approximately $4.6B as of 1 July 2026.

DAI Stablecoin (DAI) by Sky Protocol

← Sky Protocol

DAI DAI Stablecoin active Crypto Backed USD

Issued by Sky Protocol · Launched 2017

Market Cap $4.6B

DAI is a crypto-backed stablecoin originally issued by MakerDAO, now under Sky Protocol, maintaining a USD peg.

90-day market cap↑ $4.4B → $4.6B

Key Data

Backing	Over-collateralized with crypto assets and tokenized U.S. Treasuries.
Redemption	DAI holders can upgrade to USDS at a 1:1 ratio.
Peg Currency	USD
Launched	2017

Whitepaper ↗ · Audit Report ↗

Supported Networks

L1 EVMEthereum Base Polygon

L2Arbitrum Optimism

Cross-Chain Supply (DefiLlama · $4.8B total)

Ethereum

$4.2B 85.6%

Polygon

$563M 11.6%

Fantom

$35M 0.7%

BSC

$31M 0.6%

Arbitrum

$19M 0.4%

OP Mainnet

$14M 0.3%

PulseChain

$13M 0.3%

Avalanche

$11M 0.2%

Kaia

$8M 0.2%

Kava

$2M 0.0%

Smart Contracts

Ethereum 0x6B175474E89094C44Da98b954EedeAC495271d0F

Depeg History

Date	Low Price	Duration	Cause
2020-03-12	—	—	Black Thursday — ETH crash and network congestion caused collateral auction failures and DAI traded above peg
2023-03-11	$0.8500	—	USDC/SVB contagion — DAI (USDC-collateralized) fell to about $0.85 (per S&P) before recovering

Use Cases

Defi CollateralTradingPayments

DAI is a stablecoin that was initially launched by MakerDAO and is now managed under Sky Protocol. It maintains a peg to the USD and is backed by a mix of crypto and real-world assets. DAI can be upgraded 1:1 to USDS; DAI remains active.

DAI operates as an over-collateralized stablecoin, allowing users to hold a stable value token backed by various assets.

DAI's reserves include crypto assets and tokenized U.S. Treasuries, ensuring over-collateralization.

Recent Activity

2023-03-11DepegUSDC/SVB contagion — DAI (USDC-collateralized) fell to about $0.85 (per S&P) before recoveringDAI · $0.85
2020-03-12DepegBlack Thursday — ETH crash and network congestion caused collateral auction failures and DAI traded above pegDAI
—Our coverageStablecoin Recap Jun 22–29, 2026: BIS warns stablecoins risk fragmenting global financial system.Weekly
—Our coverageStablecoin Recap Jun 15–22, 2026: USD1 gained $0.372 billion during a week when the Bank of England eased stablecoin rules.Weekly
—Our coverageAave Bad Debt Crisis: How the Kelp DAO Exploit Hit Stablecoin LiquidityInsight
—Our coverageBIS vs Stablecoins: The Fragmentation Debate Is BackInsight

Other USD Stablecoins

USDT · $184.5B USDC · $73.3B USDS · $10.0B USD1 · $4.6B USDe · $4.4B USDG · $3.0B

Profile compiled from issuer disclosures, regulatory filings, press releases, and financial media. Market and on-chain data sourced directly or via third-party providers. See methodology.