CashboardStablecoin · DAI
Dai (DAI) live price dashboard
DAI is meant to sit at one dollar. The part worth watching is when it does not, and where the supply is moving. The board below tracks the peg, the supply and the chains DAI lives on.
What is Dai?
Dai is a decentralized dollar stablecoin from the Maker protocol, first launched in December 2017. Users mint DAI by locking crypto in vaults, and much of the backing today is USDC and real-world assets such as short-term US Treasuries. Maker rebranded as Sky in 2024 and launched USDS, which DAI converts into one to one.
The first version accepted only ETH as collateral. Multi-collateral DAI replaced it in November 2019, and four months later came the stress test. On March 12, 2020 ETH crashed, liquidation bots failed during network congestion and some vaults were sold off for zero bids. Maker covered the shortfall by minting and selling new MKR.
After that the protocol leaned on USDC through its peg stability module, and later on tokenized Treasuries. Critics say that made DAI less decentralized. It also made the peg far steadier.
In September 2024 Sky launched USDS and the SKY token. MKR originally converted at 24,000 SKY per MKR, but since September 2025 late converters pay a penalty that grows by 1% every three months. By 2026 USDS had passed DAI in supply. DAI still works and converts both ways, but most new incentives go to USDS.
| Symbol | DAI |
|---|---|
| Category | Stablecoin |
| CoinGecko id | dai |
| Price sources in Cashboard | CoinGecko |
| Wallet tracking | Watch-only, on Solana or an indexed EVM chain |
What do traders watch on DAI?
- How quickly supply moves from DAI to USDS.
- The savings rates Sky governance sets for DAI and USDS.
- Collateral mix and the peg on days when ETH falls hard.
How do you check whether DAI holds its peg?
A stablecoin chart is supposed to be boring. What tells you something is the gap to one dollar, which way supply is going and how much of it sits on a single chain. Stablecoin risk shows all three from DefiLlama and flags a row at 0.5% off the peg; Market flows adds the market-wide supply trend.
Where can you read more about Dai?
Frequently asked questions
Is DAI being replaced by USDS?
Gradually. USDS is the upgraded stablecoin from the same protocol, now called Sky, and it converts one to one with DAI in both directions. DAI still exists and trades, but USDS passed it in supply by 2026.
What backs DAI?
Crypto locked in vaults, stablecoins such as USDC held through the peg stability module, and real-world assets like short-term US Treasuries. DAI is minted as debt against that collateral, and vaults that fall below their required ratio are liquidated.
How can I tell if DAI is losing its peg?
Put the Stablecoin risk widget on a board. It shows DAI against one dollar with supply change and chain concentration, marks the row as watch at 0.5% off the peg and high at 2%, and does the same for sharp supply drops. Data comes from DefiLlama.
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Last reviewed . Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.