Glossary
DAI
MakerDAO's crypto-collateralized stablecoin, minted against vaults of ETH, USDC, and other approved assets — the original decentralized dollar.
DAI, launched by MakerDAO in 2017, was the first crypto-collateralized stablecoin to gain serious adoption. Users lock collateral (ETH, wstETH, USDC, real-world assets) into a vault and mint DAI against it up to the vault's LTV.
Maker has since rebranded its governance and stablecoin under the "Sky" protocol and "USDS" token, with one-to-one conversion available from DAI. The original DAI continues to circulate as the canonical decentralized USD stablecoin.