Dai is a decentralized cryptocurrency built on Ethereum stabilized to the value of U.S. dollars. The asset is pegged 1:1 to dollars via what is known as the Maker (MKR) Dai Stablecoin System. Unlike other popular stablecoins whose value is backed directly by USD, cryptocurrency collateral, which can be viewed publicly on the Ethereum blockchain, keeps dai’s value stable. Dai is a key component of many decentralized apps, or dapps, in the decentralized finance, or DeFi, ecosystem that is built on the Ethereum platform. With dai, DeFi users are able to use the asset’s stability to lend, borrow and invest on various different dapps. Note: The market cap and circulating supply figures here reflect only the supply of DAI that exists as an ERC-20 token. Additional DAI are recorded elsewhere, for example in DAI Savings Rate (DSR) lock-ups, and not included in the numbers published here.