Best For

  • Traders
  • Financial Institutions
  • Exchanges

DAI is a digital asset-backed, ERC-20 stablecoin pegged to the US Dollar. Issued by a smart contract platform on the Ethereum blockchain, DAI is governed and maintained by the MakerDAO Foundation.

DAI Stablecoin - 2020 Comprehensive Review

Overall Score:

8
Trusted
Liquidity:
6 of 10
Transparency:
9.5 of 10
Ease of Use:
7 of 10
Trust:
9.5 of 10
Fees:
7 of 10
Security:
9 of 10

DAI Stablecoin Overview

TickerDAI
Current Price$1.01
24H Volume$46,032,527.68
Market Cap$913,120,376.00
Circulating Supply903,261,190
Market Rank26
Collateral TypeCrypto-Backed
Base CurrencyUSD
ExchangesBitfinex, Kucoin, KyberSwap, Radar Relay, Bittrex Global, Coinbase Pro, Kraken, Gate.io, IDEX, Uniswap, HitBTC, Oasis Trade
BlockchainsEthereum
Hardware WalletsLedger, Trezor
Deposit InsuranceNo
Audit FrequencyPublic Smart Contract
Minimum Purchase1
Minimum Redemption1

DAI (DAI) Exchanges

ExchangeRatingPricePairs24hr Volume
HitBTC3.5/10$1.2415$2,022,652.47
Coinbase Pro8/10$1.013$895,432.04
Kraken7.5/10$1.015$160,524.11
Uniswap7/10$0.991$47,679.92
Bittrex Global6.5/10$1.014$36,095.50
Bitfinex7/10$1.013$9,063.62
Kucoin7.5/10$1.014$4,736.65
Gate.io6.5/10$1.011$895.15
KyberSwap7.5/10$1.011$478.22
Radar Relay10/10$0.000$0.00
IDEX6/10$1.162$0.00
Oasis Trade7/10$0.000$0.00

Recommended DAI (DAI) Wallets

WalletRatingTypePrice
Ledger10/10Hardware$69.99
MetaMask8/10Browser Extension$0.00
Ledger Nano M7/10Mobile Application$96.00
Trezor9/10Hardware$149.99
MyEtherWallet9/10Web$0.00
MyCrypto9/10Web$0.00
TrustWallet9/10Mobile Application$0.00

DAI Borrow Rates

PlatformAPR RateCollateral LTVLoan Amounts
MakerDao8%66%$1 - $1,000,000
Compound0%50% - 75%$1 - $100,000
Celsius Network3.46% - 6.26%25% - 50%$1,500 - $1,000,000
Nuo Network2.88%50% - 70%$25 - $600,000
demo10%10%$10 - $10

DAI Interest Rates

PlatformAPY RateLockup TermsDeposit Amounts
Compound1134200.00%Flexible$1 - $100,000
Nuo Network0.00%Flexible$1 - $100,000
Celsius Network16.16%Flexible$1 - $100,000
Nexo8%Flexible$1 - $2,000,000
Crypto.com6% - 10%3 Months$25 - $1,000,000
MakerDao7.5%Flexible$1 - $1,000,000

DAI Stablecoin Alternatives

Rating8/109.5/105/10
Collateral TypeCrypto-BackedFiat-BackedFiat-Backed
Audit FrequencyPublic Smart ContractMonthlyInfrequent
Deposit InsuranceNoNoNo
Incorporated CountrySwitzerlandUnited StatesBritish Virgin Islands
Learn MoreReviewReviewReview

Pros and Cons

Pros

  • ERC20 - DAI is easily transferable, transparent, and secure given its issuance on Ethereum blockchain. As an ERC20 DAI can be stored in personal hardware wallets where users maintain ownership over the private keys.
  • Censorship Resistant - DAI is governed by smart contracts and therefore is the only stablecoin that cannot be seized or censored by governments or regulatory agencies.
  • Transparency & Auditability - DAI is collateralized by Ethereum which is immutably verifiable on the Ethereum blockchain.
  • Privacy - Transacting with DAI does not require any account creation or KYC processes. It is by far the most private stablecoin available.

Cons

  • Liquidity - DAI is only listed on a few major exchanges and does not have nearly as many trading pairs compared to centralized stablecoins such as USDT and USDC.
  • Dependent On Ethereum Collateral - DAI is collateralized by Ethereum which is a far more volatile asset than the US Dollar. Ethereum is orders of magnitude more likely to flash crash than fiat, introducing a much greater risk for DAI holders vs centralized stablecoins that are collateralized by fiat.
  • Peg Stability - DAI is exposed to greater USD price fluctuations compared to centralized stablecoins due to being collateralized by a volatile asset in Ethereum.

Frequently Asked Questions

What is Dai?

Is DAI safe?

Is DAI an ERC20?

Where can I buy DAI?

Can I earn interest on DAI?

Summary

DAI is the first decentralized stablecoin to be issued on the Ethereum blockchain and since its inception in 2013 has seen steady progress in both overall market cap growth and usage.

Blockfer expects DAI to maintain its growth as the MakerDAO foundation continues to focus on additional liquidity options and financial use cases for DAI.

DAI is incredibly innovative and the first of its kind in many ways. We are very excited to see how DAI continues to progress as an essential part of the blockchain finance ecosystem. Blockfer recommends DAI for privacy focused users, investors looking to earn interest, crypto loans, and traders looking to hedge against volatility.

Learn More Best Features

DAI Official Website

  • The largest decentralized stablecoin, Issued and backed by collateralized crypto loans that are fully transparent in the Ethereum blockchain.
  • Growing DEFI ecosystem where you can transact across exchanges, lending platforms, web services, games, and casinos without user registration requirements (KYC).
  • Good market liquidity with DAI/USDC on Coinbase. Allows you to trade DAI for USD with nominal trading fees.

Legal & Regulation - Facts & Figures

Legal NameMakerDAO Foundation
Incorporated CountrySwitzerland
HeadquartersSanta Cruz, CA United States
Year Founded2014
CEORune Christensen
Total Employees50-100
Regulators Not Regulated
Links Website, Crunchbase, Whitepaper, Source code, Twitter, Blog, LinkedIn

Methodology: How We Review And Compare

Our mission is to provide the most informative, unbiased, and useful reviews and comparisons possible for products and services in the blockchain finance industry. Assessments are powered by experts with years of relevant experience.

The stablecoins found in this category have been researched extensively by our team as part of the review process. Factors we analyze in our stablecoin reviews and comparisons include: trading volume, listings, purchase and redemption process, issuer trust, collateral type, borrow rates, interest rates, and wallet compatibility.

The Blockfer Promise: We do everything in our power to keep content up to date and in the best interests of our audience. Blockfer does not shy away from poor ratings. Products or services that do not meet our reputability standards will be rated as 'Not Trusted'. Compensation from partners does not, and will never, effect our review process.

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