Dai (DAI) Price

DAI is an Ethereum-based stablecoin whose issuance and development are overseen by the Maker Protocol and the decentralized autonomous organization MakerDAO. Being a stablecoin means DAI's price is soft-pegged to the US dollar, which is the main advantage of this cryptocurrency. DAI is also unique due to the fact that it’s collateralized by a mix of other cryptocurrencies that are put into smart-contract vaults each time fresh DAI is minted. Another significant benefit is that DAI is managed by a decentralized autonomous organization via a software protocol, as opposed to a private firm. As a result, all token issuance and burn events are handled and publicly documented by self-enforcing smart contracts powered by Ethereum, making the system overall more transparent and less susceptible to fraud. DAI is one of the top five largest stablecoins by market capitalization.