Dai

DAI has been run by the MakerDAO protocol, now called Sky, since 2017; the current Multi-Collateral version launched on 18 November 2019. Development is documented in Sky's developer docs, and the Sky Frontier Foundation publishes quarterly results. Sky now promotes USDS, an upgradeable token that converts 1:1 with DAI at zero fee. Data is insufficient on the size of the development teams, their funding and key departures: the provided facts do not cover them.

• Multi-Collateral Dai Launches and Introduces the Dai Savings Rate (Maker Foundation, PR Newswire)
• Dai (cryptocurrency): Wikipedia
• USDS token (Sky developer docs)
• Sky Protocol Achieves 2nd Straight Quarter with Over $100M in Revenue (Sky Frontier Foundation, PR Newswire)

Etherscan showed about 699,555 DAI holder addresses on 27 September 2026, which points to broad use. In Q2 2026 Binance completed its upgrade of user DAI balances to USDS, so one large venue no longer holds DAI for its users. Data is insufficient on institutional holders, funds and the share held by the largest addresses.

• Dai Stablecoin (DAI): Etherscan
• Dai token (Sky developer docs)
• Sky Protocol Achieves 2nd Straight Quarter with Over $100M in Revenue (Sky Frontier Foundation, PR Newswire)

DAI has no fixed cap. It is minted when users borrow against collateral or swap other stablecoins in, and burned when debt is repaid; Etherscan showed about 4.60 billion DAI on 27 September 2026. Borrowers pay a stability fee that accrues to the protocol, which pays the Dai Savings Rate from that surplus; the docs warn that a savings rate above system fees would create protocol debt. Sky backs DAI and USDS with crypto vaults, USDC in the Peg Stability Module and real-world assets and credit, without a published percentage split. Only authorised protocol contracts can mint and burn.

• Dai Stablecoin (DAI): Etherscan
• Dai token (Sky developer docs)
• Jug: stability fees (Sky developer docs)
• Pot: Dai Savings Rate (Sky developer docs)
• Sky Protocol: Capital Allocation & the Sky Savings Rate (Sky Ecosystem Insights)

The Sky Frontier Foundation reported gross protocol revenue of $107.35 million and net revenue of $40.09 million for Q2 2026, with $12.32 billion of protocol collateral. The verified DAI contract is not a proxy and has no blacklist, freeze or pause function. Use of the savings wrapper is small: about 139.2 million sDAI, under 4% of DAI supply, on 27 September 2026.

• Sky Protocol Achieves 2nd Straight Quarter with Over $100M in Revenue (Sky Frontier Foundation, PR Newswire)
• Dai contract source code: Etherscan
• Savings Dai (sDAI): Etherscan