Dai (DAI) Exchange

DAI is a decentralised stablecoin backed by overcollateralised crypto assets locked in on-chain Vaults — no company holds cash reserves behind it. USDC and USDT are fiat-backed stablecoins issued by centralised entities (Circle and Tether) that hold dollar deposits and Treasuries. DAI's peg is maintained by market arbitrage and on-chain liquidations

Users must lock collateral worth 145–175% of the DAI they borrow. If the collateral value falls below the minimum ratio

When a Vault's collateral-to-debt ratio falls below the minimum threshold

The DSR is a protocol-level savings mechanism where DAI holders deposit their tokens into a smart contract and earn yield without any lock-up period. The yield rate is set by SKY governance (formerly MakerDAO governance). Deposited DAI can be withdrawn at any time. The DSR rate fluctuates based on protocol revenue and governance decisions.

The PSM allows users to swap USDC for DAI (and vice versa) at a 1:1 rate with a small fee

USDS launched in August 2024 as the successor stablecoin under Sky Protocol. DAI and USDS are interchangeable at 1:1 via Sky's SkyMoneyConverter contract at no cost. DAI remains fully active and is not being deprecated — both tokens share the same collateral pool. USDS has approximately $8.7 billion in supply as of early 2026

No. DAI supply is elastic — it expands when users open new Vaults and borrow DAI against collateral

The stability fee is an annualised interest rate charged on open Vault positions. It is set per collateral type by SKY governance and can be changed by governance vote. As of June 2025

Approximately 23.5% of DAI's collateral consists of real-world assets (RWA) — tokenised treasuries and credit facilities managed through on-chain legal structures. These RWA vaults generate yield from off-chain instruments and channel it back to the Sky Protocol

Yes. USDC held in the PSM is subject to Circle's freeze function at the USDC contract level

Go to swapzone.io/exchange/dai