24h Change+0.02%
All Time HighMar 13, 2020$1.22
All Time LowMar 11, 2023$0.88
Market Cap$4.641b
Fully Diluted Valuation$4.641b
Circ. Supply4.641b DAI
CEX Volume$1.06m
DEX Volume$143.93m
How much debt can be issued against DAI as collateral across lending protocols.
Maximum possible exposure to DAI
$982,440
$102.31 (max additional borrows against DAI) + $982,337 (bad debt if DAI was hacked now)
Morpho V1
$102.41 at-risk exposure = $0.1 bad debt if hacked + $102.31 additional borrowable against DAI
Aave V3
$911,459 at-risk exposure = $911,459 bad debt if hacked + $0 additional borrowable against DAI
Venus Core Pool
$70,878 at-risk exposure = $70,878 bad debt if hacked + $0 additional borrowable against DAI
Showing collateral exposure for DAI on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for DAI as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
DAI0x6b175474e89094c44da98b954eedeac495271d0f | $102.31 | $0.1 | ||
DAI0x6b175474e89094c44da98b954eedeac495271d0f | $0 | $648,610 | ||
DAI0xda10009cbd5d07dd0cecc66161fc93d7c9000da1 | $0 | $55,020 | ||
DAI0x8f3cf7ad23cd3cadbd9735aff958023239c6a063 | $0 | $207,829 | ||
DAI0x1af3f329e8be154074d8769d1ffa4ee058b1dbc3 | $0 | $70,878 |
Risk-management actions published about DAI by tracked risk managers and governance contributors, newest first.
The module's capacity to supply DAI against USDC is being increased to match a doubling of USDC reserves. Recent peak demand for DAI has exceeded the system's daily refresh rate, a bottleneck this parameter change is designed to fix.
Existing DAI reserves from previously authorized v2 pull-back are being migrated to treasury escrow as the most liquid component to immediately support V4 execution and treasury envelope.
SparkLend DAI reserves held in the SubDAO Proxy do not count toward risk capital requirements because they are not in native USDS form. Transferring to the ALM Proxy will book the value as profit in the next settlement cycle, consolidating it into the SubDAO Proxy USDS balance to meet risk capital needs.
DAI's historical role as DeFi collateral is acknowledged, but its evolution into a diversified credit basket via USDS shifts it away from a narrow, low-risk base asset suitable for the permissionless risk-free lane.
DAI reserves accumulated in SparkLend are proposed for claiming to the ALM Proxy as SLL-supported assets, enhancing risk capital to avoid forced reductions in asset allocations and yielding high RoE through USDS consolidation.
DAI is included in the USDS demand analysis for comparative purposes, tracking its interactions and competitive positioning in the Sky Ecosystem's stablecoin landscape.
DAI is the original single-collateral stablecoin backed by ETH loans, still supported but without upgradeability or recovery features if stolen. It remains simple and non-depreciating within the Sky ecosystem.
The DAI vault generated over $5M in Q3 yield, supporting Spark's high margins and operational efficiency as a key component of its stablecoin-focused yield aggregation.
Dai Savings Rate (DSR) decreased by 0.25 percentage points to align with Atlas modification rules. Stability parameters for Spark-related DAI markets were adjusted to reflect revenue accumulation and offset idle liquidity effects from sUSDS and sDAI on the Surplus Buffer.
The USDC/DAI liquidity pools on Uniswap generate only 0.06% and 0.02% annual yields, which is suboptimal compared to 4.1%+ returns available for USDC deposits in other investments, and the new stablecoin module allows 1:1 swaps without requiring LP positions.
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Showing 10 of 159 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabDAI-WETH0.3% | $7.37m | 14.60% | 14.60% | 20.69% | |||||
| open in new tabDAI-WETH0.3% | $2.71m | 9.19% | 9.19% | 15.42% | |||||
| open in new tabETH-DAI0.30% | $834,759 | 8.42% | 8.42% | 22.58% | |||||
| open in new tabDAI-SLGNS0.19% | $612,466 | 190% | 190% | 134% | |||||
| open in new tabDAIMorpho - Gauntlet Core | $224,883 | 7.55% | 7.55% | 5.01% | |||||
| open in new tabCHI-DAIstable - 0.3% | $172,665 | 326% | 326% | 259% | |||||
| open in new tabDAI-JPYC0.20% | $136,799 | 17.95% | 17.95% | 18.22% | |||||
| open in new tabWETH-DAI0.3% | $97,175 | 33.89% | 33.89% | 35.49% | |||||
| open in new tabWETH-DAI0.05% | $11,417 | 16.56% | 16.56% | 10.00% | |||||
| open in new tabDAI | $3,817 | 8.48% | 8.48% | 8.42% |
Showing 10 of 1323 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabDAI âžž CBBTC | $10.41m | 9.42% | 8.48% | 1.07% | 86.96% | $28,559 | $24,742 | ||
| open in new tabDAI âžž MORPHO | $9.06m | 15.22% | 8.48% | 7.75% | 86.96% | $28,559 | $24,742 | ||
| open in new tabDAI âžž MORPHO | $9.06m | 9.44% | 3.01% | 7.75% | 83% | $34,824 | $24,410 | ||
| open in new tabDAI âžž LBTC | $3.14m | 9.37% | 8.48% | 1.02% | 86.96% | $28,559 | $24,742 | ||
| open in new tabDAI âžž VVV | $708,241 | 20.26% | 8.48% | 13.54% | 86.96% | $28,559 | $24,742 | ||
| open in new tabDAI âžž VVV | $708,241 | 14.25% | 3.01% | 13.54% | 83% | $34,824 | $24,410 | ||
| open in new tabDAI âžž VVV | $708,241 | 12.21% | 0.02% | 13.54% | 90% | $89,838 | $344 | ||
| open in new tabDAI âžž VVV | $708,241 | 12.19% | 0% | 13.54% | 90% | $7.98m | $0 | ||
| open in new tabDAI âžž VVV | $708,241 | 10.44% | 0.28% | 13.54% | 75% | $88,374 | $18,944 | ||
| open in new tabDAI âžž TBTC | $42,881 | 9.17% | 8.48% | 0.79% | 86.96% | $28,559 | $24,742 |
