Dai Stablecoin on Ethereum

DAI, the dollar stablecoin of MakerDAO, the Ethereum lending protocol since rebranded as Sky, and the first widely used stablecoin backed by crypto collateral instead of bank deposits. Anyone can mint DAI by locking collateral in the protocol and burn it to release that collateral, which is what holds the price near a dollar. Multi-collateral DAI, live since 2019, widened the backing from ether alone to a range of assets.