Dai (or DAI) is a stablecoin cryptocurrency which aims to keep its value as close to one United States dollar (USD) as possible through an automated system of smart contracts on the Ethereum blockchain. Dai is maintained and regulated by MakerDAO, a decentralized autonomous organization (DAO) composed of the owners of its governance token, MKR, who may vote on changes to certain parameters in its smart contracts in order to ensure the stability of Dai.
Together, Dai and MakerDAO are considered the first examples of decentralized finance to receive significant adoption.
Introduction to Emergency Shutdown in Multi-Collateral Dai
