Chains
1
Stablecoins
2
Features
5
About
MakerDAO (now rebranded to Sky) pioneered decentralized stablecoin issuance with DAI in 2017. Users lock collateral in smart contract vaults to mint DAI/USDS. The protocol has evolved from crypto-only collateral to include real-world assets (US Treasuries) and the Peg Stability Module (PSM) for direct USDC-DAI conversion.
Stablecoin Relevance
DAI was the first decentralized stablecoin and remains a DeFi cornerstone. The Sky Dollar (USDS) is the next evolution with improved yields and governance.