Buy & Swap Dai (Ethereum) (DAI)

$1.00+0.00% (24h)ETH network

Dai (Ethereum) (DAI) can be swapped instantly on SwapRocket — no account, no KYC and zero added fees. Compare live DAI rates from every connected provider and receive funds in your own wallet in minutes.

Swap DAI instantly — no KYC

DAI / USD — 24H chart

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Dai (Ethereum) statistics

Market cap$5.3B

Fully diluted market cap—

24h volume$300M

Circulating supply5.30B DAI

Max supply∞

Total supply—

All-time high$1.10

Market dominance—

Rank—

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About Dai (Ethereum) (DAI)

Stablecoin

Dai (Ethereum) (DAI) is a stablecoin — a cryptocurrency designed to hold a steady value, typically pegged 1:1 to the US dollar. It lets you move value across crypto markets and wallets without the price swings of assets like Bitcoin or Ethereum.

How does DAI stay stable?

DAI aims to keep its dollar peg through reserves and on-chain mechanisms that back each token in circulation. Because it settles on the ETH network in seconds, it's widely used for trading, payments, and parking funds between trades without converting back to a bank account.

What is DAI used for?

Traders use DAI as a safe haven during volatility, as the quote currency in swaps, and to send dollar-denominated value worldwide at low cost. It's one of the most common assets to swap into and out of when entering or exiting other crypto positions.

How to buy or swap DAI on SwapRocket

Pick DAI as the asset you want to receive.
Choose which crypto you're paying with.
SwapRocket compares every connected exchange and surfaces the best rate.
Paste your wallet address and confirm — funds arrive in minutes.

Dai (Ethereum) (DAI) swap profile

This profile explains how Dai (Ethereum) swaps work on SwapRocket: the network DAI settles on, what an exchange costs, how long it usually takes, and which pairs are published. Rates are aggregated live from every connected provider and shown in full before you commit to anything.

DAI key facts

Ticker: DAI
Settlement network: ETH
Category: Stablecoin
Custody: Non-custodial — coins move from the provider straight to your wallet
Cost to you: Zero added fees; you see the provider rate
Verification: No KYC for crypto-to-crypto swaps
Typical completion: Most swaps finish in under 10 minutes
Rate options: Best rate, fastest route or fixed rate
Published pairs: 0 published DAI pairs

How a DAI swap works

Enter the amount you want to exchange, pick the asset on the other side, and SwapRocket queries every connected exchange partner at once. You choose an offer, paste the wallet address that should receive the funds, and send DAI to the deposit address shown. The partner executes the trade and pays out to your address — SwapRocket never holds your coins, and there is no account to create before you start.

Choosing a rate for DAI

Three offers are presented for every DAI exchange. The best rate returns the largest amount for the size you entered. The fastest route favours the partner with the shortest expected settlement time, which matters when the market is moving. The fixed rate locks the quoted amount for the duration of the order, so what you are shown is what arrives, at the cost of a slightly smaller payout. Floating offers can move with the market between deposit and settlement.

Networks and addresses for DAI

Dai (Ethereum) settles on ETH. Always send from and to an address on that network: a deposit sent over a different chain cannot be recovered by the exchange partner. When an asset exists on several chains, pick the matching network in the widget before copying the deposit address, and send a small test amount first if you are unsure.

What is DAI? · Sourced guide · Updated 2026-09-23 · 13 sources cited

How can a dollar-targeting token be issued from on-chain collateral instead of a matching bank deposit?

Dai is created by the Maker Protocol, now documented within the Sky ecosystem, when users lock approved collateral in smart-contract vaults and generate debt against it. That makes Dai different from a token issued only after dollars arrive in a bank account. Its stability depends on collateral values, oracle inputs, liquidation incentives and governance-set parameters working together. The mechanism is public and composable, but its moving parts mean that 'one Dai targets one dollar' describes an objective rather than a permanent guarantee.

Vaults create Dai as debt

The Multi-Collateral Dai system lets a user deposit an approved asset into a Vault and generate Dai up to a limit determined for that collateral type. The collateral stays locked while the debt remains open. To recover it, the user returns the generated Dai together with the protocol's applicable stability fee.

This structure means Dai is overcollateralized at creation rather than backed by one specific dollar allocated to each token. Different collateral types can have different debt ceilings, liquidation ratios and fees. Those parameters are governed system choices, and the public smart contracts enforce the resulting positions on Ethereum.^{[1], [2], [3], [4]}

Liquidation protects the common backing

If a Vault's collateral value falls below its required ratio, the protocol can liquidate the position and sell collateral to cover the outstanding Dai obligation and penalties. Price oracles provide the reference inputs used by that risk system. The purpose is not to protect an individual borrower from loss; it is to keep undercollateralized debt from remaining inside the shared system.

Auctions and other settlement modules turn that rule into an operating process. The design can respond automatically to a falling collateral ratio, but it still depends on timely price information, executable transactions and buyers willing to acquire collateral. Those dependencies are why collateral parameters differ and why governance monitors them rather than treating every asset as interchangeable.^{[1], [2], [5], [6]}

Market tools support a soft peg

Dai targets the US dollar but trades on open markets. The protocol uses incentives and liquidity mechanisms rather than promising that every venue will quote exactly one dollar at every moment. Peg Stability Modules can exchange Dai against approved stable assets under configured terms, creating a direct arbitrage path around the target when capacity is available.

The Dai Savings Rate is another governed mechanism. Dai deposited into the designated savings contract accrues at a protocol-set rate, while ordinary Dai held in a wallet does not automatically receive that return. The rate can influence demand for Dai, but it is a policy parameter rather than a fixed property of the token.^{[7], [8], [1], [9]}

Dai remains distinct through the Sky transition

MakerDAO's ecosystem adopted the Sky name and introduced USDS and SKY alongside existing assets. Dai remains its own Ethereum token with its established contract and does not become USDS merely because the governance brand changed. Conversion tools and current rules should be checked directly rather than inferred from older Maker or newer Sky terminology.

Dai also does not confer protocol voting power. Governance tokens and on-chain executive votes control risk parameters and upgrades. A Dai holder can use, transfer or deposit Dai without being a protocol voter, while a governance participant can influence rules without Dai being the voting unit.^{[10], [11], [12], [13]}

Transparency does not remove every dependency

The system's contracts and parameters are inspectable, yet the quality of backing depends on the assets accepted at a given time and the legal or operational arrangements attached to any off-chain collateral. A single label such as 'overcollateralized' cannot summarize liquidity, oracle, counterparty and governance risk across every collateral type.

The exact current share of Dai supported by each collateral category, and how that composition would behave during simultaneous market and operational stress, is UNKNOWN from the static sources reviewed here. Those are dated system-state questions and should be answered from current protocol records rather than copied into evergreen prose.^{[4], [9], [13]}

What this means when you hold or swap Dai

On Ethereum, verify the canonical Dai contract address 0x6B175474E89094C44Da98b954EedeAC495271d0F and the exact network requested by the receiving service. Bridged versions on other networks may depend on a bridge and are not made interchangeable merely by sharing the Dai name or symbol.

Do not assume a wallet balance earns the Dai Savings Rate or that every holder can directly use every protocol module. Before a large transfer, check the destination network, contract, current venue price and the latest Sky documentation for conversion or savings terms; protocol parameters can change through governance.

Sources and evidence (13)

[1] The Multi-Collateral Dai system creates dollar-targeting Dai against governance-approved collateral in Ethereum smart-contract Vaults. Sky Protocol — Multi-Collateral Dai white paper · verified 2026-09-23 Confirmed
[2] The open-source Dai Stablecoin System repository implements core accounting, collateral and settlement modules. MakerDAO — DSS repository · verified 2026-09-23 Confirmed
[3] Vaults lock approved collateral and let users generate Dai subject to collateral-specific rules. Sky Ecosystem — Dai overview · verified 2026-09-23 Confirmed
[4] Protocol governance controls collateral risk parameters including debt ceilings, fees and liquidation settings. Maker Governance — MIP104 Stability Scope · verified 2026-09-23 Confirmed
[5] Maker's oracle modules provide price inputs used by collateral and liquidation logic. MakerDAO — Oracle Module · verified 2026-09-23 Confirmed
[6] The protocol uses auction mechanisms to sell collateral and address system debt or surplus. MakerDAO — Auction Module · verified 2026-09-23 Confirmed
[7] Peg Stability Modules provide configured swaps between Dai and approved stable assets. MakerDAO — Peg Stability Module · verified 2026-09-23 Confirmed
[8] The Dai Savings Rate applies through a designated protocol savings mechanism rather than automatically to wallet balances. Sky Ecosystem — Developer guides · verified 2026-09-23 Confirmed
[9] Sky documents security mechanisms and operational controls as parts of protocol risk management. Sky Protocol Docs — Security measures · verified 2026-09-23 Confirmed
[10] Sky's current white paper documents Dai and USDS as related but distinct assets in the protocol. Sky Protocol — White paper · verified 2026-09-23 Confirmed
[11] The official exchange integration guide identifies the canonical Ethereum Dai contract. Sky Ecosystem — Exchange integration guide · verified 2026-09-23 Confirmed
[12] Protocol changes are controlled through governance voting rather than by Dai balances. Sky Governance · verified 2026-09-23 Confirmed
[13] Sky publishes a chainlog for resolving current protocol contract addresses. Sky Protocol Chainlog · verified 2026-09-23 Confirmed

Profile last reviewed 2026-09-23. Historical background only — not investment advice.

Fees and pricing

Zero added fees: SwapRocket does not add a platform fee, a minimum or a withdrawal charge — the rate you see is the rate you get. Blockchain network fees are shown in full before you confirm, and the final amount you receive is quoted up front.

SwapRocket does not add a separate fee or markup to the provider quote. SwapRocket may earn a commission from the liquidity provider when a completed swap is referred through our platform. Provider spreads and applicable network costs are reflected in the quoted amount.

Network fees are set by the blockchain, not by SwapRocket. No account, no subscription and no withdrawal charge. Live support is available 24/7.

DAI swap FAQ

How do I swap Dai (Ethereum) (DAI) instantly on SwapRocket?

Pick DAI as the asset you want to receive, choose what you're paying with, paste your wallet address, and confirm. SwapRocket hands your order to the provider whose quote pays out the most at that moment, and most swaps complete in under 10 minutes — no SwapRocket account needed.

Can I swap DAI with no KYC?

No SwapRocket account or identity documents are needed to start a crypto-to-crypto swap of DAI. The provider that executes the swap may still request identity verification or hold a swap for review under its own AML and sanctions policy, regardless of amount. Selling to a bank account goes through a regulated payment partner that verifies the payer; card purchases on SwapRocket are coming soon.

Is swapping Dai (Ethereum) on SwapRocket non-custodial?

Yes. SwapRocket never holds your funds. The provider that executes the swap receives your deposit, holds it only for the duration of the swap, and sends DAI to the wallet address you provide.

Which network does DAI use here?

SwapRocket supports Dai (Ethereum) on the ETH network. Always double-check that your receiving wallet supports this network before confirming.

What fees apply when I swap DAI?

SwapRocket adds no fee or markup to the provider's quote and may earn a commission from the provider on a completed swap. The provider's spread and any network cost it deducts on delivery are already reflected in the DAI amount shown; the network fee your own wallet charges to send the deposit is separate. Spreads vary by provider, pair and size, so compare the quoted receive amount.

More on fees, limits, KYC and timing: read the full crypto swap FAQ.