SAIV1
Single Collateral DAI
$11.17
0.96%
Single Collateral DAI
SAIV1
$11.17
0.96%
Single Collateral DAI Price Converter
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About Single Collateral DAI
Single Collateral DAI (SAI) was a stablecoin launched by MakerDAO, backed solely by Ethereum. It aimed to provide a stable value equivalent to the US dollar, allowing users to leverage ETH without selling it.
Single Collateral DAI (SAI) was the initial version of the DAI stablecoin, launched by MakerDAO. It was a decentralised cryptocurrency pegged to the US dollar, designed to maintain a stable value. Unlike its successor, Multi-Collateral DAI (MCD), SAI was backed exclusively by Ethereum (ETH) as collateral. The system relied on smart contracts on the Ethereum blockchain to manage the creation and redemption of SAI.
Single Collateral DAI (SAI) was primarily used to provide stability in the volatile cryptocurrency market by maintaining a consistent value equivalent to the US dollar. It enabled users to leverage their Ethereum holdings without selling them. Users could lock ETH in MakerDAO's smart contracts and generate SAI, which could then be used for trading, purchasing goods and services, or participating in other decentralised finance (DeFi) applications. SAI also allowed users to hedge against the volatility of ETH while retaining exposure to the asset.
Single Collateral DAI (SAI) was created by MakerDAO, a decentralised autonomous organisation focused on developing stablecoin solutions.
Although 'SAI' was the ticker assigned at the deployment of the Single Collateral DAI Token's smart contract, it is also in use by another asset with a larger market presence and higher trading volume on major exchanges. To avoid confusion in the marketplace, the alternative ticker 'SAIV1' has been adopted for this token. This designation ensures that assets are distinctly identified.
