December 18, 2017
MakerDAO launches DAI stablecoin
MakerDAO launched the DAI stablecoinA cryptocurrency pegged to fiat currency — intended to reduce volatility for payments and DeFi. on December 18, 2017 — a dollar-pegged asset backed by overcollateralized ether locked in smart contractPrograms on a blockchain that run automatically when conditions are met — used in DeFi and NFTs.s.
What it was for
Users deposited ETH into Maker vaults and minted DAI against it — no bank account required. DAI became DeFiDecentralized finance — lending, trading, and derivatives on blockchains without traditional banks.'s unit of account for lending, trading, and payroll before centralized stablecoins dominated volume. It showed algorithmic collateral could hold a peg — until black swans tested the design.
Why it's here
DAI was the first widely used decentralized stablecoinA cryptocurrency pegged to fiat currency — intended to reduce volatility for payments and DeFi. on Ethereum.
Why it mattered
It gave DeFiDecentralized finance — lending, trading, and derivatives on blockchains without traditional banks. protocols a trust-minimized dollar substitute.
What it solved
Traders needed stable value on-chain without off-ramping to banks for every trade.
Media
- ImageMakerDAO
GitR0n1n, Public domain, via Wikimedia Commons
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