A cryptocurrency pegged 1:1 on the US dollar. It is based on the Ethereum network and uses Ether as collateral to guarantee and maintain the 1:1 relationship with USD. One DAI should always be worth $ 1 even though fluctuations can happen. DAI (DAI) is the first decentralized stablecoin on the Ethereum blockchain. It was.developed by MakerDAO. Technically, it is an ERC-20 token.