Dai (DAI)
Distinguish a collateralised debt position from a token payment.
CoinMarketCap rank #19 · 1 November 2026
How it works
DAI is a dollar-targeting token. In the Maker system, creating debt against collateral and transferring DAI are separate operations. A token can change owners many times after issuance, so a recipient’s transfer receipt says little about the vault where debt originated.
Worked example
A borrower sends DAI to another wallet and assumes the vault debt is settled. Inspect the vault accounting before and after the transfer. Repayment requires the protocol operation that reduces outstanding debt.
What to verify
Keep three records separately: collateral locked, debt outstanding and wallet balance. Record a block number for each comparison.