MakerDAO has launched Multi-collateral DAI (MCD). This token refers to the new DAI that is collaterized by multiple assets. Multi-Collateral DAI was launched in November 2019.

DAI is an Ethereum-based stablecoin (stable-price cryptocurrency) whose issuance and development is managed by the Maker Protocol and the MakerDAO decentralized autonomous organization.

There is no upper limit on the total supply of DAI — the supply is dynamic and depends on how much collateral is stored in the vaults at any given moment. As of November 2020, there are around 940 million DAI in circulation.

The price of DAI is soft-pegged to the U.S. dollar and is collateralized by a mix of other cryptocurrencies that are deposited into smart-contract vaults every time a new DAI is minted.

DAI’s main advantage lies in its soft peg to the price of the U.S. dollar. It is managed not by a private company, but rather by a decentralized autonomous organization via a software protocol. As a result, all instances of issuance and burning of tokens are managed and publicly recorded by Ethereum-powered self-enforcing smart contracts, making the entire system more transparent and less prone to corruption.

DAI is an Ethereum-based, ERC-20-compatible token. As such, it is secured by Ethereum’s Ethash algorithm.

You can purchase DAI from exchanges like Coinbase Pro, Binance, OKX, and HitBTC.