D vs DAI
Saga Dollar and Dai, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and D/DAI spread
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Saga Dollar is a dollar-denominated token tracked across 1 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Adequate
The original decentralised dollar. Minted against overcollateralised vaults and stability modules, with all collateral verifiable on-chain.
Verdict band: Strong
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 74 | 80 | DAI |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 84 | DAI |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $35.51B | $291.95M | D |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 82 | DAI |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.003% | +0.009% | D |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | -7.4% | D |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 97 | DAI |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $10.39M | $4.80B | DAI |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 1 chains | 31 chains | DAI |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | 4.71% | DAI |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
DAI scores higher on safety (80 vs 74), driven mainly by collateral quality and disclosure. D has deeper tracked liquidity ($35.51B), which is what determines whether you can exit at size. DAI currently earns up to 4.71% — remember that any rate above the T-bill yield is payment for a risk.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: D or DAI?
Capital preservation over everything else.
For park cash safely, DAI edges out D — but it is close enough that either works.
- Safety score 80 vs 74, with collateral rated 84/100.
- Current peg deviation 0.009% against -0.003% for D.
- DAI has 2 recorded depeg event(s) — read them before sizing up.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
D
- Collateral volatility: a fast drawdown in backing assets can force liquidations.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
- Chain concentration: 100% of supply sits on Saga.
DAI
- Collateral volatility: a fast drawdown in backing assets can force liquidations.
- Depeg history: 2 recorded event(s), worst deviation -7.40%.
- Attestation cadence: onchain.
- Yield venue risk: 4.71% is earned outside the token itself.
- Chain concentration: 88% of supply sits on Ethereum.
| Metric | D | DAI |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Undisclosed | Sky (formerly MakerDAO) |
| Jurisdiction | Not documented | Decentralised / Cayman foundation |
| Collateral | crypto-backed | crypto-overcollateralized |
| Peg mechanism | crypto-backed | crypto-backed |
| Attestation | none | onchain |
| Redemption | market-only | direct |
| Price | $1.0000 | $1.0001 |
| Peg deviation | −0.003% | +0.009% |
| Market cap | $10.39M | $4.80B |
| 7d supply change | 0.00% | −0.08% |
| Liquidity | $35.51B | $291.95M |
| Best yield | None | 4.71% (flux-finance · Ethereum) |
| Chains | 1 | 31 |
| Launched | — | 2017 |
| Worst recorded depeg | None recorded | −7.4% |
Spread, peg gap and switching cost
- Price spread (D vs DAI)
- -1.3 bps
- $1.0000 vs $1.0001
- Peg deviation gap
- -0.006 pp
- D −0.003% · DAI +0.009%
- Yield spread
- -4.71%
- D — · DAI 4.71%
- Liquidity ratio
- 121.63×
- $35.51B vs $291.95M
A round trip between D and DAI costs roughly the market spread plus venue fees. At 1.3 bps of price gap, swapping $1M implies about $125.10 of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Historical context
Track record is the part of a stablecoin you cannot model — it has to be observed. Here is how D and DAI have actually behaved since launch, including every stress event we have on record.
- DAI
Dai goes live.
- DAI
Single-collateral Dai launches on Ethereum.
- DAI
Black Thursday: liquidation failures leave MakerDAO with bad debt.
- DAI
Collateral mix tilts heavily toward USDC, importing centralised risk.
- DAI
USDC contagion via PSM (worst deviation -7.4%).
Chain coverage
D is live on 1 chains, DAI on 31. 0 chains carry both, so bridging is only unavoidable for the 32 networks where just one of them is deployed.
| Chain | D | DAI | Both available |
|---|---|---|---|
| — | $4.20B | DAI only | |
| — | $465.40M | DAI only | |
| — | $35.12M | DAI only | |
| — | $31.07M | DAI only | |
| — | $16.85M | DAI only | |
| — | $13.62M | DAI only | |
| — | $12.05M | DAI only | |
| — | $11.23M | DAI only | |
| $10.39M | — | D only | |
| — | $7.98M | DAI only | |
| — | $1.89M | DAI only | |
| — | $785.7K | DAI only | |
| — | $510.4K | DAI only | |
| — | $373.9K | DAI only | |
| — | $195.9K | DAI only | |
| — | $143.0K | DAI only | |
| — | $106.8K | DAI only | |
| — | $103.8K | DAI only | |
| — | $91.4K | DAI only | |
| — | $81.1K | DAI only |
D vs DAI: frequently asked questions
Is D or DAI safer?
+
On our composite safety score DAI rates 80/100 versus 74/100 for D. The score weighs collateral quality (crypto-overcollateralized vs crypto-backed), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between D and DAI?
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Saga Dollar is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. Dai is issued by Sky (formerly MakerDAO) (Decentralised / Cayman foundation), backed by crypto-overcollateralized, with redemption terms: direct. Attestation coverage is "none" for D and "onchain" for DAI.
Which has the bigger market cap, D or DAI?
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DAI is larger at $4.80B in circulating supply, against $10.39M for the other. Over the last 7 days supply moved 0.00% for D and −0.08% for DAI.
Are D and DAI trading at $1.00 right now?
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D trades at $1.0000 (−0.003% off peg) and DAI at $1.0001 (+0.009% off peg). The gap between the two is about 1.3 basis points, which is the cost you pay when rotating size between them before fees.
Has D or DAI ever depegged?
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D: no material depeg recorded in our incident set. DAI: worst recorded deviation −7.4%. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, D or DAI?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. D shows deeper on-chain liquidity at $35.51B versus $291.95M. Combine that with the redemption channel — D: market-only; DAI: direct — and size trades against the primary window rather than the order book where possible.
Can I earn yield on D or DAI?
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DAI currently shows the higher rate at 4.71% via flux-finance · Ethereum, against no tracked rate for D. Neither token pays interest by holding it in a wallet: the yield comes from lending, liquidity provision or a wrapped yield-bearing version, each with its own counterparty and contract risk.
Which chains support both D and DAI?
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They currently share no common network in our data: D is deployed on 1 chain(s) and DAI on 31. Moving between them requires a bridge or a centralised venue.
What does it cost to switch from D to DAI?
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Budget three components: the current price spread of roughly 1.3 bps, swap or venue fees, and slippage against available depth ($35.51B for D, $291.95M for DAI). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is D or DAI regulated?
+
D is issued from Not documented with none; DAI is issued from Decentralised / Cayman foundation with onchain. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.