STABLE OR GONE Stablecoin history, events, and sources
Stablecoin record

Single-Collateral Dai

MakerDAO's original single-collateral stablecoin, issued against ETH and later renamed SAI when Multi-Collateral Dai launched. New issuance ended and users were directed toward migration or settlement paths.

LifecycleMigrated
Events1
Sources3
Overview
SymbolSAI
Asset classStablecoin
Reference targetFiat
Redemption / exit modelConversion
Valuation sourceHistorical MakerDAO Single-Collateral Dai contracts and migration system
Yield / rebase profileNo recorded change · Accrual: No recorded change
Classification notesHistorical predecessor asset migrated to Multi-Collateral Dai. SAI and current DAI are separate canonical identities.
Lifecycle statusMigrated
Issuance statusTerminated
Peg referenceFiat · USD
Backing typesCrypto Collateral
StabilizationOvercollateralized Vault
GovernanceDAO Governed
Primary organizationMakerDAO / Sky
Primary roleProtocol Operator
Last reviewed2026-06-14
Organizations and roles
OrganizationRoleFromUntilRelationship status
MakerDAO / SkyProtocol Operator2017-12-182019-11-18Ended

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MakerDAO / Sky

Protocol Ecosystem · Unknown

Event history

1 event connected to this stablecoin.

Reserve profile
Disclosure statusProtocol Transparent Historical
Backing typesCrypto Collateral
SummarySingle-Collateral Dai was issued against ETH collateral through MakerDAO's original CDP system. The historical collateral and debt state was visible through Ethereum contracts rather than an issuer reserve account.
As of2019-11-18
Profile confidenceHigh
Redemption profile
Current statusTerminated
Settlement assetMigration into Multi-Collateral Dai or historical shutdown-settlement collateral
Eligible partiesHolders interacting with remaining migration or shutdown contracts, subject to contract state and Ethereum access.
Retail accessHistorical Contract Only
Institutional accessHistorical Contract Only
Minimum amountContract and gas dependent.
FeeEthereum gas and any contract-specific settlement effects apply.
Settlement timeEthereum transaction dependent.
Regional limits
Record coverage
SectionEntries
Organizations1
Sources3
Reserve reports0
Regulatory notes0
Deployments1
Issuer-control actions0
Open questions2
Events1
Event timeline
DateEventTypeDetail kindRecovered
2019-11-18Single-Collateral Dai becomes SAI during the Multi-Collateral Dai launchMigrationMigration—
Reserve and attestation history
DatePublisherTypeAssets coveredRecord confidence
No reserve reports have been added yet.
Regulatory and official notices
DateTitleAuthority / publisherTypeSummary
No regulatory notes have been added yet.
Blockchain deployments
ChainStandardDeploymentStatusFreezeBlacklistControl eventsContractNotes
Ethereum—Historical Canonical IssuanceMigratedUnknownUnknown00x89d24A6b4CcB1B6fAA2625fE562bDD9a23260359Historical SAI token contract. Current DAI uses a different canonical token and system.
Sources
SourcePublisherTypeEvidence scopeReliability
Multi-Collateral Dai is liveMakerDAOOfficial StatementMigration Event, Launch Date, Identity TransitionHigh
Single-Collateral Dai to Multi-Collateral Dai migration documentationMakerDAO DocumentationOfficial DocumentationMigration Mechanics, Redemption Exit, Identity TransitionHigh
SAI token contract on EthereumEtherscanOnchain ContractContract Identity, Ethereum DeploymentHigh
Open questions
TopicWhat remains unclearPriorityLast checked
Remaining Migration and Settlement StateThe exact amount of SAI still outstanding and the current usability of every migration or shutdown-settlement contract were not fully verified in this review.Medium2026-06-14
Final Supply and Residual HoldersResidual SAI supply, holder distribution, and final settlement outcomes require direct on-chain analysis.Low2026-06-14