DAI on PulseChain

DAI on PulseChain is a token on the PulseChain network that carries the same contract address as DAI on Ethereum. Because PulseChain launched its mainnet by copying Ethereum's state, copies of many Ethereum tokens appeared on this network automatically; this asset, also referred to as pDAI, is one of them. It should therefore not be confused with the DAI issued by MakerDAO, now known as Sky.

pDAI is not backed by the collateral in MakerDAO vaults, and the token cannot be converted into dollars or into DAI on Ethereum through the Sky protocol. So although its name includes that of a stablecoin, it has no mechanism that maintains a dollar peg; its price forms independently according to supply and demand on decentralized exchanges on PulseChain, such as PulseX. DAI bridged from Ethereum to PulseChain is a separate token.

The pDAI price is determined mainly by interest in the PulseChain ecosystem, the depth of liquidity pools on the network and speculative trading; mistaking it for a stablecoin because of its name can be misleading. On this page, Lzzo.com shows DefiLlama's US dollar-denominated reference price; the chart is drawn from DefiLlama's historical series.