cDAI vaults
- This stablecoin is likely depegged. The current rate is 39.8924 cDAI / 1 USD fetched at .
About Compound DAI
cDAI is the Compound V2 protocol's interest-bearing token representing DAI supplied to the Compound lending pool on Ethereum. It accrues interest automatically as borrowers pay interest on DAI loans. cDAI was one of the earliest DeFi yield-bearing tokens.
cDAI is issued by Compound Finance V2 on Ethereum. When users deposit DAI into Compound V2, they receive cDAI tokens that automatically appreciate in value as interest accrues. The exchange rate between cDAI and DAI increases continuously.
Mechanism
- cDAI represents a share of the DAI lending pool
- Exchange rate increases over time as interest accrues (not rebasing — the balance is fixed, the rate changes)
- 8 decimal places (unlike most ERC-20 tokens)
- Can be redeemed for underlying DAI at any time
Status
Compound V2 is still live but V3 (Comet) is the primary deployment. cDAI continues to accrue yield. Note: the Twitter handle in the links is corrected — Compound Finance is @compoundfinance.
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