DAI, an Ethereum-based stablecoin, is governed by the Maker Protocol and the MakerDAO decentralized autonomous organization, overseeing its issuance and development. With its value soft-pegged to the U.S. dollar, DAI is backed by a diverse array of cryptocurrencies deposited into smart-contract vaults whenever new DAI is created. It's crucial to distinguish between Multi-Collateral DAI and Single-Collateral DAI (SAI), the latter being an earlier version of the token that could only be collateralized by a single cryptocurrency. Furthermore, SAI lacks support for the DAI Savings Rate, which allows users to earn savings by holding DAI tokens. Multi-Collateral DAI was introduced in November 2019, marking a significant evolution in the token's functionality and collateralization.