Legacy Frax Dollar vs 
Dai
Frax began as a partly algorithmic stablecoin — a fraction backed, the rest stabilised by market incentives — and has since moved decisively towards full collateralisation after the sector learned what algorithmic backing does under stress. DAI has been overcollateralised throughout. The comparison is a useful record of how stablecoin design changed after 2022, written in two live products.
12 months, both starting at 100 (AUD)
FRAX → 93 · DAI → 94| Measure | FRAX | DAI |
|---|---|---|
| Market cap | A$0.3B | A$6.5B |
| Rank | #176 | #26 |
| Price | A$1.41 | A$1.42 |
| 90-day change (AUD) | −1.7% | −2.0% |
| 12-month change (AUD) | −6.8% | −6.3% |
| From all-time high | −42.0% | −26.8% |
| Supply model | No fixed maximum | No fixed maximum |
| AU exchanges we verify it on | 2 | check on-platform |
About Legacy Frax Dollar
About Dai
DAI is a decentralised stablecoin that targets US$1, issued by the Sky (formerly MakerDAO) protocol against crypto collateral rather than a company's bank account. It's the longest-running experiment in algorithmically-governed, collateral-backed stable money.
FAQ
Which is bigger, Legacy Frax Dollar or Dai?
By market value today: Dai (A$6.5B vs A$0.3B). Size measures money invested, not quality — but it does measure liquidity, which affects how easily you can buy and sell.
Which performed better this year?
Over the past 12 months in AUD terms: FRAX −6.8%, DAI −6.3% — the chart above shows the whole path, which matters more than the endpoints. Past performance is no indicator of future results, in either direction.
Can I buy both in Australia?
Availability differs — check the where-to-buy section on each coin's page. Compare costs first on the fee calculator, and remember every crypto-to-crypto swap between them is a CGT event.
Should I hold FRAX or DAI?
That's a personal decision we don't make for you — this page exists to make the structural differences clear so the choice is yours. What we'd say to anyone: understand what job each coin is designed for, size positions like the risk is real, and check the honest failure statistics before going further down the market-cap list.
Data from our market records (powered by CoinGecko), refreshed with the daily rebuild. General information only, not financial advice — we compare structure and history, we don't pick winners.