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FRAX vs DAI (2026)
Fractional-algorithmic versus pure over-collateralised stablecoin models in 2026.
Updated June 2026
| Criteria | FRAX | DAI |
|---|---|---|
| Collateral model | Fully collateralised (post-2023) | Over-collateralised CDPs |
| Peg mechanism | AMO + collateral | Liquidation auctions |
| Yield products | sFRAX, FraxNet | sDAI / Sky savings |
| Governance | FXS | MKR / SKY |
| DeFi presence | Frax ecosystem | Universal collateral |
Verdict
DAI remains the decentralised stablecoin benchmark; FRAX evolved toward full collateralisation with a broader Frax ecosystem.
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