Dihydroxyacetone phosphate (DHAP) is a three-carbon sugar phosphate that plays a key role in glycolysis, where it serves as an intermediate in the conversion of glucose to pyruvate. It is formed from fructose-1,6-bisphosphate and can be readily interconverted with glyceraldehyde-3-phosphate, highlighting its importance in the energy-yielding pathway of cellular respiration.