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[Sky Money]

DAI

Grade
B+
Date of Rating:
June 4th, 2023
Last Change:
June 4th, 2023
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
N/A
[M]
N/A
[I]
N/A
[D]
N/A
[G]
N/A
[E]
N/A
DAI Price
Last Update:
08/09/2026 14:01:00
$0.99977
Market Cap
$4,601,169,444
24h Volume
$287,243,741
Collater­alization
180%
Peg
USD
Backing
Crypto
Data provided by
Coingecko
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
N/A
[M]
N/A
[I]
N/A
[D]
N/A
[G]
N/A
[E]
N/A
Core Team
  • Hidden Name
  • Hidden Name
Audits
Native Chains
  • Chain
Links
Full Report
Scoring Guidelines
[S]
[M]
[I]
[D]
[G]
[E]
0.00
0.00
0.00
0.00
0.00
0.00
Sky Money
B+
  • DAI is the oldest and most widely used stablecoin that is entirely issued, managed and redeemed on-chain. 
  • DAI is issued by the Maker Protocol and managed by MakerDAO.
  • While the Maker protocol is decentralized to a large extent, DAI is predominantly (~72%) backed by centralized assets such as USDC, USDP, GUSD and other off-chain assets.
  • In our assessment, DAI is one of the safest on-chain stablecoins, having stood the test of time and many crises.
  • DAI, in its current form, is ideal for users (a) who want a permissionless protocol and  risk-managed, volatility-minimized reserves, and (b) to whom DAI’s centralization risks don’t mean much.

DAI's rating can be upgraded from B+ to A- by:
  • introducing any preventive anti-governance attack measure.
Sky Money
Stability

The Stability factor is evaluated on the following:

  1. Reserves Management - Quality, quantity, storage and segregation of reserve assets
  2. Market Feedback - Indicators of market's confidence in a stablecoin derived from price and trade data
  3. Mechanism - Stabilization methods that protect the stablecoin
Sky Money
Management

The Management factor is evaluated on the following:

  1. Restrictions - What deterrents exist to prevent key personnel of stablecoin projects from unethical and illegal behavior?
  2. Negative Track Record (if applicable) - Have key personnel been involved in scams, frauds or other illegal activities?
Sky Money
Implementation

This factor evaluates technical implementation using sub-factors that cover smart contract quality, oracle & bridge risk, supply integrity, and more.

This rating was published under a previous version of our methodology, which did not assign a standalone score to this factor.

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Sky Money
Decentralization

The Decentralization factor is evaluated on the following:

  1. Platform Censorship Risk
  2. Custodian Risk
  3. Type of Collateral
  4. Diversified Voting Power
  5. User Censorship Risk
Sky Money
Governance

The Governance factor for on-chain stablecoins is evaluated on the following:

  1. Voting Systems - Does the governance function have binding votes and automated on-chain execution of proposal outcomes?
  2. Anti-Governance Attack Measures - Are there appropriate preventive and reactive measures to counter governance attacks? 
Sky Money
Externals

This factor evaluates external feedback using indicators like prediction markets, social sentiment, perpetual futures, and more.

Currently, we do not assign a standalone score to this factor. An independent assessment of external feedback will be included in future iterations.