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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:
02/12/57547 08:40:00
$1.00
Market Cap
$3,743,993,634
24h Volume
$93,299,960
Collater­alization
180%
Type of Peg
Fixed - To Fiat
Type of Backing
Crypto
Stables
RWAs
Data provided by
Coingecko
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
-
[M]
-
[I]
-
[D]
-
[G]
-
[E]
-
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
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?