About Dai
DAI in the post-Maker transition
A decentralized stablecoin with a long history
DAI was created by MakerDAO as an overcollateralized dollar-pegged stablecoin backed through onchain vaults and protocol risk controls. Its history makes it structurally different from fiat-reserve stablecoins issued by a single company.
Sky changed the surrounding system
Maker’s transition to the Sky ecosystem introduced USDS and new branding while DAI continued to exist. Researchers should distinguish the legacy DAI asset from newer Sky products and check current conversion, governance and collateral policies.
DAI risk is protocol risk
Peg stability depends on collateral quality, liquidity, governance parameters and the mechanisms available to arbitrage the asset around one dollar. Changes to real-world-asset exposure or protocol policy can matter even when the market price looks quiet.
Research note: Verify material project, token, governance and supply changes with primary documentation; live market figures can change independently of this profile.