Dai
DAI
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Dai (DAI) is an established decentralized, overcollateralized USD-pegged stablecoin issued by the Maker Protocol with roughly $4.58B in market capitalization and a maintained $1.00 peg. Its tokenomics are structurally sound with an elastic, mint-on-demand model, and its core protocol smart contracts maintain a strong security and audit history with zero core-level exploits. However, Active Development could not be scored (-1.0) due to search name-collision data gaps, and social engagement is waning. Crucially, the ecosystem is undergoing an official brand migration and rebrand to Sky, transitioning governance and community focus away from the legacy DAI token.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Dai (DAI)
Dai (DAI) is a decentralized, overcollateralized USD-pegged stablecoin issued by the Maker Protocol on Ethereum, currently undergoing an ecosystem brand migration to Sky. Launched to provide a decentralized alternative to centralized fiat-backed stablecoins, Dai maintains a target value of $1.00 through smart contracts that allow users to mint tokens against collateral assets. Governance over the protocol parameters is managed on-chain by MKR token holders.
The stablecoin operates on an elastic, mint-on-demand tokenomics model backed by crypto-native assets and real-world assets (RWA). Dai is integrated across decentralized finance for lending, hedging, and trading. While it maintains a multi-billion dollar market capitalization, it faces market competition from centralized stablecoins such as USDT and USDC, along with decreasing market share and varying liquidity metrics across tracking platforms.
From a security perspective, Dai's core smart contracts have been evaluated by auditors such as ChainSecurity and Certaris (holding an AA Active Certification grade), with no core protocol-level exploits or insolvency events recorded. However, Dai has been involved in several third-party security breaches and user-level losses. Documented incidents include an August 2024 phishing theft of approximately $55 million, the January 2024 Orbit Chain bridge hack totaling roughly $80 million across assets including DAI, a July 2026 exploit of Summer Finance involving roughly 6 million DAI, and an incident involving Term Finance where an attacker acquired approximately 1.68 million DAI. Other ongoing risk factors include collateral dependence, governance concentration, and transition dynamics associated with the rebrand to Sky.