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No whitepaper found

Dai

DAI · MakerDAO

UtilityDecentralized dollar-pegged stablecoin, backed by on-chain collateral.

What it is

Dai is the decentralized, overcollateralized stablecoin of the Maker Protocol, soft-pegged to the value of the US dollar. It is maintained by immutable Ethereum smart contracts and governed by MakerDAO token holders.

Technology & consensus

Users lock approved crypto assets as collateral in on-chain Maker Vaults to mint DAI, which is overcollateralized and liquidated via Dutch auctions if the collateral ratio falls below a governance-set threshold. The USD soft peg is held by arbitrage, the Dai Savings Rate, and the Peg Stability Module.

Token utility

DAI functions as a decentralized, censorship-resistant medium of exchange and store of value within DeFi, usable in lending, payments and trading without relying on a centralized issuer. It also serves as the borrowable unit of the Maker lending system.

Key risks & notes

Collateral volatility can trigger liquidations, and the crypto-backed collateral mix can be volatile in a downturn; decentralized governance carries voter-capture risk, with a small number of entities historically accounting for most vote weight. The optional USDS migration adds transition uncertainty.

Primary source

No whitepaper found. The summary below is drawn from the project’s official documentation, site, or repository instead — the substitution is disclosed, not hidden.

Research status

Classification: No whitepaper found · Researched · Source material: official project documents only.

Machine-readable summary →

👁️ Evidence dossier

Verification classClass CFORA-01 scale — verification, not a quality ranking
Claim type · Decentralized stablecoin
What does the holder own?

Title, redemption claim, fractional ownership, reserve exposure — or just narrative.

DAI is a decentralized, fully collateralized currency soft-pegged to the value of the USD, generated by users locking crypto tokens as collateral in Maker Vaults on the Ethereum blockchain. Holder owns the token itself only; there is no issuer claim and no direct redemption channel, so value realization depends on secondary markets or vault repayment mechanics.

high confidence

Evidence: [1]

Verified
Who holds the underlying?

Needs an identifiable custodian or entity — not a wallet address or a label.

By design there is no custodian. Collateral is locked in Maker Vaults, which are immutable smart-contract positions on the Ethereum blockchain, governed by MakerDAO token-holder votes. The honest finding is the confirmed absence of a custodian, with collateral publicly auditable on chain.

high confidence

Evidence: [1] · [2]

Verified
How are reserves checked?

Custodian records → inventory → third-party audit → supply reconciliation.

Reserves are verified on chain in real time: every vault, collateral type, debt ceiling and liquidation ratio is readable from public Ethereum state. The core liquidation and Peg Stability Module contracts were audited by ChainSecurity and Quantstamp, and public dashboards track the system-wide collateralization ratio.

high confidence

Evidence: [1] · [2]

Verified
How does redemption work?

Eligibility, minimums, fees, KYC, settlement — and what happens to the token.

No issuer redemption exists. DAI is minted by locking collateral in a Maker Vault and destroyed when debt plus stability fees are repaid. Under the 2024 Sky rebrand, DAI stays in circulation unchanged as the immutable legacy token; upgrading to USDS is optional and 1-for-1, with the Dai Savings Rate renamed the Sky Savings Rate.

high confidence

Evidence: [1] · [2]

Verified
Who is liable if redemption fails?

A legally accountable entity and jurisdiction — not a DAO label.

No legal entity was found that is liable for DAI redemption. The system is governed by MKR and SKY token holders through MakerDAO, and the DAI contract itself is immutable, so there is no party that can be compelled to honor the peg. UNVERIFIED with that structural limitation stated explicitly.

medium confidence
Unverified

❔ UNVERIFIED means not yet researched — not disproven. Rows marked “researched” were investigated and independent evidence was not found. Coverage expands as FORTUNA verifies. This dossier was researched 2026-09-15. Method: FORA-01 Asset Claim Verification Protocol.

❔ Frequently asked questions

What is Dai (DAI)?

Dai is the decentralized, overcollateralized stablecoin of the Maker Protocol, soft-pegged to the value of the US dollar. It is maintained by immutable Ethereum smart contracts and governed by MakerDAO token holders.

What does the holder own?

DAI is a decentralized, fully collateralized currency soft-pegged to the value of the USD, generated by users locking crypto tokens as collateral in Maker Vaults on the Ethereum blockchain. Holder owns the token itself only; there is no issuer claim and no direct redemption channel, so value realization depends on secondary markets or vault repayment mechanics.

What is Dai's verification status?

Dai (DAI) carries verification class C (Class C): one or more questions are UNVERIFIED — researched, but independent evidence was not found. Unverified is a legitimate result, not a disproof. What would change it: Independent evidence on the unverified questions would move it — that is what UNVERIFIED invites.

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