stablecoin collateral asset
DAI
Dai Stablecoin is tracked as collateral exposure with issuer, redemption, deployment, and dependency assumptions separated from protocol-level findings.
reviewedmedium
Exposure
$3.80B
Mapped usage across reviewed markets.
Deployments
5
Ethereum
Controls
4
Issuer, admin, wrapper, and redemption controls.
Market usage
3
Protocol markets referencing this asset.
Asset facts
Typed fields that define the asset risk surface.
NameDai Stablecoin
IssuerMakerDAO / Sky
Typestablecoin
Canonical chainEthereum
BackingOvercollateralized and real-world-asset backed stablecoin with governance-managed collateral modules.
RedemptionRedemption depends on Maker/Sky modules, market liquidity, and protocol governance parameters.
Review statusreviewed
Deployments
Canonical chain and cross-chain deployment footprint.
| Chain | Role | Settlement | L2 stage |
|---|---|---|---|
| Ethereum | canonical | Ethereum L1 | Not applicable |
| Arbitrum One | deployment | Ethereum L1 | Stage 1 |
| Base | deployment | Ethereum L1 | Stage 1 |
| OP Mainnet | deployment | Ethereum L1 | Stage 1 |
| Polygon PoS | deployment | Ethereum contracts + validator set | Not documented |
Protocol market exposure
Markets where this asset is accepted as collateral.
| Protocol | Market | Chain | LTV | Liquidation | Supply cap | Borrow cap | Utilization |
|---|---|---|---|---|---|---|---|
| Spark | Ethereum SparkLend | Ethereum | 76% | 81% | $2.90B | $1.90B | 71.0% |
| Sky / Maker | DAI/USDS backing system | Ethereum | 66% | 72% | $6.00B | $3.80B | 62.0% |
| Curve | Stablecoin pools | Ethereum | 0% | 0% | $1.90B | $0 | 52.0% |
Risk findings
Asset-level assumptions with explicit evidence and outcome text.
| Severity | Dimension | Finding | Outcome | Evidence | Sources |
|---|---|---|---|---|---|
| medium | asset issuer | Backing includes off-chain assets | Withdrawals can halt or redemption confidence can weaken. | DAI/USDS backing includes governance-managed modules and off-chain collateral exposure. | |
| medium | governance admin | Governance controls risk parameters | Governance can change market rules before users exit. | Collateral onboarding, stability fees, and module parameters are governance controlled. |
Dependency edges
Issuer, wrapper, backing, bridge, oracle, and protocol paths touching this asset.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| medium | outbound | settles on | DAI -> Arbitrum One | DAI deployment inherits Arbitrum One chain assumptions |
| medium | outbound | settles on | DAI -> Base | DAI deployment inherits Base chain assumptions |
| medium | outbound | settles on | DAI -> OP Mainnet | DAI deployment inherits OP Mainnet chain assumptions |
| medium | outbound | settles on | DAI -> Polygon PoS | DAI deployment inherits Polygon PoS chain assumptions |
| medium | outbound | backs | DAI -> USDC | DAI has historically depended on stablecoin and peg-module liquidity |
| medium | inbound | wraps | USDS -> DAI | USDS migration and conversion paths inherit Sky/Maker stablecoin assumptions |
| low | outbound | settles on | DAI -> Ethereum | DAI deployment inherits Ethereum chain assumptions |
| low | inbound | accepts collateral | Spark -> DAI | Spark Ethereum SparkLend accepts DAI as collateral or core liquidity |
| low | inbound | accepts collateral | Sky / Maker -> DAI | Sky / Maker DAI/USDS backing system accepts DAI as collateral or core liquidity |
| low | inbound | accepts collateral | Curve -> DAI | Curve Stablecoin pools accepts DAI as collateral or core liquidity |
Blast radius
Highest-severity mapped paths that could propagate asset risk.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| medium | outbound | settles on | DAI -> Arbitrum One | DAI deployment inherits Arbitrum One chain assumptions |
| medium | outbound | settles on | DAI -> Base | DAI deployment inherits Base chain assumptions |
| medium | outbound | settles on | DAI -> OP Mainnet | DAI deployment inherits OP Mainnet chain assumptions |
| medium | outbound | settles on | DAI -> Polygon PoS | DAI deployment inherits Polygon PoS chain assumptions |
| medium | outbound | backs | DAI -> USDC | DAI has historically depended on stablecoin and peg-module liquidity |
| medium | inbound | wraps | USDS -> DAI | USDS migration and conversion paths inherit Sky/Maker stablecoin assumptions |
| low | outbound | settles on | DAI -> Ethereum | DAI deployment inherits Ethereum chain assumptions |
| low | inbound | accepts collateral | Spark -> DAI | Spark Ethereum SparkLend accepts DAI as collateral or core liquidity |
| low | inbound | accepts collateral | Sky / Maker -> DAI | Sky / Maker DAI/USDS backing system accepts DAI as collateral or core liquidity |
| low | inbound | accepts collateral | Curve -> DAI | Curve Stablecoin pools accepts DAI as collateral or core liquidity |