Dai (DAI): D-Score 35/100 — Centralized Leaning BlockIndex D-Score: 35/100 (Centralized Leaning). Dai (DAI) is a Layer 1 cryptocurrency using Other consensus. Dai (DAI): Decentralized, collateral-backed ERC-20 stablecoin governed by MakerDAO enabling permissionless minting via over-collateralized vaults across multiple chains. Source: https://blockindex.ai/coin/dai · Data by BlockIndex.AI · Updated 2026-06-19 D-Score breakdown (0-100, higher means more decentralized) Component: Score: Overall D-Score: 35: Node distribution: 0: Initial distribution: 0: Governance: 15: Age and history: 15: Autonomy: 5: Key facts - Layer: Layer 1 - Consensus: Other (N/A) - Launch: Fair Launch (2015) - Founder: Rune Christensen - VC funded: Yes - Max supply: N/A - Circulating: 5,365,382,703 Market data (as of 2026-06-19) - Price: $1 - Market cap: $5.36B - 24h volume: $66.31M - 24h change: +0.01% · 7d change: +0.01% About DAI is a decentralized, collateral-backed stablecoin issued by the Maker Protocol and governed by MakerDAO. Originating with Rune Christensen’s eDollar concept in March 2015, the project evolved into Single-Collateral Dai (SAI) in 2017 and later upgraded to Multi-Collateral Dai (MCD) on November 18, 2019. Rather than relying on centralized fiat reserves, DAI is created and destroyed through over-collateralized vaults (previously called CDPs) on Ethereum smart contracts; this design moves issuance control into a governance-backed protocol where MKR holders manage risk parameters, collateral types, and emergency processes. Over time DAI has been bridged or tokenized across many chains (Polygon, Avalanche C-Chain, Solana, Optimism, Arbitrum, BNB Smart Chain, Fantom, Gnosis, Base), enabling broad multi-chain liquidity and integrations within the DeFi stack. At a technical and architectural level, DAI is an ERC-20 token whose security and transaction finality are derived from its parent chains (primarily Ethereum). As a protocol primitive, Maker Protocol introduces a set of components including vaults for minting, liquidation and auction mechanisms to maintain peg health, multi-oracle price feeds, and governance-controlled safety modules (e.g., Emergency Shutdown) to mitigate systemic risk. The shift from SAI to MCD expanded collateral flexibility, enabling governance to progressively onboard additional asset classes, including real-world assets (RWAs). The Endgame roadmap documented in governance sources outlines further structural changes—rebrands, subDAOs, tooling improvements, and potential chain/architecture shifts—reflecting a governance-first mode of evolution rather than hard-fork-driven technical changes. DAI’s primary use cases center on stable medium-of-account functions in DeFi: as collateral within lending protocols, as a settlement and liquidity asset on DEXs and CEXs, and as an instrument for yield strategies (e.g., Vault integrations, savings features). Because its supply is algorithmically elastic and demand-driven, DAI’s market size shifts with minting and burning events; custody and yield integrations (Ledger Live, Trust Wallet Earn, Morpho vault onboards, etc.) further expand user utility. The token’s economic design deliberately avoids a fixed maximum supply—supply expands and contracts through liquidation and mint/burn mechanics controlled by governance—so monetary policy is operational and risk-parameter centric rather than a simple fixed-cap model. Governance is a core strength and a persistent source of complexity: MKR tokenholders steer vital parameters, including collateral risk profiles, stability fees, and upgrade decisions. MakerDAO has transitioned operational responsibilities from the historical Maker Foundation to decentralized Core Units operating under governance oversight; this distributed operations model means there is no single CEO and many day-to-day functions are implemented by working groups and protocol teams voted into place. Audit activity and formal security practices (multiple third-party audits, bug bounties, and governance-run emergency procedures) are a recurring feature of the project’s risk management. Future roadmap items emphasize onboarding RWAs, governance tooling, and possible structural reorganization to better scale decision-making as the system grows. Taken together, DAI remains one of the most entrenched decentralized stablecoins in the crypto ecosystem. Its long history of governance-driven upgrades, multi-chain deployments, and deep DeFi integrations make it a foundational primitive for composable finance. At the same time, DAI’s reliance on collateral quality, oracle integrity, and governance robustness means the protocol requires continuous diligence across risk management, legal/regulatory engagement, and technical audits. The Endgame roadmap and multi-chain strategy position MakerDAO and DAI to evolve with both DeFi infrastructure needs and emerging regulatory frameworks, while preserving a design philosophy centered on decentralized parameterized monetary operations rather than centralized pegging mechanisms. Links - Website: https://makerdao.com/ - Whitepaper: https://makerdao.com/whitepaper/ - GitHub: https://github.com/makerdao --- About the D-Score: BlockIndex.AI rates decentralization from 0 to 100 across node distribution, initial distribution, governance, age and history, and autonomy. Methodology: https://blockindex.ai/dscore