MakerDAO is a core DeFi protocol that created the “overcollateralized decentralized stablecoin” narrative through DAI in 2017. Since 2019, it has developed into an on-chain central bank-type system that combines lending, stablecoin, and risk management through Multi-Collateral Dai, Vault, Stability Fee, Liquidation, Surplus Buffer, and MKR/SKY governance structure. The key change in 2024-2026 is that MakerDAO evolved into Sky and introduced DAI→USDS, MKR→SKY, Sky Savings Rate, Staking Engine, Launch Agent·Allocator·Star structure.
Investment View
Implications: RWA collateral reduces volatility but adds legal and fiduciary risks. MakerDAO/Sky's overall maturity is evaluated at 83.5%. Points to watch for the next 12 months are USDS supply, SSR sustainability, SKY governance participation, and RWA risk management.
Source PDF
The PDF report is available alongside the slide viewer.
Report Type
Project Maturity Analysis
Version
v1
Analysis Date
May 16, 2026
Language
en
Disclaimer: This report is generated through AI-powered analysis and market data. This is not investment advice. All investment decisions should be made at your own risk.