SDAI: who controls it?

The control finding

Savings DAI. Inherits DAI backing, including its real-world asset exposure.

Named controller

Sky governance; inherits DAI's reserve exposure

Holder’s position

sDAI represents DAI deposited into the Sky Savings Rate module. The holder's claim is a pro-rata share of that DAI, so it carries the same collateral mix and the same dependence on governance-set policy.

Redemption or exit

There is no issuer redemption desk. Holders unwrap sDAI for DAI through the savings module, then exit through on-chain liquidity or by repaying a DAI debt position.

Dependencies an advisor should record

• Sky governance and collateral policy for DAI
• Real-world asset custodians and their compellability
• USDC held as reserve collateral
• The Sky Savings Rate module contract
• On-chain liquidity for the underlying peg

Why this distinction matters

sDAI is DAI's control profile plus a savings-module contract. Treat any freeze exposure documented for DAI as inherited here, not as a new question to research separately.

On-chain mechanisms coexist with custodians, real-world assets, centralized ordering, or other compellable parties. That finding can coexist with a sound reserve, useful product, or appropriate client role. The grade prevents the on-chain wrapper from being mistaken for the absence of an administrator.

Questions before use

1. Does the exact contract and chain match the instrument reviewed here?
2. Which party can mint, burn, pause, upgrade, block, or redeem?
3. Does the client have direct redemption access or only secondary liquidity?
4. What protocol, bridge, wallet, and custodian dependencies are added?
5. Which event would force review or exit?