Who controls it
sDAI is savings DAI. It carries DAI’s backing, including the real-world assets.
- Holder’s claim
- sDAI is DAI deposited in the Sky Savings Rate module. The holder owns a pro-rata share of that DAI, so it carries the same collateral mix and the same dependence on governance policy.
- Redemption or sale
- No issuer redeems it. Holders unwrap sDAI for DAI through the savings module, then sell in on-chain markets or use it to repay a DAI loan.
Dependencies
- Sky governance and collateral policy for DAI
- Real-world asset custodians, whom a court or regulator can compel
- USDC held as reserve collateral
- The Sky Savings Rate module contract
- On-chain liquidity for the underlying peg
Advisor notes
sDAI has DAI’s control profile plus one contract, the savings module. Any freeze risk recorded for DAI applies here unchanged and needs no separate research.
On-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel. This grade can sit beside a sound reserve, a useful product, or a fitting role in a client account. It records who can act on the token and passes no judgment on the product.
Questions before use
- Does the exact contract and chain match the instrument reviewed here?
- Which party can mint, burn, pause, upgrade, block, or redeem?
- Does the client have direct redemption access or only secondary liquidity?
- What protocol, bridge, wallet, and custodian dependencies are added?
- Which event would force a review or a sale?
Sources
Issuers can change their documents and product terms. This page gives our reading of control as of 2026-08-19. Check the current terms before a client buys.
Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.