DAI is primarily backed by USDC actually, and then ETH. There is a funny argument to be made about that, but you didn't make it. My thoughts are that the Maker

DAI is primarily backed by USDC actually, and then ETH. There is a funny argument to be made about that, but you didn't make it. My thoughts are that the MakerDAO (DAI) community existed too early and didn't have other backing options, so gravitated towards centralized collateral for their decentralized stablecoin, despite the irony. There are newer communities of stablecoins with a similar design to DAI that chose different decentralized collateral options, and are functioning just as well. None of them are perfect though, usually some baggage with the founding team, or a shitty governance platform. But they're working okay. My only point here is let's just criticize the accurate thing.