MakerDAO implements a rebranded version of the MKR token and an immutable converter with a fixed conversion rate. The converter functions by minting and burning tokens. The new governance token is ERC-20 compliant and the converter allows for permissionless conversion between MKR and NGT tokens.

The most critical subjects covered in our audit are security, functional correctness and seamless integration with the existing system. Security regarding all the aforementioned subjects is high.

In summary, we find that the codebase provides a high level of security.

It is important to note that security audits are time-boxed and cannot uncover all vulnerabilities. They complement but don’t replace other vital measures to secure a project.