MakerDAO introduces a new stablecoin token (NST, rebranded DAI) along with a permissionless converter for 1:1 conversions between DAI and NST. The NST is an ERC-20 compliant token, and the converter, DaiNst, enables seamless exchanges. The project also features NstJoin, which is the NST equivalent of DaiJoin.
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.