Correct, OP seems to be referring to single-collateral DAI aka SAI, which is deprecated. The current DAI is backed by a basket of assets. IMO, the basket is to

Correct, OP seems to be referring to single-collateral DAI aka SAI, which is deprecated. The current DAI is backed by a basket of assets. IMO, the basket is too heavily weighted towards centralized stablecoins like USDC. I rotated some of my MKR holdings to Terra/Luna, which may have a better peg mechanism (although it is similar to Titan, which exploded).