DAI - big changes coming - 18th of November 2019

By Tomatosoup | CryptoSoup | 10 Oct 2019

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Speaking at DevCon 5 in Japan on the on the 9th of October, Rune Christensen, CEO of the Maker Foundation, revealed that Multi-Collateral Dai (MCD) is ready, and scheduled to launch on November 18 - subject to a vote by MKR token holders to activate the system. 

This new version of DAI, a programmatic stablecoin, will let users stake almost any other cryptocurrency as collateral in the MakerDAO system - once that cryptocurrency has been  assessed by the foundation's risk team. 

Seven currencies are currently being evlauated ETH, REP, BAT, 0x, DGD, OMG and GNT.  Currently only ETH can be staked as collateral in exchange for DAI.

Once the new collateral types are approved MCD will offer an option to earn interest (the DAI Savings Rate or DSR) by holding Dai in a smart contract to earn additional Dai.

The foundation sees the DSR as key to driving integrations as it means any crypto exchange or app can integrate the DAI Savings Rate into their platform enabling users to begin earning a return on their DAI holdings.

The foundation also took the opportunity to recognise these significant changes by unveiling a new logo.

Full details are in a the foundation's blog post https://blog.makerdao.com/breaking-launch-date-of-multi-collateral-dai-announced-at-devcon-5/

 


Tomatosoup
Tomatosoup

Interested in all things crypto and in tokenization of (almost) everything.


CryptoSoup
CryptoSoup

A mixture of views and news on crypto currencies, distributed ledger technology and a small side order of cryptography.

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