Maker Governance Community Votes to Add BAL and YFI as Collateral

Maker Governance Community Votes to Add BAL and YFI as Collateral

By Abhimanyu Krishnan | News | 15 Oct 2020


The Maker governance community is all set to vote on the addition of Balancer (BAL) and yearn.finance (YFI) as collateral for generating stablecoin DAI, according to a blog post published on October 12.

  • The Maker team has added proposals for the addition of BAL and YFI, with voting closing on October 15
  • In both cases, voters have virtually all voters have voted to add the tokens as collateral
  • The executive votes will take place within 30 days following the passing of the proposals
  • Maker has added several new tokens as collateral in 2020; in June 2020, it approved Kyber Network (KNC) and 0x (ZRX) as collateral in late June 2020, and two real world assets as well 
  • It has also added USD Coin (USDC), Wrapped Bitcoin (WBTC), TrueUSD (TUSD) and Decentraland (MANA) as collateral
  • The YFI token has dropped from its ATH of $43,678 in mid-September, accelerated by a $15 million hack executed on Eminence.finance (EMN), an experimental project being developed by YFI founder Andre Cronje

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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