Maker Implements KNC and ZRX as Collateral

By Abhimanyu Krishnan | News | 29 Jun 2020

On June 28, MakerDAO announced that it has approved the Kyber Network (KNC) and 0x (ZRX) assets as collateral for its lending protocol. The two assets join Ethereum (ETH), Wrapped Bitcoin, Basic Attention Token (BAT), USD Coin (USDC), and two real world assets based on trade invoices and music royalties.

The MakerDAO governance community began voting on the approval of KNC and ZRX as collateral on June 15, which was favoured almost unanimously. The addition of the two assets follows the recent addition of two real world assets, PaperChain and ConsolFreight - the latter two resulting in MKR’s price jumping by over 20%.

The World Economic Forum (WEF) recently recognized MakerDAO as a technology pioneer. Such headlines, along with the slew of new collateral types, have pushed MKR’s price up. However, Compound Finance’s newly formed COMP token has still managed to overtake MKR in terms of total locked value.

At the time of publishing, Maker has just under $450 million locked into the defi space according to Defipulse, with ETH being the most popular choice for collateral.

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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