On June 7, the MakerDAO community voted to approve a new set of assets to act as collateral for its DAI stablecoin. The vote sees real-world assets in the form of trade invoices and music royalties serves as a way to generate DAI. The assets join Ethereum (ETH), Basic Attention Token (BAT), USD Coin (USDC) and Wrapped Bitcoin as collateral options.
Over 95% of voters voted in favor of the addition. The PaperChain vote seen above.
The vote was overwhelmingly in favour of adding the tokens of PaperChain and ConsolFreight’s tokens, which are digital representations of invoice and music royalty values. The inclusion of the two assets is led by Centrifuge, which is building a protocol that converts real-world assets into ERC-20 securities.
The end result of this addition is that businesses can use their invoices and royalties as collateral for cash loans.
With the vote in favour, Centrifuge is now working on smart contract security, oracle integration and such. Following this, which is expected to take a few months at tops, a second vote will determine if the new code should be added to the smart contract on Ethereum.
