Multi-Collateral Dai goes live on MakerDAO

Multi-Collateral Dai (MCD) has activated on the MakerDAO system after MKR token stakeholders made an executive vote last Friday to pass it through.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

MCD, as its name states, will enable users to create Dai stablecoin coins backed by multiple collateral types. The initial collaterals for MCD will be ether and basic attention tokens. Along with the MCD transition will be the introduction of the Dai Savings Rate, which will reward Dai holders with a variable interest rate paid out in Dai.

With MCD's activation, there are now two Dai systems in Maker: Single Collateral Dai, which has been renamed Sai, and Multi-Collateral Dai, which has taken the Dai name. The Maker system and its users will ultimately completely migrate over to MCD.  According to The Block's analyst Matteo Leibowitz, "An expected timeline for total migration remains unknown, although various Maker Foundation employees have suggested that migration within several months would be considered a success. "

TAGS
DAI

About Author

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

More by Steven Zheng