RATE Group | MakerDAO’s Multi-Collateral DAI Token Is Launching Nov. 18
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MakerDAO’s Multi-Collateral DAI Token Is Launching Nov. 18

10 Oct MakerDAO’s Multi-Collateral DAI Token Is Launching Nov. 18

Posted at 06:04h in Cryptocurrency News by

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MakerDAO is launching a new version of its programmatic stablecoin DAI next month.

MakerDAO Foundation CEO Rune Christensen announced the Nov. 18 launch date at the Devcon ethereum developer conference in Osaka, Japan, on Wednesday.

He said the MakerDAO team has been working toward the launch of multi-collateral DAI (MCD) for five years.

Currently, users of the decentralized financed (DeFi) platform can borrow DAI tokens after committing ETH as collateral. Now, with MCD, users can stake virtually any other cryptocurrency as collateral in the MakerDAO system.

There is a caveat, though.

MakerDAO token holders need to vote on cryptocurrency assets assessed by the MakerDAO Foundation’s Risk Team before being accepted as collateral in the system. The Risk Team is currently evaluating seven cryptocurrencies including prediction market Augur’s REP token and digital advertising platform Brave’s BAT token.

Once it approves new collateral types, MCD will also allow users…

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